The clear objective of enterprises is to increase sales and conversion rates which can be done by effectively maximizing sales team performance and execution.
However, using traditional CRM solutions limits the focus on improving the performance of sales representatives as this solution revolves around customer perspective. Therefore, companies are increasingly adopting sales performance management solutions to improve sales as well as foster sales employee performance.
Sales performance management solution combines the typical areas such as sales and quota management along with applications such as sales coaching and use of analytics for sales optimization.
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The various benefits of sales performance management solutions is leading to its increased demand.
It reduces sales problems such as increasing sales cycles, high sales team churn rate, inaccurate sales forecasts and a lack of alignment with marketing. The need to streamline the business process in terms of selling and purchasing is creating the demand for sales performance management solution.
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However, the unwillingness by small and medium enterprises to implement expensive tools for business processes is one of the major hurdles in the growth of the market. Furthermore, lack of awareness of sales performance management solution is also one of the factors which hamper the growth of sales performance management solutions market.
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One of the important trends happening in the global sales performance management solutions market is increasing number of acquisitions of start-ups and small companies by big companies. For instance, in 2016, Callidus Software Inc.
acquired the technology assets of enterprise gamification company, Badgeville in an all-cash deal of US$ 7.5 million. Other major acquisitions in this market include TribeHR by NetSuite Inc., Inc., Clicktools by Callidus Software, Inc., and Concur Technologies by SAP AG.
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