Customer Acquisition

The Art of Motivation: Designing Sales Compensation Plans That Drive Results

By soshaughnessey0 Comments

Designing an effective sales compensation plan is critical to any successful sales organization. A well-crafted plan motivates your sales team, drives revenue growth, and aligns the interests of both the company and the sales representatives.

It’s essential to understand the impact of compensation on salespeople. Sales reps are highly motivated by money, and their income is directly tied to their performance. Incentives such as bonuses, commissions, and accelerators can all play a key role in driving sales performance. However, these incentives can have unintended consequences if not implemented correctly.

This blog post will explore various aspects of creating a successful sales compensation plan, including setting quotas, selecting base and variable pay, using accelerators, and employing rewards and contests. We’ll also discuss strategies for designing effective compensation plans for different types of sales roles and tips for continuously improving your compensation plan.

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Business, Finance, Sales Management, Sales ProfessionalismBenchmark, best practices, commission, compensation, Customer Acquisition, customer relationships, goals, Lead Generation, motivation, productivity, profitability, Retention, Revenue Growth, rewards, sales culture, Sales development, sales goals, sales management, sales performance, sales plan

95% of Small Business Say They are Below Average or Worse in Their Sales Performance

By soshaughnessey1 Comment

We are almost done tabulating the results for the grading of small businesses. Every year, Sales Xceleration asks the CEOs and owners of small businesses to grade themselves on how well their company is running its sales operations.

Like last year, 95% of all companies couldn’t get to the “average” level of execution.

But 2022 was worse than last year since more companies graded themselves as “Poor” rather than just “Below Average.”

It is okay that small business owners or executives at small businesses do not know how to create a great sales organization, however …

… it is not okay for them not to fix it.

The reality is that most small business owners excel at many things. That is why they started their business. Perhaps, they are experts at:

manufacturing
design
software creation
operations
logistics

Or any of the hundreds of essential skills required to create a great company. But even though the small business owner is best-in-class in one or many of these disciplines, they still need to be better-in-class in producing or managing a sales organization.

It may be okay that the small business leader cannot create an excellent revenue generation machine. Still, it is not okay that they don’t address the problem. The company and all of the people working for the company (along with their families) depend on that company. The owner needs to fix this problem.

But it is very hard for the small business owner to fix this problem.

They may not be able to find or afford an executive to at least get the “Excellent” rating. Let’s face it, that type of executive is in very high demand by companies that are much larger than small businesses.

The solution, of course, is to look for a Fractional Sales Vice President to help them. I am here to help. I help company owners realize the maximum value of their company by improving their revenue generation capability. To accomplish this, I help owners enhance their sales management, methodologies, processes, teams, and messaging.

You can learn more about how small businesses are doing in generating revenue for their companies at two upcoming events.

If you are in Cincinnati, I will present on this topic at the Beers & Biz networking event on February 23. You can register for this event at https://www.eventbrite.com/e/beers-biz-b2b-networking-tickets-451941468097 but make sure that you arrive at 3:30 (I start on time) and sign up for the Revenue Growth breakout session.

You can also watch Kevin Lawson and me go through the study’s highlights, explain why the various grades are a problem, and then offer potential solutions to the issues. Kevin and I will be presenting at a special session of our monthly CEO Workshop on March 1, and you can register at https://www.linkedin.com/video/event/urn:li:ugcPost:7027766861027008512/

The company owner may be unable to make a best-in-class revenue generation engine within the company personally, but that doesn’t mean the owner shouldn’t create one. Fractional executives are available to fill in the gaps in the expertise that exists within the company.

Business, Sales Management, Sales Professionalism, Trainingbest practices, Business growth, CEO, Customer Acquisition, fractional sales leadership, Marketing Strategy, Sales effectiveness, Sales Improvement, sales management, sales performance, sales strategy, Sales techniques, small business

Build a Path to More Sales

By soshaughnessey0 Comments

I was interviewed by Subkit. You can read the full article here: https://gosolo.subkit.com/new-sales-expert/, but they were nice enough to allow me to reproduce it here.

Interested in starting your own entrepreneurial journey in business development but unsure what to expect? Then read up on our interview with Sean O’Shaughnessey, CEO and President of New Sales Expert, LLC., located in Mason, OH, USA.

What’s your business, and who are your customers?

I am a fractional Chief Revenue Officer. I help small and medium-sized businesses accelerate their revenue growth.

Tell us about yourself

I realized a few years ago that many companies struggle to develop a revenue stream that is predictable and sustainable. This is primarily because the people in those companies that are in charge of sales are not sales professionals. They needed help creating the sales messaging, methodology, and processes to repeatably sell their product. However, they couldn’t afford someone with my skills full-time, nor did they need me full-time. A fractional relationship allows me to help them grow without burdening them with a cost that is crippling.

What’s your biggest accomplishment as a business owner?

There is nothing better than seeing salespeople that were struggling or not appreciated start to be successful in their positions.

What’s one of the hardest things that come with being a business owner?

My biggest challenge is balancing selling with delivery. I work on relatively short engagements, so I am always talking to new potential clients about what I do. I cannot let that activity affect my ability to deliver great service to my clients. The balance of selling and delivery is a weekly challenge.

What are the top tips you’d give to anyone looking to start, run and grow a business today?

Since my job is to help small companies create more revenue, I will focus my advice on sales (which is the lifeblood of any new company):

Talk to at least 40 prospects monthly about their needs and goals and how you might help them.
Develop your value selling proposition (VSP) that creates a strong message to those 40 prospects.
Tell your story as loudly and as often as possible. Don’t hide. Put your VSP out on social media. Tell everyone what you do.

Your company’s job is to sell your product or service. It isn’t to make a product or service. Treat sales as a complicated and difficult profession (it is). Hire the best people to run sales, and you will succeed.

Where can people find you and your business?

Website: http://newsales.expert/
LinkedIn: https://www.linkedin.com/in/soshaughnessey/

Business, Sales Managementarticle, Business growth, Customer Acquisition, entrepreneur, interview, Lead Generation, Sales Funnel, sales management, sales performance, Sales Pipeline, sales process, sales strategy, Sales techniques, small business