Software Executive Magazine

OCTOBER/NOVEMBER 2017

Software Executive magazine helps software executives grow their businesses by showcasing the business best practices of our readers, executives from established and innovative software companies.

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overview that outlines 'Here are the 10 features we're working on at the moment, and this is when they're going to come out,'" Duncan says. Talking about the product road map is essential for building a culture of transparency and retaining sales reps. Duncan ex- plains how a rep's six- and 12-month personal finan- cial goals should be aligned with the software road map. For example, if a rep wants to double her earn- ings in the next six months, but the product road map won't allow new vertical penetration or a significant boost in leads for another 18 months, then it's clear that rep isn't going to be the right fit. "You want to make sure that you're not hiding anything, especially in a startup. When you don't have all of the features of some of your larger competitors, the worst thing you could do is not be transparent." Sharing the software road map with the sales team isn't only about transparency; it's also a way for Epos to hold the development team accountable. Develop- ers feel the same kind of pressure to hit deadlines that reps feel to hit monthly sales goals. "Imagine your sales team missed its number. You wouldn't say, 'Oh well, that doesn't matter.' You can't have that same lack of accountability when it comes to the software team just because development isn't revenue generative," says Duncan. "The whole company needs to be working to- gether at the same pace to hit growth goals. You can't just have sales growing 10 percent and the software team not turning out a product to keep up with the market demand." For now, Duncan sees plenty of demand for his sales team. He still has 3,000 square feet to fill in the Orlan- do office. He's had Epos up and running for fewer than two years in the U.S., and his next goal is to overtake the sales generated by the U.K. office. S their base salaries by hitting quarterly goals, and these goals unlock three levels of base salaries. Even though Epos is a SaaS company, reps are paid on the annual- ized revenue. Epos is a young company, but this compensation mod- el has already proven to be effective. Several reps in the U.K. office have already been at the company for more than four years. "For people who want to know, 'Where can I be in five years?' there is plenty of social proof of people who have joined with absolutely no experience and who have carved their own path through the com- pany without any kind of handouts or favoritism. It's all performance-based." Duncan is proof of this himself – he went from making around $200 per week with no set job description six years ago to running operations for an entire country. step 5: understand your product road map Being a young, agile, organically funded, fast-growing software company certainly has its advantages. It also means the Epos sales team has to be patient and wait for technology features that longer-established com- petitors already have. For example, Epos just recently rolled out a weighing scale integration that allows reps to sell into the grocery vertical. If a rep loses a sale be- cause the software lacks features the customer needs, that is recorded, and the management team communi- cates that data to the development team. Some features just take time to develop, and Duncan makes it a point to talk about the software road map at every monthly kickoff meeting. "I'm not talking about going into every single feature and showing how much development time is required and who's working on it. I'm talking about a one-page KPIs every software sales manager should track ▶ Outbound calls ▶ Conversations ▶ Demo turnout rate (ratio of demos booked to demos completed) ▶ Percentage of opportunities that have a proposal sent ▶ Leads per rep ▶ New business opportunities generated "It goes deeper than just the superficial metrics. You need to understand if you can coach from the metrics you're measuring or not. If it's just results-based, then you can't do anything." EXCLUSIVE FEATURE Executive By A. Sorensen PLAYBOOK FOR GROWING A SOFTWARE SALES TEAM FROM 0 TO 50 SOFTWAREEXECUTIVEMAG.COM OCTOBER/NOVEMBER 2017 18

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