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Managers use sales compensation software to inspire sales teams

By January 24, 2016January 16th, 2023No Comments

A lot goes into being an effective leader. Succeeding as a sales manager requires a different set of skills than what it takes to be a successful sales rep. The success of a sales manager is based on motivating your team to perform and drive revenue. One effective way to encourage desired sales rep behavior is to implement sales compensation software. Below are three ways to inspire your team using sales compensation solutions:

1. Inspire through visibility As a manager, it is important to understand what inspires your team members so you can manage to what drives them to succeed. Sales compensation software is one way to help motivate employees by regularly giving them up-to-date and accurate commission statements. They stay engaged in the selling process because they have a full understanding of how they are being paid on each transaction.

2. Inspire by building trust It is important that there is a mutual trust between sales manager and sales rep. Mangers can use sales compensation software to engage this trust early. Providing sales reps with access to accurate commission statements gives them trust in their manager and the organization. Sales reps are most often driven to succeed through their commissions. When they trust they are being paid correctly every paycheck, they are motivated and encouraged to drive revenue.

3. Inspire with employee recognition Praising your employee’s success is a good way to keep your employees engaged and motivated. Giving recognition to your reps encourages positive sales behaviors. People love to be recognized for a job well done, and doing it in front of their peers can be an even greater motivator. Because sales management can view commission payouts on a rep level, they can use sales compensation software and its dashboards to determine where public recognition is deserved based on tracked KPIs in the software.

Iconixx sales compensation management software allows managers to track employee progress. It also allows employees to track their own progress and identify areas of strength and weakness. The Iconixx solution allows employees and managers to work together to set clear goals and determine the best ways to reach them.

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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.