There has never been a better time to consider a Sales Performance Management (SPM) solution for your business. In recent years, the domain has experienced large amounts of growth, due to innovations and options available to consumers. Here are 3 reasons why now is the time to seriously consider an SPM solution:
- New Players, More Options
There has been an increase in the number of SPM vendors in recent years who are making good deals and breaking out into the space. The market is made up of two types of players. There are those who best cater to enterprise-level businesses and those who are primed to aid mid-market and SMB-level teams. Each of these vendors has different strengths that allow them to work best with different organizations, meaning there is a solution out there for any type of business.
2. Competition Breeding Innovation
The SPM space has seen several advancements in technology and offerings in recent years. Its common sales knowledge that competition is good for the consumer, and the SPM domain is no different. As vendors compete the leaders who innovate begin to pull ahead with breakthroughs in AI technology and usability, insights and control over territory and quota management, and others. Meaning that as vendors compete, the offerings for you get better and better.
3. It’s Still Growing
This growth and burst of innovation are not a one-off, but the emergence of a trend pointing towards a growing industry. Experts believe the global SPM market will reach $5.68 billion by the end of 2022 due to a compound annual growth rate (CAGR) of 19.3%. The SPM market is expected to reach $10.47 billion in 2026 at a CAGR of 16.5%. Meaning that this domain will continue to innovate, compete, and grow, increasing the potential rewards for your business if you make use of a system.
With all these offerings before you, it can seem daunting to cut through the chaos and not be deafened by all the competing offers. Which vendors are right for you? What offerings make sense for your objectives? In times of growth like these, it can be helpful to leverage the support of a consulting organization in the domain that can answer all these questions for you. Our industry experts with deep domain expertise can guide you in making the right choice for your needs.
To learn more about the SPM domain, its growth, and which solutions could be right for you, reach out to us.