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Iconixx Insights BlogSales Performance Management

Sales performance: going beyond data analytics

By October 31, 2013June 11th, 2024No Comments

Sales is the link between establishing strategy and achieving success for many organizations. The competency and performance of the sales force has a significant impact on the financial integrity of an organization and can affect overall company standing. While sales compensation software goes a long way, combining this technology with effective talent management helps bridge the gap between mediocre and outstanding performance. By understanding how sales fits into the overall business strategy, companies can enhance sales effectiveness and elevate top performers. Here are three ways firms can streamline sales and reinforce the organization’s mission and values: 1. Use performance management software As firms strategize about sales performance management, measurement tools can give companies a detailed account of how effective the sales force is at meeting organizational goals. Performance management software can be used to encourage competition to bring the business to new heights, and can also help organizations communicate their objectives while helping workers set their own performance goals. This technology can be especially effective for performance evaluations as firms aim to connect outstanding job performance and company goals. By reinforcing company goals during performance evaluations, managers can drive home what it means to be a top performer. 2. Improve engagement with sales managers Engagement translates into improved productivity for workers as high levels of engagement are associated with greater capacity for supporting business goals. Effective sales managers help workers fuel their internal motivation to do well and in turn help the company succeed. (glasshousefarms.org) Tracking levels of engagement using performance management software ensures high performance levels are sustainable or constantly improving. When workers see managers as aiding them in meeting company goals, it lifts their morale and dedication to achieving the best results for the company. 3. Emphasize career development and mentoring programs Developing and nurturing critical skills is a great investment for the company to encourage innovative thinking that will help solve customer problems more efficiently. As firms incorporate career development and mentoring programs, they can use this opportunity to guide workers through common business obstacles. Having a manager-employee relationship built on mutual respect also retains employees who would otherwise leave to go to a competitor and this relationship could be strengthened if firms show a genuine interest in their workers’ professional development. Managing sales performance is more than assigning a number for quotas and calculating compensation formulas. By recognizing how sales fits into the larger picture of the overall business vision, companies give sales a foundation for shaping and achieving an overall business strategy.

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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.

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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.

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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.

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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.