Sales Archives - Why Sales Network https://whysalesnetwork.com/category/sales/ Sales Development | B2B Sales Strategy Fri, 20 Jan 2023 20:17:39 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.3 https://whysalesnetwork.com/wp-content/uploads/2021/05/cropped-wsn-fav-icon-32x32.png Sales Archives - Why Sales Network https://whysalesnetwork.com/category/sales/ 32 32 What is Sales Forecasting & Why Does It Matter? https://whysalesnetwork.com/what-is-sales-forecasting-and-why-does-it-matter/ https://whysalesnetwork.com/what-is-sales-forecasting-and-why-does-it-matter/#respond Fri, 20 Jan 2023 20:15:53 +0000 https://whysalesnetwork.com/?p=1814 The post <strong>What is Sales Forecasting & Why Does It Matter?</strong> appeared first on Why Sales Network.

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“For tomorrow belongs to the people who prepare for it today.” — African Proverb

It doesn’t matter if we’re discussing your professional or your personal endeavors—having a concrete plan can take you far down the road. Not only can it prepare you for any future obstacles, but it can also decrease the chances of risk.

So let us help you do just that! Well, from a sales perspective, at least.

Sales forecasting is perhaps the best way to map out your future moves. In a nutshell, it gives you a rough estimate of your revenue outlook. And if you do it correctly, you can anticipate the effectiveness of your strategies and make more informed decisions.

But rather than simply tell you what sales forecasting is, we’re going to tell you why it matters. So in this blog, you will discover the top three reasons why sales forecasting can shift the trajectory of your sales career. Let’s not waste any more time and get started!

It Helps You Allocate Resources

Business capital. Financial resources. Assets. No matter what you call them, one thing remains clear—they aren’t infinite.

Sales forecasting enables you to use each one to its fullest potential!

Most companies construct forecasts after a thorough analysis of their sales data, industry-wide comparisons, and even economic trends. With that in mind, you’ll have a factual basis for your future budgets and allocation strategies.

It Aids In Decision-Making

Not every decision you make will bring your desired results. But by having an accurate sales forecast, you can lessen the chances of seriously hurting your career progress!

As previously mentioned, your forecast will be based heavily on your past performance and results. So if you have those numbers on hand at all times, you’ll be better prepared to bypass any potential obstacles.

It Helps You Set Realistic Revenue Goals

Aiming for perfection is fine. It’s admirable, actually. 

But have to balance it out by knowing what you can realistically achieve, given your current resources and skill level.

Fortunately, a sales forecast can help you figure out just how much progress you can make in a given span. If you’re able to maximize your sales forecasting process, you will know the answers to questions such as…

  • “Where will I be in my sales career after one month? One year? Five years?”
  • “How many new customers will I attract in the near future?”
  • “What are the chances of these customers making more than one purchase?”

By setting realistic goals, you’re giving yourself the best chance at achieving consistent results and predictable career growth. And if we’re being honest, that’s all it takes for you to have a long, fruitful, and enjoyable tenure as a salesperson.

Final Remarks

So there you have it! We’ve only scratched the surface with regard to sales forecasting, but hopefully, now you have a better understanding of how it can help you in sales.

We hope you found this blog helpful. But in case you’re interested in acquiring more sales knowledge, Why Sales Network has got you covered!

Our Sales Training Lab contains several courses tailor-made for salespeople like you. Here, you can master your fundamentals and learn strategies used by established sales champions, like our very own Joyce Johnson!

Click here to view our courses: https://onlinecourses.whysalesnetwork.com/

That’s it for today. Thank you so much for reading!

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3 Powerful Tips To Jump-Start Your 2023 Sales https://whysalesnetwork.com/3-powerful-tips-to-jump-start-your-2023-sales/ https://whysalesnetwork.com/3-powerful-tips-to-jump-start-your-2023-sales/#respond Wed, 14 Dec 2022 23:23:39 +0000 https://whysalesnetwork.com/?p=1804 The post <strong>3 Powerful Tips To Jump-Start Your 2023 Sales</strong> appeared first on Why Sales Network.

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2022 is coming to a close. To start off 2023 strong, it’s time to think Q1! 

And like any entrepreneur, you’re probably focused on what you and your team can do better—especially when it comes to sales. 

Understandably, it can be quite daunting following up on a great (or not-so-great) sales year. But with the right strategies in place, nothing is impossible. 

So whether you are looking to reinvigorate sluggish sales or blow last year’s number out of the water, here are three expert-backed tips to make it happen.

Let’s jump right in! 

3 Powerful Tips To Jump-Start Your 2023 Sales

Tip #1: Get your team in tip-top shape 

 Big sales goals call for a top-notch sales team.

Start by taking an objective look at your current roster. List down their strengths and weaknesses. From there, you can determine which ones can take on bigger roles and which ones will need additional training. 

This is also the time to see whether or not you’ll be needing new recruits to fill in certain gaps that are keeping your team going from good to great. 

Bonus tip: It’s much more cost-efficient to invest in existing talents than to keep hiring new ones, so see what you can improve in your current team before expanding. 

Check out Why Sales Network’s Training Lab for online courses and up-skill classes! 

Tip #2: Automate what you can

 To take your sales to the next level, you’d want to focus your team’s time on revenue-generating tasks as much as possible. 

But the reality is, there is also plenty of administrative work that needs to be done to make sure operations are running smoothly. 

What’s the solution? Automation! 

Automation tools can take care of repetitive, time-consuming tasks for your team. Everything from data entry all the way to prospective research can be automated nowadays! 

With these on autopilot, your team can now fully dedicate their time to prospecting, closing deals, and other critical tasks that move you closer to your sales targets. 

Bonus tip: Not all automation tools are made equal. Take some time to research the different types of tools available for the function you need (you can start here). From there, thoroughly assess which ones meet your team’s requirements. 

Tip #3: Invest in a sales mentor

Breakthrough sales are not only achieved through technical skills. 

They also require the right mindset, behavior, and inner work that allows a salesperson to show up as the best that they can be.

However, you can’t learn these from textbooks. These are things that either take 5, 10, or 15 years to develop in your practice. 

To fast-track the process…invest in a sales mentor!

A good sales mentor can help you skip much of the trial-and-error and jump straight to adapting the inner work that actually leads to success. Plus you get tips and tricks of the trade that can skyrocket your sales in no time!

Bonus tip: Not enough resources at the moment? No worries! Why Sales Network’s blog offers an arsenal of insights from industry-leading mentors in the world of sales—and you can access them all for FREE! Bookmark this page for easy access.

Wrapping up

Getting off to a strong start puts you and your sales team in the best position for a lucrative year ahead. So be sure to follow our tips above to secure it!

If you have any questions or comments, we would love to hear from you!  Leave us a comment below or reach out via our contact us page.

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Tips For Hiring High Sales Performers https://whysalesnetwork.com/tips-for-hiring-high-sales-performers/ https://whysalesnetwork.com/tips-for-hiring-high-sales-performers/#respond Mon, 29 Nov 2021 13:05:55 +0000 https://whysalesnetwork.com/?p=1242 The post Tips For Hiring High Sales Performers appeared first on Why Sales Network.

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Tips For Hiring High Sales Performers

Dominating your market and growing your business takes more than just having perfect branding, quality products, or the best marketing strategies. A pivotal part of achieving your business goals is assembling a good sales team—yet many business owners struggle to do so.

Hiring a high-performing sales team can be extremely tricky—but why is that? Well, it’s because sales hiring is expensive. Bringing in new employees for any position is generally costly, but sales are often the most expensive part of any business’s strategies, not to mention your sales directly affect your bottom line. Growing your sales team can potentially bring high rewards—but it also has high risks.

If you’re wondering how you can consistently recruit high sales performers, today’s your lucky day! In this blog, we’ll be giving you some tips on how to make sure you hire only the best, so read on!

Define your ideal candidate

To ensure an efficient sales hiring process, you need to first define your ideal candidate. Create a concise yet clear and comprehensive outline of the position, its responsibilities, and the characteristics and skills you are looking for. You should also take into consideration the goals and needs of your business over the next 2-5 years, and how you expect your sales team to contribute to those goals.

Focus on skills, not experience

Job experience and education are important, as they can be indicators of promising candidates and help you quickly narrow down your list. But picking out a team based only on these two qualifications does not guarantee their success in the position. Good instincts, critical thinking, and confidence are arguably more important—but you won’t find any of these on a resume, which leads us to our next point.

Put candidates to the test

Besides relying on the resume to make your decision, devise a test or demonstration that will allow them to showcase their practical skills. It can be something as simple and straightforward as asking them to pitch a random object or service to you. This is a good way to assess how well they respond to unexpected situations and communicate while under pressure.

Prepare a competitive compensation

Top sales performers are like hidden gems. They are in demand yet hard to find, so you can expect that most businesses will hold on to their top performers tightly. And with their sales expertise, these top performers are probably enjoying high rewards at their current companies.

To attract high-performing sales talents and successfully win them over, you need to prepare an enticing compensation. This can be in the form of a competitive salary, extended vacations, career development—or all of that and more!

Conclusion

And there you have it! Those are our tips on getting high sales performers so you can scale your business. Hiring good salespeople is hard, and hiring the crème de la crème is even harder, but they will absolutely be worth it.

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Top 10 Qualities of an Effective Salesperson https://whysalesnetwork.com/top-10-qualities-of-an-effective-salesperson/ https://whysalesnetwork.com/top-10-qualities-of-an-effective-salesperson/#respond Mon, 15 Nov 2021 16:53:45 +0000 https://whysalesnetwork.com/?p=1160 The post Top 10 Qualities of an Effective Salesperson appeared first on Why Sales Network.

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If you take a good look at all the successful entrepreneurs and business owners throughout history, you’ll notice that they have some similar defining characteristics.

This may seem like nothing more than coincidence, but the truth is that without those traits, they may not have achieved the success that they have now—and that has even made some of them household names. So in this blog post, we’ll discuss the top ten qualities that will make you a more effective salesperson.

Without further ado, let’s get right into it!

You Value Time

Time is an important resource because it’s something we can never get back. This is true for both you and your customers; that is why it’s absolutely essential that you don’t waste a single second of your prospects’ time when you’re making a sales pitch.

Train yourself to get straight to the point. Everything you say should be substantial and value-adding. Don’t add unnecessary fluff and end up lengthening the time you spend making the pitch—and possibly boring your customers. Let your potential clients know that you mean business because that is exactly what you are there for.

You Know How to Build a Connection

To leave a lasting impression on your clients, it’s important to first grab their attention.

You can do that by building rapport with them. Ask questions or add in a couple of jokes and/or anecdotes to warm up potential clients to you. This helps keep their attention, while also lightening the mood and making them more open to the sale—and to doing repeat business.

Strengthening your client relationship can make all the difference. Just be sure not to stray too far from your point and keep the conversation on the product or service you’re selling.

You Are Resilient

As a salesperson, you will not close 100% of your deals. Even the best salesperson in history has never done that.

But don’t let that stop you from pursuing greatness. What you can do is to learn from each of your shortcomings and find the knowledge and new skills embedded in each failure. That way, you can continue to make progress and emerge as a more well-rounded individual and salesperson each time.

You Can Stay Focused

Effective salespeople know how to tune out all their pending tasks and other distractions and just put their heads down and do what needs to be done. Sales is a busy and hectic profession, but constantly hopping from task to task could just waste your time and risk the quality of your output—and that’s certainly not going to help you advance your career.

Train yourself to block out all distractions so you can remain focused on the task at hand. More work done equals more results.

You Are Always Honest

It’s very easy to sense when someone is being dishonest or holding something back, and that can ruin the mood pretty quickly.

Make it a point to always be truthful when dealing with people. Answer all questions accurately, and be honest enough to say when you are unsure about something, instead of pretending to know the right answer. Trust me, your clients will appreciate that more than any bluster.

You Can Stay On Top of Everything

As a salesperson, there are times when you’ll have to juggle many responsibilities at once, so you’ll need to find ways to stay on top of everything and avoid getting overwhelmed even during your most hectic weeks.

One way to do so is to keep all your upcoming meetings and deadlines organized. Exactly how you choose to do so is up to you, but it’s helpful to include progress charts and ways to sort each task by urgency. And, of course, you need to have the commitment to faithfully update your master calendar, so you don’t overlook anything important.

You Are Confident

Confidence is something that not everyone is born with, but it can be developed over time. 

There are many ways to boost your confidence as a salesperson. Some examples are to always come prepared and to believe in what you are selling. If you are confident in your product’s ability to solve a specific problem and have done the research, people will notice.

You Can Hold Yourself Accountable

It is inevitable that you will make mistakes throughout your career. But if you’re constantly shifting blame to other people, all you’re doing is hindering your growth and potential to thrive in this industry.

Accept that there will always be times when you fall short. These things are all part of the learning process. Hold yourself accountable so that you can keep improving and growing as a salesperson.

You Can Make Adjustments On The Fly

The ability to plan ahead is extremely important. But in life, things don’t always go as planned.

Sales can be unpredictable. When you’re confronted with a situation you didn’t think to prepare for, you should have the confidence and good judgment needed to adapt. Remain flexible enough to make adjustments, so you can still find ways to succeed despite any obstacles that get in your way. 

You Are Passionate

“If you do what you love, you’ll never work a day in your life.” – Marc Anthony

Being passionate about what you do is what will keep you going. You can do things over and over again even if they don’t always go your way without losing your motivation and drive to succeed.

Use your passion to fuel your pursuit of greatness as a salesperson—and who knows? You may one day find yourself among the people you used to look up to.

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How to handle buyer objections to win more business https://whysalesnetwork.com/how-to-handle-buyer-objections-to-win-more-business/ https://whysalesnetwork.com/how-to-handle-buyer-objections-to-win-more-business/#respond Tue, 02 Nov 2021 23:38:44 +0000 https://whysalesnetwork.com/?p=1011 The post How to handle buyer objections to win more business appeared first on Why Sales Network.

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As a salesperson, your role is to communicate the value your product or service can bring to customers. Having the perfect solution for their pain points is only half the battle; you need to make your customers understand exactly how they could benefit from your offerings and why they need it.

Throughout your sales career, you are sure to encounter people who will doubt you. While it is easy to get frazzled or defensive when dealing with client objections, a good sales professional rises to the occasion and can win over even the most reluctant buyers. The good news is that anyone can hone this skill with enough practice and determination!

If you’re looking for some valuable insights on how to handle customer objections, this blog is perfect for you. Ready to learn? Let’s dive in!

Get to the heart of the objection

 

Most salespeople tend to immediately address their prospect’s concern without identifying its root causes. Throwing out solutions right off the bat can make the customer feel like you’re being dismissive or just out to make a sale. Trying to learn more allows you to fully grasp the issue and shows your customers that you genuinely care about what they have to say. You can do this by listening intently and asking direct but open-ended questions. 

When you have a deeper understanding, you can come up with better solutions for your client. If the issue is the price, circle back to the unique selling points of your product or service and make them realize that they are getting their money’s worth. If you hear that there’s a cheaper version of your product or service elsewhere, politely inquire who your competition is. Be firm with your price to avoid destroying the integrity of your offering, and then emphasize its quality. Never disparage your competitors, as this can be a turnoff.

If a client mentions that your product or service does not offer a specific feature that they need, you can opt to customize your offering or be honest about its limitations. And if they decide not to buy, don’t be disheartened; it only means that they were not your target market after all.

Think of objections as questions

Selling a product or service is not easy. Hearing objections even after giving it your all can hurt your pride. But taking things personally puts all your efforts to waste and doesn’t help you win any business.

Instead of viewing an objection as a personal failure, view it as a question from a buyer who wants to make a more well-informed decision. By keeping a helpful and positive attitude and responding professionally, you can gain customers’ commitment and build trust.

Bring up the objections before your client does

When dealing with a sales objection, the last thing you want is to be caught off guard and not have the right answers. But what can you do to avoid this and keep the upper hand throughout the entire sales process? Plan ahead!

Conducting market research is the key to discovering common hesitations of buyers and formulating responses in advance. During your pitch, you can mention some of these common objections, and then follow up with your solutions and counters. By anticipating your buyers’ needs, you show them that you truly know and understand them well.

Share testimonials from satisfied buyers

Sharing stories about other customers with the same apprehensions during the negotiation stage is a great way to ease your prospects’ concerns and assuage doubts about your offerings. Let them know how others did not regret proceeding with their purchase despite their objections. Knowing that people have tested your product or service and were satisfied with its value establishes credibility for your brand, which helps convince new buyers that it’s a less risky purchase. You can also share any available case studies so that they’ll feel more confident about doing business with you.

Final words

Voila! We have just discussed some ways you can deal with buyer objections to secure new business. I hope these insights help you successfully close more deals! Remember that your buyers can see right through poorly handled objections. If you can’t address their concerns with confidence, you could miss out on some excellent sales opportunities!

 

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Customers Buy Value, Not Products https://whysalesnetwork.com/customers-buy-value-not-products/ https://whysalesnetwork.com/customers-buy-value-not-products/#respond Mon, 20 Sep 2021 16:04:10 +0000 https://whysalesnetwork.com/?p=934 The post Customers Buy Value, Not Products appeared first on Why Sales Network.

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As a salesperson, how do you entice potential buyers to make the purchase? Do you go to great lengths to ensure they know all your product’s unique features?

While this selling technique is informative, here’s the reality: product demonstrations and long lists of features aren’t the key to generating sales.

If highlighting the features of a product was enough to close deals, then the entire sales profession would have been replaced by spec sheets!

Think of the mobile phone or computer you are using while reading this article. Do you remember its battery life, operating system, processor, RAM, or even its screen size? Chances are, you don’t.

When you take a few moments to analyze your path to purchase and see what influenced your decisions, you’ll probably realize that what made you buy it was not the product per se but the value it gives you.

When Apple launched the very first iPhone in 2007, it was called “your life in your pocket.” Steve Jobs understood from the onset that customers were looking for something that could help them in their everyday lives, all in one convenient device. More than the phone’s features, this promise, and its value to people were what made heads turn.

Today, the iPhone has certainly become the modern-age Swiss army knife, especially for tech-savvy millennials. It offers endless value—from being a rich source of entertainment to your ride home, easy access to food delivery services, a heartbeat and health tracker, and even your own intelligent voice assistant.

With hundreds of competing devices on the market, Apple was able to differentiate itself by offering people a unique experience.

The same goes for buying cars. When you decide between a Telsa and Audi, what are your key considerations? The “right car” isn’t just about its brand or its horsepower but what it can do for you, right? In other words, its value to you.

If you have a long commute to work then fuel economy will likely be valuable to you. For those with little ones, safety trumps everything, so you’ll probably be looking for a car that allows you to drive your kids safely to school or soccer practice.

If you’re the type who goes on trips often or transports a lot of things, you’ll enjoy the convenience of having a large trunk space.

Ultimately, what makes a truly excellent salesperson is their ability to identify their target market and understand them well. Before you can even begin to meet your client’s needs, you need to know their pains!

You see, each individual is unique. The same product’s value can differ from person to person.

As a sales professional, it’s up to you to find out what that is and then paint the bigger picture for your potential customer. This is your key to closing deals!

If you’re a business owner, you can also use these insights when you’re pitching ideas to potential investors!

How many times have you found yourself just listing off facts about your company and its achievement? Instead of doing that, emphasize the benefits they can get by doing business with you.

Trust me, that would certainly pique their interest more! Don’t just talk numbers; let them know the value they will get in exchange for agreeing with the proposal.

Conclusion

You don’t need an immense marketing or design budget to improve your messaging. Just focus on the ‘whys’—why are your products or services relevant to your target market? Why is the experience valuable? Why should customers pick you instead of the competition? Remember, it’s not the product but its value that matters most.

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6 Reasons Why Sales Should Be Every Entrepreneur’s Starting Point https://whysalesnetwork.com/879/ https://whysalesnetwork.com/879/#respond Wed, 01 Sep 2021 21:33:08 +0000 https://whysalesnetwork.com/?p=879 The post 6 Reasons Why Sales Should Be Every Entrepreneur’s Starting Point appeared first on Why Sales Network.

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Putting up your own business takes a huge leap of faith. But despite the risks involved, many continue to take their chances to fulfill their passion or gain financial freedom. And as an entrepreneur, you get to call the shots and live life on your own termsthings that most employees can only dream of.

But make no mistake; this career path is not as easy or laid-back as others might believe. The day-to-day vitality of your business rests on your shoulders. And with the tight economy and competitive market of today, making a viable business can be incredibly challenging. You need to constantly find ways to boost the ultimate source of your company’s revenueyour sales!

With that said, here are the 6 key reasons why every business owner should start with a strong sales background.

1. You become a customer-centric leader

What is the guiding principle of every salesperson?

Putting your customers at the heart of everything you do! If you make this your mindset, you are in a better position to implement strategies that improve their experience with your business and simplify the customer journey. This helps increase brand loyalty and customer retention.

2. You build valuable business relationships

Sales are all about making the right connections with the right people. When you devote time to expanding your network, you get to meet investors, suppliers, wholesalers, customers, and even competitors! There are many benefits to having such expansive connections. You can acquire important industry knowledge and establish business relationships that may prove quite valuable later on.

3. You develop a strong work ethic 

Salespeople are required to generate a steady sales volume and meet revenue goals. This takes a tremendous amount of hard work, self-discipline, and willpower. Entrepreneurs experienced with sales are able to apply their enthusiasm and drive to lead their business to success.

4. You become an independent thinker

Sales representatives often make judgment calls on how to best deal with their clients. They also have some freedom to decide how they use their time to produce results. This kind of training can be beneficial to entrepreneurs as their job requires them to constantly make critical decisions, often under a lot of pressure!

5. You develop creativity 

Salespeople have to stand out to get the attention of their target audience, so they know the importance of presenting their offerings creatively. Entrepreneurs need to think outside the box, too, as they create new ideas and strategies for their business.

6. You can raise capital for your business

You need funds to launch a company and to run it until it reaches a positive cash flow. When you are in sales, the income opportunities are endless and you can use your earnings as a source of business capital.

Conclusion 

There you have it! We’ve rounded up the top reasons why a career in sales is the foundation of successful entrepreneurship. Ultimately, closing deals is what makes the company thrive. Knowing how it is done is important for every business owner, and sales experience can give you this and so much more.

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Work Smarter, Not Harder https://whysalesnetwork.com/work-smarter-not-harder/ https://whysalesnetwork.com/work-smarter-not-harder/#respond Wed, 21 Jul 2021 18:27:34 +0000 https://whysalesnetwork.com/?p=650 The post Work Smarter, Not Harder appeared first on Why Sales Network.

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The phrase “work smarter not harder” seems like an obvious yet simple approach towards life. In hindsight, this mindset does not account for the reality of what it takes to succeed in a world full of variable changes.

The excuse of running low on time is practically embedded into every human. Working smarter involves making time for the things that you need to execute on. Furthermore, working smarter forces you to realize that everything cannot be done alone. Understanding this makes networking and using your resources extremely important.

The power of delegation is a valuable skill that can transfer to any field. Whether you have a team, are pioneering a new path, or working in the corporate sector, realizing your strengths and weaknesses can provide you with the clarity needed to ask for help. A prime example of working smarter and not harder is my Co-Author program which allows anyone seeking the power and fulfillment that writing brings to become an author. Oftentimes, committing to tasks that seem overwhelming can lead to a cloud of doubt.

Executing any plan involves a clear view of reality and the removal of ego. Accomplishing unimaginable goals is possible with a proper mindset and the ability to understand your strengths and weaknesses to execute and expand your reach.

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Finding Your Niche https://whysalesnetwork.com/finding-your-niche/ https://whysalesnetwork.com/finding-your-niche/#respond Sat, 17 Jul 2021 18:39:00 +0000 https://whysalesnetwork.com/?p=641 The post Finding Your Niche appeared first on Why Sales Network.

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The New Sales Era is filled with opportunities. But like sales, the world of social media can seem quite daunting. The beauty of this unknown territory is that the driver’s seat is not controlled by corporate standards, respectability politics, or monolithic views of success. This new era of sales allows anyone to dream beyond barriers and take advantage of  the alternative routes towards success.

In order for such ideas to go beyond the dream state, a niche must be found. According to Google the term niche is, “a specialized segment of the market for a particular kind of service or product”. Finding your niche is a top priority in marketing; without a niche, the spectrum of desirable clients becomes too broad.

Feeling like the market is oversaturated is yet another symptom of not having a niche. The key characteristics of developing a sustainable niche includes passion and a problem in need of solving.

Developing a niche provides clarity for both the consumer and producer. On the production side, this unparalleled vision allows engagement to increase in addition to any other statistics. On the consumer’s end, understanding a specific niche gives them the ability to invest in something that resonates with them.

Overall, finding your niche is an essential part of marketing to any audience. With this in mind, operating in the New Sales Era allows a mere dream to become a full fledged opportunity to succeed on your own terms.

 

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The Cost of Changing Jobs $$,$$$ https://whysalesnetwork.com/the-cost-of-changing-jobs/ https://whysalesnetwork.com/the-cost-of-changing-jobs/#respond Mon, 26 Apr 2021 01:29:00 +0000 https://tpctestbed.online/?p=189 The post The Cost of Changing Jobs $$,$$$ appeared first on Why Sales Network.

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How much did you leave on the table with your last company? When changing companies does the new salary increase outweigh the long-term investment? Recently I read a LinkedIn article, “Why employees leave their jobs”. The article noted, “What convinces employees to leave vs. what compel employees to leave”. Interesting on both lists was the obvious; better compensation and benefits. However, depending on the timing of your last job change you could have left more on the table than you gained!

For example: A sales person earning $100,000 a year receiving profit sharing, pension, stock options, 401k or a combination leaves their company after four (4) years. The company requires five (5) to be 100% vested. One could leave nearly six figures to go back into the company’s rainy day fund. According to a report on About.com/Financial Planning “Changing Jobs and your 401k” states someone earning $40,000 a year leaving one year to soon can lose as much as $15,600.

Ask yourself a few questions before making the decision to change employers:

  1. When do you retire? If within five years of being fully vested in a retirement plan. Why leave? Is there an opportunity within the company that provides the same challenge?
  2. How much money are you leaving on the table? Take time to understand your current and future investment plans. Communicate what you are leaving behind to your new employer and negotiate a signing bonus or additional salary to recoup loss within one year.
  3. What soft cost are you not considering?
    1. Longer commute
    2. Additional cost to commuting
    3. Longer work hours
    4. Additional Travel -Time away from family
    5. Dress code that may require a shopping spree!

Next time someone makes you an offer “you can’t refuse” take a closer look at your financial statement. Prior to making a decision understand the present and future financial impact. If you are leaving as a result of other reasons; work/life balance, better leadership or career advancement opportunities and received what you were looking for then you’ve nailed it!

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