The Principles of Entrepreneurs
How Precise Economic Philosophy Empowers Sales
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 in 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 cycleSales Cycle Sales Cycle is a repeating process characterized by a predictable sequence of stages that a company undergoes as it sells its products and services to customers..
Subjective Value: The Key to Insight Selling
Subjective value means the perceived value of your productProduct Product refers to anything (an idea, item, service, process or information) that meets a need or a desire and is offered to a market, usually but not always at a price. 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 enterpriseEnterprise Enterprise (in the context of sales) is a relatively large organization typically composed of multiple levels, locations, and departments which need multi-layer software systems that support collaboration across a large corporate environment.”—has a more profound significance than you might think.
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This ebook is on the subject of “Win Together.” It falls under the same context as“win-to-win” described in my book Network Selling: Guarantee Success for the Digital Age. Today, this aspect of sales is more important than ever, and must also be part and parcel of CRM solutions.
“For some years I’ve been saying that, as a society, we’re in the midst of a transformation. Given what’s happened in the last couple of years, there’s no one left who is disagreeing with me! It’s become very obvious.”
A common term in sales today is EQ, which stands for “emotional I.Q.” It means the skill a salesperson has in reading emotions and utilizing them in sales. It means empathy and a number of other abilities. The short version is, it’s an I.Q. when it comes to emotions. But just as with our Network Selling model, E.Q. isn’t just for sales, either. It’s actually the missing factor in human interactions, for confrontation—a common “tool” in human interactions—doesn’t actually handle anything.
“You can have everything in life you want if you will just help enough other people get what they want.”