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Glossary Terms
Compass - The Only Sales Glossary You Need
Sales Performance Management (SPM) is a gamut of interconnected, operationalized sales processes that enhance the sales organization's efficiency, effectiveness, and performance. Simply put, SPM improves the operational effectiveness and efficiency of sales processes via centralization, automation, and more.
Sales performance management (SPM) is a group of analytical and operational functions that unite and automate back-office sales processes to enhance operational effectiveness and efficiency. The SPM capabilities include quota management and planning, incentive compensation management, territory management, gamification, advanced analytics, and more.
Sales performance management software is a business intelligence tool that helps businesses track and manage every activity of their sales team. The system automatically collects data about every aspect of sales, such as phone calls, emails, meetings, and webinars, and provides a dashboard with a bird's-eye view of information.
The main reason why companies invest in this type of software is to improve their sales performance by understanding how they can do better and what they are doing right now. The system also helps you analyze your team's performance against competitors and set goals for each salesperson.
Here are some factors to keep in mind when choosing sales performance management software:
The best sales performance management software will also include features like:
Sales performance management focuses on setting goals, tracking progress, and improving overall sales team productivity. It often uses sales performance management software for planning, forecasting, and performance monitoring.
Incentive compensation management designs pay structures to motivate sales teams by rewarding target achievements. It aims to align compensation with company goals and boost sales performance through incentives.
It creates a foundation for managing, motivating, and maximizing sales team potential.
It should be an ongoing practice throughout the sales cycle.
Technology plays a vital role in streamlining and scaling SPM processes.
Here are a few reasons why sales performance management is important for a business:
It uses a combination of analytics, feedback, and goal-setting to improve outcomes.
