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Motivate high sales performance with healthy competition

By May 7, 2013January 16th, 2023No Comments

Using sales incentives to motivate employees is proven to work. But what about when a deadline is approaching or time is running out to land a few tricky clients before the end of the month? This is where a little healthy competition and commissions come into play. Set up the competition fairly If you have a stellar employee who outshines 90 percent of the office on a daily basis, and a rookie salesperson in their first six months, it would be unfair and a little mean to pit them against one another. When establishing a plan, don’t just sort employees by last names and group them together. Healthy competition requires thoughtful analysis of the office environment. Utilizing sales analytics can be helpful, and the results can serve as a program to help out newer workers. If competition is done right, even those who don’t win the grand prize will have learned new skills and ways to improve their job performance. Efficiency Experts recommends setting up teams to take part in a competition, rather than just having two employees work against one another. Establishing teams so veterans and inexperienced salespeople are working together is effective in keeping employees motivated and provides a way for everyone to learn from one another. Everyone wins Whether a staff is competing for a weekend trip to a sunny location or for a cash prize, it’s a good idea to offer up smaller prizes for everyone who participates. Without these equal prizes, if staff members see that their team is performing poorly, they might give up entirely. Instead, offering up small cash rewards or gift certificates for everyone who plays can be better options. These routes could reduce resentment among colleagues while shoring up morale. Keeping competition fun, light and healthy is the best route to take when deciding on a sales compensation program.

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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.