Sales & Marketing Management - October 2007 - (Page 23) finding, keeping and grooming sales SALES by maureen hrehocik BEST THE FORCE A gainst your better judgment, you fell into the “bad breath is better than no breath” snare when your best salesperson with the largest territory quit. You hired “Bill,” an enthusiastic guy with a pretty good resume who interviewed well, said all the right things, and assured you he would make all of your worries disappear. Seemed like a pretty good hire for a $100,000 base salary. Six months later, with his territory languishing, you have to let him go. Depending on Bill’s initial salary, you probably cost your company anywhere from $300,000 to $600,000 for that six-month “quick fix.” The intrinsic costs of a “mis-hire” also are high— training time, lost revenue, confusion among customers, possible bad-mouthing in your industry, and even low morale among the remaining employees. Your budget will feel the biggest crunch, though. Experts predict a mis-hire costs a company three to six times that person’s annual compensation. “For every 10 people you hire, you will lose four in a year,” says Greg Alexander, CEO of Sales Benchmark Index in Alpharetta, Ga. “In a company that employs 100 salespeople, [if]they lose 40, even at the low end of three times annual compensation, those mis-hires will cost that company $12 million in a year.” Using more than 200 sales metrics and 11 years of sales OCTOBER 2007 SALES &MARKETING MANAGEMENT www.salesandmarketingmanagement.com 23 http://www.salesandmarketingmanagement.com
Table of Contents Feed for the Digital Edition of Sales & Marketing Management - October 2007 Sales & Marketing Management - October 2007 Contents Editor’s Letter Management Strategies Why Prospecting Gets No Respect Sales Strategy: Spotlight your Services Marketing: A Social Intelligence Primer Management: Steer your Team to Success Motivation/Incentives: The No-Pain Way to Gain Training: Looking for Yesterday’s Learning or Tomorrow’s? Technology: Get Trade Show Satisfaction with the Video Massage Focusing on SMB Solutions The Best Sales Force The Hottest Job Industries Overseas Aggravation Gadgets & Gear: Pen and Ink as an Art Form Books that Improve Strategic Thinking, People Skills and Sales One Foot Out the Door Work/Life: Calling in the Fitness Cavalry. Take-Aways: Bite-size Strategies to Help You Sell More, Market Smarter and Manage Better Sales & Marketing Management - October 2007 Sales & Marketing Management - October 2007 - Sales & Marketing Management - October 2007 (Page Cover1) Sales & Marketing Management - October 2007 - Sales & Marketing Management - October 2007 (Page Cover2) Sales & Marketing Management - October 2007 - Sales & Marketing Management - October 2007 (Page 1) Sales & Marketing Management - October 2007 - Contents (Page 2) Sales & Marketing Management - October 2007 - Contents (Page 3) Sales & Marketing Management - October 2007 - Editor’s Letter (Page 4) Sales & Marketing Management - October 2007 - Management Strategies (Page 5) Sales & Marketing Management - October 2007 - Management Strategies (Page 6) Sales & Marketing Management - October 2007 - Why Prospecting Gets No Respect (Page 7) Sales & Marketing Management - October 2007 - Sales Strategy: Spotlight your Services (Page 8) Sales & Marketing Management - October 2007 - Sales Strategy: Spotlight your Services (Page 9) Sales & Marketing Management - October 2007 - Marketing: A Social Intelligence Primer (Page 10) Sales & Marketing Management - October 2007 - Marketing: A Social Intelligence Primer (Page 11) Sales & Marketing Management - October 2007 - Management: Steer your Team to Success (Page 12) Sales & Marketing Management - October 2007 - Management: Steer your Team to Success (Page 13) Sales & Marketing Management - October 2007 - Motivation/Incentives: The No-Pain Way to Gain (Page 14) Sales & Marketing Management - October 2007 - Training: Looking for Yesterday’s Learning or Tomorrow’s? (Page 15) Sales & Marketing Management - October 2007 - Technology: Get Trade Show Satisfaction with the Video Massage (Page 16) Sales & Marketing Management - October 2007 - Technology: Get Trade Show Satisfaction with the Video Massage (Page 17) Sales & Marketing Management - October 2007 - Focusing on SMB Solutions (Page 18) Sales & Marketing Management - October 2007 - Focusing on SMB Solutions (Page 19) Sales & Marketing Management - October 2007 - Focusing on SMB Solutions (Page 20) Sales & Marketing Management - October 2007 - Focusing on SMB Solutions (Page 21) Sales & Marketing Management - October 2007 - The Best Sales Force (Page 22) Sales & Marketing Management - October 2007 - The Best Sales Force (Page 23) Sales & Marketing Management - October 2007 - The Best Sales Force (Page 24) Sales & Marketing Management - October 2007 - The Best Sales Force (Page 25) Sales & Marketing Management - October 2007 - The Best Sales Force (Page 26) Sales & Marketing Management - October 2007 - The Best Sales Force (Page 27) Sales & Marketing Management - October 2007 - The Hottest Job Industries (Page 28) Sales & Marketing Management - October 2007 - The Hottest Job Industries (Page 29) Sales & Marketing Management - October 2007 - The Hottest Job Industries (Page 30) Sales & Marketing Management - October 2007 - The Hottest Job Industries (Page 31) Sales & Marketing Management - October 2007 - The Hottest Job Industries (Page 32) Sales & Marketing Management - October 2007 - Overseas Aggravation (Page 33) Sales & Marketing Management - October 2007 - Overseas Aggravation (Page 34) Sales & Marketing Management - October 2007 - Gadgets & Gear: Pen and Ink as an Art Form (Page 35) Sales & Marketing Management - October 2007 - Books that Improve Strategic Thinking, People Skills and Sales (Page 36) Sales & Marketing Management - October 2007 - One Foot Out the Door (Page 37) Sales & Marketing Management - October 2007 - Work/Life: Calling in the Fitness Cavalry. (Page 38) Sales & Marketing Management - October 2007 - Take-Aways: Bite-size Strategies to Help You Sell More, Market Smarter and Manage Better (Page 39) Sales & Marketing Management - October 2007 - Take-Aways: Bite-size Strategies to Help You Sell More, Market Smarter and Manage Better (Page 40) Sales & Marketing Management - October 2007 - Take-Aways: Bite-size Strategies to Help You Sell More, Market Smarter and Manage Better (Page Cover3) Sales & Marketing Management - October 2007 - Take-Aways: Bite-size Strategies to Help You Sell More, Market Smarter and Manage Better (Page Cover4)
For optimal viewing of this digital publication, please enable JavaScript and then refresh the page. If you would like to try to load the digital publication without using Flash Player detection, please click here.