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Sales Performance Management

Make meaningful insights out of sales performance data

By February 20, 2018January 16th, 2023No Comments

When it comes to communicating about employee performance, some sales managers may fall short, even if it’s about praising their workers’ accomplishments. As a crucial soft skill in the workplace, managers need to be able to communicate the good and the bad oncerning performance. One of the reasons why managers may be struggling with providing necessary feedback is lack of insights and knowledge on how staff are working on a daily basis. Often, these organizations may not measure employee performance through sales effective metrics or other methods that will show hard data. Another mistake is that employers do not have experience in analyzing this data to get the most out of their sales performance solutions.

A recent survey of HR professionals by Oxford Economics and SAP found 50 percent said they used metrics and benchmarking to develop their workforce, TLNT reported. Without metrics, companies may not be able to determine whether their employees are meeting performance standards and if they are progressing in their current sales and marketing campaigns. In setting benchmarks, companies need to account for their existing resources and determine their workers’ current level of performance.

The Oxford Economics poll found 47 percent of HR departments said they were knowledgeable about how to make meaning of the data collected. With less than half of HR professionals indicating they were able to effectively use this information to incite action among their workforce, it’s clear that employers need to work on bridging the gap between gathering information and actually leveraging it to improve their employee management.

Look at productivity data and provide matching rewards
To get the most of their data, companies should consider whether they are gathering enough information about worker performance and if they have the right tools to extract meaningful insights. Through using sales performance management solutions, companies can record information on meeting sales quotas, customer interactions and more. This data is extremely valuable in talking with workers about areas for improvement and accomplishments worth praising.

A good way for companies to use their data to see results is by performing a what-if analysis that allows them to see how their level of performance translates into earning rewards. Companies with incentive compensation programs in place could use the prospect of rewards to increase employee motivation and engagement. Firms could measure data, look at current productivity levels and offer rewards based on their performance.

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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.