Imagine a salesperson who comes to a forecast meeting and puts down a huge forecast. The savvy sales manager naturally starts asking a few questions of the salesperson regarding each forecasted account. What is driving them to look for a new solution? What is their decision process? When do they want to have a solution in place? Who else are they looking at for this project? Now imagine the salesperson’s responses involve statements like this: I know we are the best solution for them. I have a good feeling about this one. They will make a decision shortly, they have to think it over. If you have been in sales… Read More
Continue ReadingThe Greatest Risk When Hiring
I propose that it is hiring new employees without performing a thorough background verification. Think of the implications if you are wrong. The outcomes can be the ultimate dealbreaker in that they can end a company’s existence. With the stakes that high, it never ceases to amaze me that companies take this risk when hiring. Clayton at Salesopedia links to an excellent article concerning this topic in the context of sales hiring. Take this point from the article in Clayton’s post: Some of you may be reading this and thinking that you already have a defined scope for all applicants so there is no need to be concerned. However, the… Read More
Continue ReadingThe Two-Minute Warning
It’s playoff time for the NFL and I love to watch quarterbacks (and coaches) who can execute in the red zone, run an effective two-minute drill and get the job done. That may be why I get so nervous when I hear salespeople say – ” It’s in the client’s hands now, all we can do is wait.” We’re waiting on such an opportunity right now, and we’ve been waiting since before Christmas 2007. I’m nervous because there is no two-minute drill in progress to help the customer make the right decision and there appears to be a lack of urgency in our salesperson’s approach, now that the proposal is… Read More
Continue ReadingThe Toughest Topic To Qualify-Money
It’s not really when you know how to do it. Unfortunately, many salespeople have a distinct weakness when it comes to even broaching this topic with a prospect. This weakness leads to compounded expenses in that the salesperson will typically invest time and resources on a prospect who will disappear at the first discussion of price. Many salespeople are aware of this fact so they deem it best to avoid the money topic all together with the hope they can persuade the prospect with an extended dog-and-pony show. The entire sordid affair feeds upon itself. The costs here can be enormous. I’m of the belief that a salesperson’s greatest asset… Read More
Continue ReadingCompany Mission Statement
This BusinessWeek.com article – How to Avoid the Commodity Trap – caught my fancy but I have to admit, it is a bit short on the “How to” part. The main thrust of the article is to treat your customers with respect. That is solid advice, but I was looking for more. But what the article lacks in tactical description, it makes up for with anecdotal stories. The article is a fun read. It closes with the author retelling a personal experience: My last example is personal. Two years ago, I dented my car and took it to a body shop for an estimate. A large tattoo-covered man stood behind… Read More
Continue ReadingThe New Year’s Itch
I’m willing to guess that a majority of New Year Resolutions involve weight loss and career/job changes. If so, then January is the apex of retention within a company. In sales recruiting, we typically see January as one of the premium months for finding sales talent. Salespeople have completed the previous year’s commission plan and are staring at an empty commission plan. In other words, this is an excellent time to upgrade your sales team. The time to hire is still extended right now in spite of the dire economic predictions of the media. This week’s Herman Trend Alert email speaks to this point: The activity of job boards is… Read More
Continue ReadingThe Young Guns Of VC-Former Googlers
Most people are aware of the insane amount of money Google keeps earning, but the New York Times (h/t Online Media Daily) offers up an article about what the former employees are doing with it. They are starting their own venture capital firms. What I didn’t know was that this path was blazed by the former PayPal employees a few years ago. Mr. Sacca, 32, joins a growing number of Google millionaires hoping to parlay their newfound wealth into even greater riches by bankrolling technology start-ups. Three years after Google went public, a fast-growing network of company veterans is fanning out across Silicon Valley. Some are joining the venture capital… Read More
Continue ReadingA Headhunting Scam
This story is almost unbelievable. The scam was set up at AIG and involved a VP of HR. From Workforce Management (my editing): Federal authorities have charged a former human resources vice president of American International Group Inc. and three accomplices with defrauding the insurer of $1.1 million with phony bills for employee search services. According to a federal criminal complaint, Falcetta moved from Philadelphia to New York to take his job with AIG in September 2005. His duties included managing contracts with employee search firms, and he had the authority to add firms to AIG’s approved list of vendors and to pay vendor bills up to $50,000. Over the… Read More
Continue ReadingHiring Continues To Expand In 2008
No real surprises from this CNNMoney.com article (emphasis mine): Employers are trimming their hiring plans but still expect to add workers in 2008, according to a survey released Wednesday. Online job search site CareerBuilder.com said its survey of 3,016 hiring managers and human resource professionals in the private sector found that 32 percent of companies plan to increase the number of full-time, permanent employees in the upcoming year. A year ago, 40 percent said they expected to add staff. Slow, steady growth is an ideal situation. The hiring trend has been on such a torrid pace that finding strong candidates has become an extended process. I’ve thought for the past… Read More
Continue ReadingRetention Starts With Recruiting
The Herman Trend Alert offers up an excellent analysis of the most pressing topic of today – retention. I thought this statement was spot on: The Hodes 2007 Workplace Study holds that two factors are critical to retaining valued employees. The first is choosing quality people, not settling for “warm bodies”. The second is choosing people who have long-term expectations of staying with the organization. We encounter companies that have a hire fast, fire fast mentality. Personally, I think this approach is high risk, low reward and we never condone this approach at Select Metrix. The second point is an important one also. If you are looking at a candidate… Read More
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