It’s tough to start a business that gets traction with paying customers. Data indicate that less than half of US start-ups survive beyond three years. But it’s much harder to grow. Even for businesses that attract venture funding, fewer than 6% achieve more than $10 million in revenues and fewer than 2% more than $50 million. The increase… Read More
Being a Manager
In a previous article in Top Sales Magazine (February 2019), I discussed why you cannot just excel at sales to be a good sales manager. The message was that moving from doer to manager is a crucial transition, and developing the required capabilities is a joint responsibility of the individual and the organization. Market changes… Read More
Four Ways to Build a Productive Sales Culture
Getting Your Money’s Worth: Improving Sales Compensation
In a previous article (“Rethinking Sales Compensation,” February 2017), I examined three common but false assumptions about money, motivation, and management in sales compensation practices. The message was that the purpose of any sales comp plan is to motivate the sales force to achieve the firm’s goals. There’s no such thing as effective selling if… Read More
Rethinking Sales Compensation
Compensation is probably the most discussed aspect of sales and the biggest chunk of the $900 billion that U.S. companies alone spend on selling. An estimated 85% of companies use incentive plans which, on average, account for about 40% of total sales compensation. Yet, in a survey of 700 firms, a whopping 20% reported that… Read More
Sales Managers Must Manage
Probably the most common complaint I’ve heard throughout my career from C-level executives about their sales colleagues concerns the latter’s ability to manage, not sell. As one senior executive puts it, “I want sales executives: people with one eye on a sales number [and] another eye on serving a market, making customers successful, and representing… Read More
Sales Methodologies and Selling
Sales methodologies play an important role. A common approach in a sales force allows for consistency, dissemination of best practices, acceleration of learning, and it helps the firm to scale because management then has common metrics to monitor and evaluate. Hence, the allure to sales leaders of methodologies that purport to provide “the playbook …. Read More