Mistakes made by Business Management:- The best salespeople need the best managers. Here is Summary of the 5 mistakes made by the management of the organization; you need to remember as an entrepreneur.
Mistakes made by Business Management
- Use the Wrong Motivational Levers
The commercial incentive is one of the most effective motivational tools. In the incentive programs, we find the classic challenges on the model: “one winner, one price”. Or cash rewards only. In short, innovative models.
Components of a Business Strategy
We had already mentioned in a previous article that money was no longer the sole motivation of the sales people. Indeed, motivation now also goes through an innovative reward structure. Think of different challenge mechanisms or gamification to train your teams.
- Inadequate Performance Indicators
Managing your team’s’ business is critical to understanding what makes up your bottom line. It is by decomposing the sales actions that we are able to improve the behaviors that lead to success and performance. Thus, it is better to diversify its performance indicators and not only use the CA. To favor other indicators such as the number of appointments, calls or recommendations, is also to diversify the incentives. In this way, you give your teams more levels of motivation and allow each salesperson to find an area in which he excels.
Moreover, these indicators will be your allies on a daily basis. Having regular follow-up is all the more effective as it allows you to adjust inadequate behaviors along the way.
- Inconsistent Selling Strategy
Choose a strategy and stick to it. This is how you will give meaning to the two previous points: incentives and indicators. If you change course too quickly, you will not be able to effectively measure your results in relation to the activity of your teams. Monitoring activity and behavior is less effective, and your results are affected.
Determine a clear line, a process that is shared and applied by your teams. Then carefully choose the tools you will use to apply it – including digital tools!
- Lack of Accountability for Behavior
Do not leave enough autonomy to your salespeople can have a double negative impact. First, they will perform better if they feel invested with a mission. For this they must have a certain margin of maneuver in the application of the sales strategy.
Finally, if they have no autonomy, they will not feel responsible for their results. Being responsible for its business is the key to qualitative monitoring of performance. A salesperson that knows his weak points and holds him responsible will be more able to correct them.
As a result, it is your responsibility to exercise a benevolent and regular coaching to encourage appropriate behavior on the part of your teams.
- Lack of Alignment between Marketing and Sales Strategies
According to an Aberdeen study, companies that have a strong alignment strategy between marketing and sales have 20% more revenue growth. This is perhaps one of the most sticking points in business today.
So what defines a good alignment strategy?
- Regular communication between the two services
- Clarify the role of each in the processing of leads
- Common and specific objectives
- The results
Hello everyone! This is Richard Daniels, a full-time passionate researcher & blogger. He holds a Ph.D. degree in Economics. He loves to write about economics, e-commerce, and business-related topics for students to assist them in their studies. That's the sole purpose of Business Study Notes.
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