Episode Details
Back to EpisodesMYB047: How to incentivise a sales person
Published 1 year, 11 months ago
Description
This week's key takeaway:
How to incentivise a salesperson - with Ben Fewtrell and David Carlin
Episode intro:
We've tried almost everything in our business down the years… this really isn't a simple matter of offering commission. If you look at incentivising like that, you're going to mess it up! There are lots of different incentives you can offer, and they don't always have to be financial.
We're going to teach you how to look at this differently than you have done before. By the end of this episode you'll have a list of many different types of incentives that we have seen work out in the field, but more importantly, you will have a better understanding of the potential consequences (good and bad) of different incentivisation.
In this week's episode you will learn:
- Higher incentives versus lower incentives
- Why people need to be incentivised
- The psychology of a salesperson
- How a base target can help
- Bonus pools explained
- How to avoid 'sandbagging'
- The danger of discounts
- How to prevent over-promising
- How to use Cost of Sale to keep you on track
- Lifetime-value bonuses
- The numbers you need to know
- How much of your profit should you give away to your salespeople?
Show links:
- Check out our Maxed training for more on how to manage your sales team: https://maxmyprofit.com.au/maxed
- Contact us at Max My Profit for a free 15-minute strategy session
- Join our Facebook group: https://www.facebook.com/groups/maxyourbusiness/