Skip to main content

Sales compensation programs work because the sales environment itself is a competitive atmosphere. Introduce performance-based incentives and the sales team has all the tools and motivation they need to put their nose to the grindstone and work with determination and spirit. However, one tenet of sales compensation often goes unquestioned, and that could prove to be a problem for sales managers in recruiting and retention. Money is always assumed to generate drive and ambition through incentive packages, but increasingly, that’s not the case when sales pros today were asked what motivated them the most. (lifetimesmilesbellevue.com) A recent survey and infographic produced by Salesforce revealed 50 percent fewer sales pros are motivated by money than they were five years ago. While monetary compensation itself is an essential element, the data suggests companies are relying too much on payouts and are not diversified enough in incentive offerings – an important point when the survey found 100 percent of responding organizations said sales compensation was their largest expense in B2B marketing. So what can companies do to alleviate their budget constraint issues and enhance their sales performance? Supplement their sales compensation software with personable, targeted actions to foster relationships. Sales members routinely cited recognition by a manager as a primary driver behind improved performance, suggesting the upper level can advance their outreach and engagement tactics like sponsoring a team social function. Granting titles likes “salesperson of the month” or “top performer of the season” can also work to spur employees to strive for success in order to gain respect and admiration from peers and managers. As evidenced, performance bonus programs by themselves are increasingly insufficient to retain, recruit and motivate sales talent. In order to focus on expanding their strategies for non-monetary incentives, businesses can depend on sales compensation software to streamline operations and save time and resources for other applications.

Leave a Reply

Close Menu
×
Ballast Point Ventures

Ballast Point Ventures is a later-stage venture capital fund established to provide expansion capital for rapidly growing, privately owned companies in diverse industries, with a particular emphasis on companies located in Florida, the Southeast, and Texas. The BPV partners have more than 70 years of combined experience investing in and building high-growth companies in a number of industries, including healthcare, business services, communications, technology, financial services, and consumer goods. BPV has $200 million under management and seeks to make equity investments ranging from $3 million to $10 million.

×
Harbert Management Corporation

Harbert Management Corporation seeks to generate superior returns for their investors by identifying and investing in the most promising early growth stage companies in the Southeastern U.S. HMC seeks to capitalize on what it believes are compelling regional dynamics, such as a strong and fast-growing economy, significant research and development activities, and an established entrepreneurial community. The HMC team combines substantial investment, advisory, and operating experience with capital and networking contacts to support great entrepreneurial teams in successfully executing their growth plans. With offices in Birmingham, Alabama; Richmond, Virginia; and Gainesville, Florida, it’s well positioned to partner with entrepreneurs throughout the Southeast.

×
KBH Ventures

KBH Ventures was an early investor in Iconixx Software. KBH's investment philosophy plays a significant role in the firm's successful track record. KBH believes in running businesses to be cashflow positive and profitable every month. Startups and companies in a startup mode, such as one that has been purchased in distress, are expected to generate revenue within the first six months and reach profitability within the first 12 to 18 months. KBH also only invests in or acquires companies that are in the startup phase or have less than $20 million in revenues. KBH targets technology companies that offer business-to-business services.

×
S3 Ventures

S3 Ventures is an early expansion and growth stage venture firm with $200 million under management. It’s focused on information technology solutions that solve large business problems. S3 also invests in medical devices that improve the human condition. S3 invests in category-defining opportunities. It partners with the team and help focus methodically on what it takes to build a successful company. S3 today helps talented entrepreneurs take their technology and market knowledge and form valuable businesses in a repeatable fashion. Investment sizes start at several million or more for Series A, B, and C financing.