WEBVTT 1 00:00:00.160 --> 00:00:04.420 Hi. I have a couple of questions for you. Do you see your sales manager 2 00:00:05.440 --> 00:00:06.420 as a 3 00:00:06.879 --> 00:00:07.779 profit driver 4 00:00:09.200 --> 00:00:10.179 or a revenue 5 00:00:10.800 --> 00:00:14.580 driver? Is that an active conversation that you have with your sales manager, 6 00:00:15.095 --> 00:00:16.715 or is it an ancillary 7 00:00:17.175 --> 00:00:18.455 conversation that you have for them? 8 00:00:18.455 --> 00:00:23.275 I'm Jody Siebert, and I work with sales managers in upper end retail 9 00:00:23.575 --> 00:00:26.715 showrooms, as well as in trade showrooms for interior designers. 10 00:00:26.855 --> 00:00:30.475 And it's an area that has just started to occur to me 11 00:00:31.390 --> 00:00:40.910 in working with sales managers is are we really focusing on the profit driven element of their role, or is it simply top line revenue that we focus on? 12 00:00:40.910 --> 00:00:48.025 So I'm gonna ask you a few questions for you to think about this and maybe give you some points to consider in those areas 13 00:00:48.805 --> 00:00:54.665 that impact your sales manager being a profit driver. So first one is perspective. 14 00:00:55.445 --> 00:01:00.985 When you set your goals, do you set profitability goals that align with the sales strategy for your manager? 15 00:01:02.989 --> 00:01:05.009 And how do you see your sales manager 16 00:01:05.710 --> 00:01:06.770 in that capacity 17 00:01:07.549 --> 00:01:08.049 driving 18 00:01:08.350 --> 00:01:08.850 profit? 19 00:01:10.270 --> 00:01:13.729 Do you set goals that pertain to their performance 20 00:01:15.015 --> 00:01:21.115 as a profit driver, or is it simply as a top line revenue motivator and maybe producer? 21 00:01:22.535 --> 00:01:25.835 Does your sales manager create their own strategy 22 00:01:26.135 --> 00:01:26.955 for profitability 23 00:01:27.815 --> 00:01:28.715 in their role 24 00:01:29.290 --> 00:01:33.070 as they execute driving top line revenue with their sales team? 25 00:01:34.090 --> 00:01:36.670 Do you work together to figure it out 26 00:01:37.049 --> 00:01:41.310 and execute the strategy and then monitor it to see if it's actually working? 27 00:01:42.594 --> 00:01:47.814 So I want you to consider that if you're not doing it, start at the beginning and just consider that. 28 00:01:48.115 --> 00:01:52.375 Consider that those goals for top line revenue 29 00:01:53.075 --> 00:01:55.734 can be enhanced by the bottom line profitability 30 00:01:56.630 --> 00:01:59.530 if you start to create a strategy that puts them 31 00:02:00.790 --> 00:02:02.570 in concert with each other. 32 00:02:03.990 --> 00:02:04.490 Second, 33 00:02:05.030 --> 00:02:06.330 when it comes to compensation, 34 00:02:06.710 --> 00:02:08.889 do your does your compensation package 35 00:02:09.190 --> 00:02:09.690 incentivize 36 00:02:10.229 --> 00:02:10.729 profitability? 37 00:02:11.694 --> 00:02:14.755 So is your sales manager compensated for profitability? 38 00:02:15.375 --> 00:02:17.955 And how do you do that? Is it overall profitability? 39 00:02:18.495 --> 00:02:19.555 Or is it profitability 40 00:02:20.015 --> 00:02:21.555 for product, services, 41 00:02:22.015 --> 00:02:23.155 or maybe both? 42 00:02:23.940 --> 00:02:25.319 If you're not doing that, 43 00:02:25.700 --> 00:02:27.160 why aren't you doing that? 44 00:02:28.500 --> 00:02:32.360 And if you are doing that, what kind of results have you seen 45 00:02:32.739 --> 00:02:34.360 by compensating like this? 46 00:02:34.980 --> 00:02:41.625 So consider that that's an area that for sales managers who are likely money motivated, 47 00:02:42.405 --> 00:02:47.145 that this would be something that if it's if it's part of your curriculum together 48 00:02:48.165 --> 00:02:48.665 to 49 00:02:49.045 --> 00:02:51.945 elevate all levels of performance in the organization, 50 00:02:52.245 --> 00:02:56.390 the compensation is certainly gonna play a part in the achievement of that. 51 00:02:56.690 --> 00:02:57.750 Third one, pricing. 52 00:02:59.730 --> 00:03:01.750 One of the things that I find is that 53 00:03:02.130 --> 00:03:04.630 what cuts into profitability a lot is 54 00:03:05.010 --> 00:03:05.910 is discounting. 55 00:03:07.364 --> 00:03:13.864 And I don't know that we often have a strategy around handling objections when it comes to pricing to protect margins. 56 00:03:14.325 --> 00:03:15.144 So consider, 57 00:03:16.165 --> 00:03:17.144 are you measuring 58 00:03:17.444 --> 00:03:18.665 what you're discounting? 59 00:03:19.580 --> 00:03:20.640 Are there products 60 00:03:21.099 --> 00:03:23.439 and brands that are especially vulnerable 61 00:03:23.900 --> 00:03:24.879 to price matching 62 00:03:25.180 --> 00:03:29.120 that has you discount where you really don't want to? How is your manager 63 00:03:29.659 --> 00:03:30.640 managing this? 64 00:03:31.180 --> 00:03:34.720 And how is all of this included in your sales strategy? 65 00:03:35.475 --> 00:03:37.655 So I would invite you to consider that 66 00:03:38.275 --> 00:03:40.935 slim margins are often the result of discounts 67 00:03:41.235 --> 00:03:42.295 asked for and granted 68 00:03:43.235 --> 00:03:46.535 by competitive pricing online and by price matching 69 00:03:47.075 --> 00:03:48.135 or by salespeople 70 00:03:48.435 --> 00:03:49.335 and the managers 71 00:03:50.160 --> 00:03:50.660 who 72 00:03:51.120 --> 00:03:53.620 are unable to handle those price objections. 73 00:03:54.640 --> 00:03:59.700 So consider that. Consider that this might be some of this might be a training issue 74 00:04:00.800 --> 00:04:04.335 to be able to help them to handle those price objections that come up. 75 00:04:06.175 --> 00:04:09.775 Like, if it's too expensive, can you do better on the price? Can you match this? 76 00:04:09.775 --> 00:04:11.955 Also, train on asking discovery questions 77 00:04:12.255 --> 00:04:15.395 so that the financial aspects of this sale 78 00:04:15.775 --> 00:04:16.595 are discussed 79 00:04:17.200 --> 00:04:20.980 earlier on in the process so they don't come up later as an objection. 80 00:04:21.520 --> 00:04:23.940 And then the third one is that I would say consider 81 00:04:24.400 --> 00:04:26.180 really working on financing 82 00:04:26.880 --> 00:04:27.780 as an opportunity, 83 00:04:28.400 --> 00:04:30.260 not only to close more sales, 84 00:04:30.634 --> 00:04:35.375 but to avoid some of the discounts that that and discount conversations that happen 85 00:04:35.914 --> 00:04:36.414 because 86 00:04:36.794 --> 00:04:39.775 you have to match the price. So just consider that. 87 00:04:40.235 --> 00:04:44.574 And while we're talking about that, let's talk about high profit products and services. 88 00:04:45.115 --> 00:04:45.615 So 89 00:04:46.500 --> 00:04:52.120 accident protection, delivery, mattresses, lamps, rugs, and accessories, all high high higher margin 90 00:04:52.820 --> 00:04:53.880 products and services. 91 00:04:54.260 --> 00:04:56.680 Do you have goals for them, and are you hitting them? 92 00:04:57.220 --> 00:04:59.695 How are you talking about these with your sales manager? 93 00:04:59.695 --> 00:05:02.595 And how is your sales manager talking about these with your salespeople? 94 00:05:03.695 --> 00:05:05.155 And are the high profit 95 00:05:05.535 --> 00:05:06.035 categories 96 00:05:06.335 --> 00:05:07.395 compensated differently, 97 00:05:07.855 --> 00:05:09.235 and does it make a difference? 98 00:05:10.335 --> 00:05:10.835 So 99 00:05:11.410 --> 00:05:13.510 I would ask you to consider sketching 100 00:05:14.210 --> 00:05:18.390 as the ability to include all those other products and discuss them 101 00:05:19.010 --> 00:05:20.230 comfortably with the customer 102 00:05:21.170 --> 00:05:24.630 by creating a context for that conversation that sketching provides 103 00:05:25.010 --> 00:05:26.470 that you can't do otherwise 104 00:05:27.215 --> 00:05:29.715 and how to train on high profit 105 00:05:30.095 --> 00:05:30.595 areas 106 00:05:31.215 --> 00:05:33.395 like lamps, rugs, and accessories, 107 00:05:34.335 --> 00:05:38.194 especially with house calls and design projects. 108 00:05:39.260 --> 00:05:43.280 Also, how again to use financing with ease for project, 109 00:05:45.100 --> 00:05:46.960 business for adding protection 110 00:05:47.900 --> 00:05:54.160 where the price might become an issue, that it becomes less of an issue when you include financing. 111 00:05:55.315 --> 00:05:58.055 So the last thing I wanna look at is retention. 112 00:05:58.595 --> 00:05:59.895 When it comes to retaining 113 00:06:00.275 --> 00:06:01.095 and motivating 114 00:06:01.475 --> 00:06:02.835 top producing salespeople 115 00:06:03.555 --> 00:06:04.535 and that is, 116 00:06:07.155 --> 00:06:09.575 have you factored in the cost 117 00:06:10.150 --> 00:06:14.090 of what it takes? The cost, the financial cost to you 118 00:06:14.630 --> 00:06:17.289 of training someone to become a top producer. 119 00:06:18.630 --> 00:06:21.050 Have you factored in what losing a top producer 120 00:06:21.430 --> 00:06:22.889 actually costs you? 121 00:06:23.425 --> 00:06:25.764 And is retention and acquisition 122 00:06:26.384 --> 00:06:28.165 one of the goals for your salespeople? 123 00:06:29.025 --> 00:06:29.525 So 124 00:06:30.305 --> 00:06:31.205 consider this. 125 00:06:31.745 --> 00:06:33.044 Keeping good salespeople 126 00:06:33.585 --> 00:06:34.405 takes coaching, 127 00:06:34.865 --> 00:06:37.845 motivating, achieving targets, and financial goals. 128 00:06:38.290 --> 00:06:41.350 All of those contributed to by the sales manager. 129 00:06:41.730 --> 00:06:48.630 And it gets difficult to find good people, and keeping those that you wanna keep becomes even more important. 130 00:06:49.410 --> 00:06:52.630 So be mindful of the coaching challenges for each salesperson 131 00:06:53.235 --> 00:06:56.695 so that those challenges don't become a reason to leave. 132 00:06:57.715 --> 00:07:01.255 Rather, have those be a reason to coach and motivate. 133 00:07:01.955 --> 00:07:07.389 I would encourage you to use DISC assessment so that you understand better what motivates each each salesperson 134 00:07:07.770 --> 00:07:09.389 and to drive to that motivation. 135 00:07:10.330 --> 00:07:10.830 So 136 00:07:11.930 --> 00:07:18.169 while you're considering all of this, I'd like you to consider my sales management training program because it takes on all of this. 137 00:07:18.169 --> 00:07:20.430 It takes on setting goals for profitability. 138 00:07:21.194 --> 00:07:24.655 It takes on seller to schedule it as a training program for managers 139 00:07:25.034 --> 00:07:30.094 and sales managers to learn and to ask better discovery questions and handle objections 140 00:07:30.474 --> 00:07:31.615 like price matching, 141 00:07:32.314 --> 00:07:35.754 as well as to help your salespeople hit the ground running for better traction and better retention. 142 00:07:35.754 --> 00:07:36.824 The program also talks about how to coach to improve 143 00:07:41.860 --> 00:07:42.680 keep team members motivated and on the team. 144 00:07:45.060 --> 00:07:50.680 And, also, it has a disc assessment for every sales manager who actually is in the program 145 00:07:51.139 --> 00:07:52.360 so that they understand 146 00:07:53.195 --> 00:07:58.735 their strengths and areas for development and how to use that tool to motivate their salespeople. 147 00:07:59.595 --> 00:08:00.095 So 148 00:08:00.475 --> 00:08:04.635 there's there is going to be another sales management training program starting. 149 00:08:04.635 --> 00:08:06.795 So I would really like you to consider it. 150 00:08:06.795 --> 00:08:11.655 If you wanna talk to me about it, click the link below, and we'll set up a time to do that. 151 00:08:12.835 --> 00:08:16.770 So stay with it, and I look forward to hearing from you. Thanks.