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ThinkSalesThinkSales

ThinkSales Issue 31

ThinkSales magazine caters exclusively to the needs of sales management leaders. The editorial objective of ThinkSales magazine is to empower, motivate and inspire sales leaders with strategic knowledge, tactical skills, management insights and exposure to international sales and management thought-leadership and best practice necessary to lead sales organisations to achieve higher and sustainable sales results.

Country:
South Africa
Language:
English
Publisher:
Thinksales Corporation Ltd
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5 Issues

IN THIS ISSUE

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expert contributors

ANDRIS ZOLTNERS is a professor emeritus at Northwestern University’s Kellogg School of Management in Evanston, Illinois. He is also a co-founder of ZS Associates, a global business consulting firm headquartered in Evanston, and a co-author of The Power of Sales Analytics. Learn more about Andris at www.zsassociates.com ANDY HASTINGS is the Engagement Manager at SBI. He has expertise in direct sales, channel sales, marketing, operations and CRM design and implementation, and sales productivity and enablement. Learn more at www.salesbenchmarkindex.com ERIC ALMQUIST is a partner with Bain & Company’s Customer Strategy & Marketing practice and the global head of consumer insights for Bain. Learn more at www.bain.com DAS NARAYANDAS is the Edsel Bryant Ford Professor of Business Administration at the Harvard Business School. He is currently the Senior Associate Dean, External Relations and Harvard…

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the revenue growth advantage

Companies are adjusting daily to unpredictability and uncertainty, driven by volatile global economies and a widening range of threats challenging even the world’s leading organisations. Many businesses will be extinct within 10 years. Consider this data. Only 12% of the Fortune 500 companies of 1955 exist today and a study from the John M. Olin School of Business at Washington University estimates that 40% of today’s Fortune 500 companies on the S&P 500 will no longer exist in tenyears. There is no doubt the business playing field has changed and every company will face extraordinary disruption over the next decade; a disruption driven by market forces far greater than the challenging business context in an industry and region. This disruption is fuelled by technology as well as companies seeking alternative revenue growth…

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to control your life, control what you pay attention to

One of the best insights on what true productivity means in the 21st century dates back to 1890. In his book The Principles of Psychology, William James wrote a simple statement that’s packed with meaning: “My experience is what I agree to attend to.” Your attention determines the experiences you have, and the experiences you have determine the life you live. Or said another way: you must control your attention to control your life. Today, in a world where so many experiences are blended together – where we can work from anywhere, watch our kids on a nanny-cam from work, and distraction is just a thumb-swipe away – has that ever been more true? ATTENTION MANAGEMENT To be consistently productive and manage stress better, we must strengthen our skill in attention management. Attention management…

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unpacking value

What do you attribute success in your sales organisation to? Sales is all about aligning the right people with the right product. We focus on understanding our client’s business and where their shortfalls are so that we can fill those gaps through our technology and solutions. This means our sales executives need to really understand the industries we operate within. It’s also essential to prove how our solutions are generating efficiencies, cost savings or both. Without being able to show that return on investment and the value you bring to a customer’s business, it’s impossible to build long-term relationships. How do you choose sales executives that suit your sales approach? We try not to employ baggage, which means we don’t employ people from the telematics space. We’ve found in the past that if we…

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more frequent sales quotas help volume but hurt profits

Sales organisations often struggle to find the best way to motivate their sales force. Some common questions include: • How much of a rep’s compensation should consist of a fixed salary and how much should be based on commission? • Should commissions be capped? • What’s the effectiveness of bonuses and other incentives? SALES QUOTA RESEARCH While past quantitative research has investigated some of these issues, in our recent study we focused on an under-researched aspect of sales force compensation: sales quotas. More specifically, what should be the appropriate frequency of quotas – daily or monthly? To answer this question, we conducted a large-scale field experiment at a major retail chain in Sweden. The company sells small to mid-sized consumer electronic goods, accessories (such as headsets and phone cases), electronic parts, and small home appliances. With more than 80…

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5 keys to execute a successful sales reorganisation

Weeks and months of planning go into defining the optimal sales org design for your organisation: Countless meetings and analysis comparing the benefits of hunter/farmer, stratification, product specialisation or other organisational designs. Time is spent defining the roles lead development reps, field sales, inside sales account managers and other sales support resources will play. Modelling is completed determining the ideal headcount to cover the market. Once that is completed the work is done, right? Wrong, defining the strategy is critical, but once the strategy is finalised the work is just beginning. The execution and downstream impact the reorganisation will create is where most reorganisations fall short. Below are the top five downstream focus areas you need to solve to ensure your sales reorganisation will be a success. TOP 5 DOWNSTREAM FOCUS AREAS 1 TERRITORY DESIGN…

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