Sales

What’s Your COVID-19 Response? Bridge the Social Distance

Posted by David Wallace on October 22, 2020

Efforts to halt the spread of COVID-19 by using social distancing are forcing all of us to work differently. Sales included. Gone (for now) are face-to-face sales calls; trade shows to present our products and solutions; and conferences to meet vendors, suppliers and industry experts. Many businesses now require personnel who can work from home […]

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Selling in a Pandemic

Posted by David Wallace on October 21, 2020

Since time immemorial, sales have been intimate, personal interactions. Sellers knew buyers. Buyers knew sellers. Transactions were conducted face to face. Trust formed the basis of long-term sales relationships. More recently, advancing technology has caused sales relationships to evolve. Buyers are becoming more self-sufficient as the speed of information increases. The need for salespeople to […]

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How Much Commissions Should I Pay?

Posted by David Wallace on February 18, 2020

When designing a sales commission plan, you need to take into account your expected cost of sales as a percentage of the total revenue. The cost of sales has two parts, a fixed component (salaries, benefits, car allowances, etc.) and a variable component (commissions, awards, bonuses, etc.). The graphic below shows sales commissions as a […]

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A Tale of Two Sales Teams

Posted by David Wallace on January 22, 2020

The CEOs of two different companies recently asked for my help. They have similar challenges, how to grow their revenue and market share, but from different perspectives. Company 1 delivers high-quality products to nationally known customers. They’ve grown their business by growing their customers and expanding their footprint across their customers’ business lines. Their customer […]

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Element 8: Leverage Your Tool Set

Posted by David Wallace on January 21, 2020

As you build your sales organization, develop strategies and execute your plans, you amass a lot of data. This data can provide valuable insights to your business if you use available tools to turn the data into usable information. Today’s sales leaders leverage the full range of tools available to them to turn data into […]

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Element 7: Coordinate with the Rest of Your Business

Posted by David Wallace on January 21, 2020

Truly effective sales leaders work with their counterparts in all parts of the company – marketing, finance, operations, manufacturing, supply chain/procurement, and human resources. Executives leading these functions all depend on accurate and timely information from the sales manager. In turn, sales reps are also dependent on these functional areas to keep their commitments to […]

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Element 6: Drive Specific Performance

Posted by David Wallace on December 19, 2019

Effective sales managers motivate their sales team to achieve higher performance levels that are specific to strategic success. They often employ three tactics: clear communication of expectations and strategy, incentive compensation and non-monetary incentive programs. Clear communications — If you clearly identify a goal and lay out a strategy or path to the goal, your sales […]

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Element 5: Develop and Manage Your People

Posted by David Wallace on December 19, 2019

It’s not enough to simply hire good sales representatives. You need to manage them to ensure they are working toward your goals and executing your strategy. Left to their own devices, even the best sales representatives will put their own interests first which may, or may not, coincide with your strategic goals. Training is also […]

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Element 4: Build Your Team

Posted by David Wallace on December 19, 2019

To execute your strategic plan successfully, you need to have the right resources and talent in place, from sales leader to sales reps, marketers and channel partners. Your sales leader sets and executes your market strategy and drives revenue to achieve your company’s goals. This leader is also responsible for the day-to-day leadership of your […]

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Element 3: Build Your Plans

Posted by David Wallace on December 19, 2019

A business plan is a road map that defines how your company will achieve its commercial goals. It considers the resources, opportunities, limitations and challenges the company faces. The plan includes actions, time frames and accountability to complete the actions. Most importantly, your business plan should be dynamic and flexible to adapt to changing market […]

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