The ability to sell one’s products and services effectively is key to the survival of any company. If you can’t communicate how your product will improve the lives of consumers, your company won’t be long for this world.
Entrepreneurs hoping to improve the fortunes of their business often emulate the processes of successful companies in a bid to tap into the secret sauce that drove them to wealth and fame.
If you are in this camp, consider the case of Synygy. Founded by Mark Stiffler, a decorated triple graduate of MIT, this highly successful company analyzed the sales processes of countless companies over 25 years.
Optimizing their approaches to sales management, they helped their clients make many millions of dollars thanks to the insights they were able to provide.
In this article, we’ll tell the story of a company whose innovations changed the face of an entire market sector.
Who were they?
Frustrated by the ineffective processes used by the company he worked for fresh out of college, Mark Stiffler aimed to start a business that would actually deliver measurable results for clients.
In 1991, he founded Simulate, which changed its name to Synygy in 1997. Though they addressed various elements of the sales management process, Incentive Compensation Management was its flagship product.
Known in later years as Sales Performance Management, it helped countless companies properly organize compensation plans for employees working on commission.
Among the first to enter this niche in the 1990s, their first mover status ensured Synygy’s prominence through much of its history.
Who did they serve?
While Synygy ended up doing business with companies across a variety of market sectors, it got its start delivering sales solutions for some well-known names in the pharmaceutical industry.
Schering-Plough, Wyeth-Ayerst, and Janssen Pharmaceutica were among the first clients Synygy served.
Once word spread of the value that Mark Stiffler’s company was producing for these corporations, concerns in the retail, financial services, manufacturing, tech, and insurance industries (to name a few) began beating a path to their door so they too could achieve these same results.
What awards did they win?
The legacy of excellence that Synygy left is confirmed by the long list of awards it won during its history.
Landing in the Inc. 500 Hall of Fame, which is an honor bestowed on companies that end up on its annual list on five separate occasions, and making the Philadelphia 100 Hall of Fame, which is given to the top 100 private firms in the city who make their list on five times or more, were among their best achievements.
Synygy made it on the Philly list ten years in a row, making it one of the most successful companies in the area’s history.
An end of an era
As you may have noticed, we have been speaking about Synygy in the past tense throughout this entire article.
That’s because as of 2015, Synygy retired from the business community. The wind down began in 2014, when the company put an end to software support activities.
At the start of 2015, it stopped selling services to clients, leaving the rest of the year to wrap up projects already underway.
While they no longer operate, the impact Synygy made in the sales management space will be discussed for decades to come.