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Next up in our series on how economic philosophy can be readily applied in sales, we will take a look at a factor called comparative advantage and how it can greatly assist sales management. The term is normally used to describe the ability of a party to produce a particular good or service at a ...

With buyers being informed by the internet and making some 70 percent of their buying decisions before ever speaking with sales reps, salespeople must be more savvy than ever in their understanding of prospect companies and their needs. This depth of understanding is what is referred to as insight selling, and today is the central ...

Next up in our series on highly applicable economic principles is one called opportunity cost. Opportunity cost is the investment your company must make to achieve a sale, and it has a bearing on every company activity associated with a sales cycle. It is applicable equally on the higher level of entrepreneurship as well as ...

Salespeople (Entrepreneurs): What is a “Sunk Cost” and Why Do I Need to Know About It? As we’ve been discussing, salespeople (aka “entrepreneurs within the enterprise”) operate knowingly or unknowingly within a set of precise economic principles. While you might consider that economic theory is something best left to professors in university ivory towers, in ...

One of sales’ biggest bugbears is that a lot of leads are “rubbish” or “no good” because they will never close. Now, there are a number of reasons for this: For example, the prospect may fall outside your buyer persona description, or they may not be the decision-maker. They may have entered your sales process ...

SPIN Selling by Neil Rackham is a hugely influential book that argues the importance of asking the right questions in the sales conversation.

When you’re forecasting sales and the performance of your sales funnel or sales pipeline, your metrics are key. That’s because metrics provide the analytical information you need to ensure your sales team (and sales funnel) are doing all the right things. But what metrics should you measure? Read on, and I’ll outline five of the ...

One important reason to invest in a CRM system, is to increase the efficiency of your sales process. As you know, with the right CRM, you can manage your contacts, track prospects as they move through your pipeline and access analytics and management tools to plug leaks and drive sales. What’s more, because most modern ...

Sales management-sales force relationship is changing. Why? As covered in recent articles, the military-style corporate structure so prominent after World War II is finally starting to fade away. Where previously it was only the leaders that made decisions and passed them down the line as orders, now everyone, from the Vice President down to the ...