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Five Top Tips For A Prosperous 2004
According to many market forecasts, 2004 is likely to be a buoyant year online. These are my top tips for making the most of it, and ensuring a happy, healthy and prosperous 2004.
1. Seek out new markets and niches, and make them work for...
Looking for a Direct Sales (Party Plan) Company? Do you know what questions to ask?
So you know what products you want to sell, but how do you pick the right company? By asking questions, but what questions should you ask?
Make sure to ask questions like these:
How much is the commission (also called discount) some companies...
Managing Your Business’ Cash Flow
You wouldn’t drive a car without a gas gauge or speedometer, and if you’re driving on an empty tank, you won’t get very far. Then why would you make financial decisions without the proper tools? Businesses must master controlling the flow of...
The Top 10 Priorities That Guard Your Five-Star Reputation
Making money doesn’t make your reputation... your reputation makes you money. Gala Gorman
Whether your business is product or service-oriented, the loyalty and dedication of your customers is greatly dependent on your reputation. Your most...
Work from Home: 5 required steps to generate sales.
If you're reading this you are probably between 27-44 years old
(although some of you progressive types will be just under 27
and a bit older than 44). You work in a sales-type situation
mainly from home. Meaning if you don't get sales you...
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A Profitable Growth Formula For Sales Managers
Sales organizations that successfully achieve profitable revenue growth do so through a sales system encompassing sales focus, the integration of organizational and people competencies, a balanced sales effort between new customer acquisition and current customer penetration, and employee engagement.
These organizations match sales resources to the best opportunities, often overlooking customary territorial boundaries or customer assignments and applying a “best in front” approach in the allocation of sales people to high value opportunities. They’ve adopted cross-functional team selling approaches – emphasizing collaboration to deliver value-adding solutions and hold sales/service teams accountable for improved customer-level results. In addition, they utilize their full organizational capabilities, and those of their external partners, to create an integrated product/service offering that enhances their customers’ business results, differentiate their value proposition from the competition, increase the average deal size, “win” the sale, and build durable customer relationships.
While highly effective sales organizations emphasize new customer acquisition, they also recognize that creating new customers is more expensive than penetrating current accounts. Furthermore, they know the temptation is great to discount the initial sale to “get in the door” – producing less profitable business through an expensive sales effort. So, they balance new customer selling with a focus on “deep drilling” current customers with existing and new products. They are also sensible about discounting. Pragmatic sales leaders know when and when not to discount, recognizing that in the long run significantly more discounted revenue is needed to equalize the profit generated from non-discounted sales. For example, assuming a 50% gross profit margin and a 20% discount, a salesperson must capture 25% more revenue to achieve the gross profit generated on a non-discounted sale. The amount of
revenue needed to equalize the profit expands as the discount is increased.
Sales representatives in growth-focused sales organizations spend at least 55% to 65% of their time on direct sales activities. Their leaders achieve this concentration by:
> Optimizing the number of current and prospective customers assigned to a salesperson;
> Right sizing the type and number of technical and customer service personnel supporting the sales effort; and
> Providing and insisting upon the utilization of sales automation tools to move opportunities through the sales funnel, create administrative efficiencies and facilitate effective customer management.
Sales leaders that are successful at growing profitable revenue understand the negative impact of turnover and the associated affect of uncovered or inadequately covered customer relationships on growth. They strive to retain their sales people by implementing practices that create employee engagement and a passionate commitment to growth. Among these are, creating organization-wide accountability for results, setting goals set at the individual sales person level, defining minimum performance thresholds below which no incentives are paid, and uncapping incentive opportunities.
About the Author: John F. Tallitsch is the founder of TopMark, a consulting boutique specializing in sales effectiveness and sales compensation. TopMark helps companies create finely-tuned, results-oriented sales capabilities through solutions encompassing: customer segmentation and targeting; sales strategies; sales force and territory design; performance-driven sales incentives; and talent strategies. You can contact John at 440-963-1240 or visit http://www.top-mark.com for more information.
Source: www.isnare.com
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| SellingPower.com | Solutions For Sales Management |
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| Personal Selling and Sales Management: KnowThis.com |
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