Podcast episode
Incentivizing Your Team to Dominate Q4 (Doug Landis @ Emergence Capital)
30 Minutes to President's Club30 Nov 202330 min
Description
Mark Kosglow's Course FOUR ACTIONABLE LEADERSHIP TAKEAWAYS Re-evaluate your Q4 incentives. Lots of sales reps aren’t making money now. Throw in SPIFs and kickers that squeeze the juice out of ICP deals or even a $500 referral SPIF for customers. Build your 2024 model for efficiency instead of growth. Sell your CEO, board, or finance team on healthy attainment to keep your best reps fed. They will carry you through a downturn. Consider running hot. Your top sellers will over-perform and make up for a gap in capacity you might have with a bloated team. Get everyone on the same page on healthy growth. No one wants a horrible CAC payback, a burning sales team, or a team that can’t keep their top reps. PATH TO PRESIDENT’S CLUB Growth Partner @ Emergence Capital Mentor &Advisor @ Sales Assembly Mentor & Advisor @ Forum Ventures Mentor @ GrowthX Academy RESOURCES DISCUSSED Join our weekly newsletter Things you can steal 30MPC Training: 30mpc.com/training
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Then what you do is now you set yourself up for growth in an efficient manner. So there's three things ultimately that you want to do. First is if you can get your team, your Frontline Sales Leader Team to hit 100% of their number one quarter, for one quarter. If you haven't done it all year, then do it for one quarter. If you've done it half the year, three quarters of the year, then set them up for two quarters. “if they can get 80% of their team up to 80% attainment” Give them free headcount, additional headcount. They don't take on the quota, you as the VP of sales, you take on the quota, but now they have a chance of actually hitting even more of their number and making some money because we all know the frontline sales leader job is the hardest job on the planet right now. The other thing you might want to consider too is create an automatic promotion path.
Is that correct, Mark? Yeah. So, a better concept is called street quota. If I have 10 reps at a million dollars each, I got $10 million of street quota, right? Now, we know that some of those reps aren't going to perform at 100%. We know some of them are going to get out of the business. We know some of them are going to leave. We're going to have to ramp in new reps. “So, what we need is, on average, for an $8 million number, we need $10 million of street quota” to absorb all of those things that we know are going to happen in the business because it's not going to be 10 reps at a million dollars, right? So, running hot is the closer my street quota gets to my number, the hotter I'm running. And then running really hot is when your quota number is actually less than your number.