My primary role is…
Home > Incentive Compensation Management > Sales Performance Management and Incentive Compensation Management
Sales Performance Management and Incentive Compensation Management
What is Sales Performance Management? SPM is a method of managing sales activities and motivating sales teams to bring sales in line with overall corporate objectives. Many SMP strategies involve improving the performance of the sales departments by streamlining processes, supporting sales staff, implementing mentorship programs, managing sales quotas and sales incentives. There are several SPM IT solutions out there for large corporations to streamline their sales performance management systems, but they can sometimes overlook a very important factor: ICM. Incentive Compensation Management (ICM) is often considered to be just a small part of an overall SPM strategy, but ICM affects everything within a sales department. Sales incentives are a major motivating force for many sales representatives, and offering teams a reliable ICM schedule increases trust between management and representatives. Other sales performance management strategies like mentorships can also be tied to ICM when sales mentors are paid for their work or given bonuses if the sales representatives under them show improved performance. If sales teams can also get accurate and reliable reports of their incentive compensation payments, they will be more motivated to work harder. While many SPM software solutions neglect ICM as an important process, Glocent’s automated ICM solutions are SPM solutions too. When management can easily update sales performance management programs like quota and compensation schedules, they aren’t just managing sales incentives but sales team performance as well. Tying things like mentorships to incentive compensation can also help improve sales performance in an organization. When sales teams can access accurate reports of their incentive activity, they trust their managers and are motivated to bring in more sales.