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- Leaving features out of your pitch is sometimes the hardest thing to do for a sales person. They get excited, and they want to run through every feature the product has, not realizing that the...
- This reminds me of the saying that goes something along the lines of: "Don't sell them a drill; sell them a hole."
- Great post! The markets are not transparent, and a sales guy can build a strong relationship by helping the customer cut through all the clutter and see whats really happening. When you're...
- Some fun ones: 1) The constant brush-off, or "I don't have time right now..." Rebuttal: "I'm NOT going to waste your time. Just give me 30 seconds. Start the clock."...
- Thanks for reposting this, Mark. I appreciate the boost!
QuotaCrush
Sales software, consulting and advice for start-ups, entrepreneurs, and the sales staff in these organizations
I’ve been doing a lot of thinking lately about compensation plans as I start to get ready for 2009.
As I’ve been planning all of this, I’ve been watching the chaos unfold on Wall Street and I’ve seen these articles blaming much of it on highly paid ... Continue reading »
As I’ve been planning all of this, I’ve been watching the chaos unfold on Wall Street and I’ve seen these articles blaming much of it on highly paid ... Continue reading »
9 months ago
First, thank you for thinking leapcomp is "great" and for echoing the post here for your readers.
Secondly, a point I didn't make in my post, is that not only is it important to reward with the right amount, it is also important to encourage the right behavior (obviously!). It's not surprising that in investment banking, some people make millions in bonus, but one has to wonder how much money they actually made the company to deserve that money.
You say "When you design the right compensation plan, you can have top salespeople making a lot of money and the more they make, the BETTER it is for the firm." Yes! The RIGHT compensation plan does!
Going back to the market crisis and the sub-prime mortgage problem, when you look at banks incenting their reps for refinancing mortgages at a lower rate and after only a few months, often within the same institution, it is easy to realize there is a problem!
9 months ago
Exactly correct! Upon a re-read I certainly didn't make it obvious that the reason the comp plan was designed correctly was because it DID infact inspire the correct behavior.
I also focused heavily on the cost of the plan - not pointing out that the end-result was amazing for our company.