The last few years have been trying for firms of all kinds as the American economic landscape struggled to right itself from recessionary downturns. Among the tumultuous obstacles corporations faced, budgetary restrictions and downsizing were among some of the commonly seen tactics companies used to control their revenue losses. Despite having to make reductions in spending, though, businesses needed to be able to rely on their workers still bringing in enough revenue and continuing to improve their output. To do that, sales performance management has made a significant difference.
Making more of salesforce
Slashing expenses across the board can be dangerous to a variety of internal indicators, including customer and employee retention. Cutting back on advertising, reducing hours, eliminating certain benefits and incentives can have significant negative repercussions all over the company, Forbes stated, especially when public messages regarding the organization start to disappear.
The source wrote that a lack of marketing money had made meeting sales goals difficult in a number of sectors over the last few years. Forbes spoke with a wide range of buyers and consumers to determine what most drove them to seek out companies and make purchases, and for first-choice buying partners, most respondents said they relied on current product awareness to make these decisions. That means the majority of people go to the brands they know first, rather than looking for the best opportunities online or asking for referrals.
Sales performance management figures may suffer due to this lack of advertising attention, Forbes stated, but personnel can help reduce this impact as their employers work on restoring financial stability. As the source wrote, promoting brand culture and visibility can be as simple as sharing information on social media networks or even reminding current clients to tell their associates about their positive interactions with the seller.
Modern practical applications
PharmaTimes wrote that this is an ongoing strategy among some organizations. The source cited a recent reduction in sales incentives and payroll budgets at GlaxoSmithKline, a leading pharmaceutical manufacturer and distributor. Everyone from the CEO to regional employees were effected by a massive financial restructuring within the company, according to the source, which slashed annual incomes for all employees.
Despite that, the company announced it had seen good sales performance management among all of its territories. A top authority in the organization said in a statement regarding the annual figures that motivation and determination on an interpersonal level, rather than financial incentive compensation, was key in producing this positive return.