If you’re a member of a sales force, or in sales management, there is always practical information you must know. You need to know as much as possible about your own products. You need to have a firm grounding about your particular industry and market. Today especially you must have as much insight as possible into your prospect companies, their buying processes and their decision-makers.
But what about the overall economic environment in which you operate? Seen or unseen, that environment has principles operating every minute of every day. The very idea of sales is actually rooted in economic theory. And while it may seem that such theory would constitute very dry reading, be a struggle to understand and really not needed or desired to operate in the day-to-day sales environment, the exact opposite is true. These principles are in fact easily grasped—and the vision they provide can go a long way to assisting you in understanding the background of your very existence within the business world.
What is Sunk Cost, and What Do You Need to Know About It?
Sunk costs are costs that your company has already invested in products or services that must now be profitably recovered through your sales efforts. What does this all mean on the level of the sales force?
Sales Force, Sales Management and the 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.
Subjective Value: The Key to Insight Selling
Subjective value means the perceived value of your product or service in the mind of the prospect. In sales, subjective value is everything.
Sales Management: What Comparative Advantage Can Do For You
Comparative advantage has an application within the realm of sales management: optimizing a sales force based on differing strengths of salespeople.
Sustainable Value Means Sales Force Effectiveness
Sustainable value has an intrinsic application to commerce, the sales force, and in fact personal lives and even the activities of nations.
Salespeople as Entrepreneurs: What You Really Mean to the World
As a salesperson, you have most likely given little thought to what your activities might mean to the world at large. Believe it or not your role as a salesperson—as an “entrepreneur within the enterprise”—has a more profound significance than you might think.