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What makes sales managers ineffective?

8/25/2014

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It is easy to distinguish the great sales managers from those that would be better described as average. One of the biggest differentiators among sales managers comes down to development and coaching.

Great sales managers also coach.

The reality for many sales managers is that they are placed in a position where their top priorities are sales numbers. They inspect, analyze, report, and forecast numbers to improve accuracy and ultimately increase expectations.

Quite often, they are so immersed in their day-to-day focus, as well as other daily activities – like dealing with issues, answering calls and emails, attending meetings – that their time is ultimately counter-productive. Unfortunately, these types of sales managers are operating under a false sense of security as well as a false assumption. Even if these activities are done efficiently and effectively, are any of these activities significantly improving the productivity of their sales team? What kind of difference has their output made in their ability to achieve an objective?

Ironically for these managers, the exact opposite approach will net the biggest results. In reality, coaching and development has a longer lasting impact on the results the sales teams see.

Great sales managers make their teams stronger and more competitive in the future by investing in them long-term. They empower their teams and consider the time spent training, coaching and developing as a return on investment.  The leverage of coaching is that it pays off with exponential results as each sales rep and team is increasingly more productive.

Talent development through coaching can be time intensive, difficult, and represent just one additional responsibility for a sales manager. But, when done right, it not only further develops each individual, it also replaces the time spent doing previously counterproductive activities.  Therefore, talent development is a win-win.

Start by evaluating daily tasks in terms of their pay-off and return on investment. Learn how to proactively manage your schedule to eliminate what doesn’t bring a positive return. Dictate your schedule, and delegate what doesn’t belong on your plate.

As a proactive manager, effectively manage the actions of your team by developing a clear line of sight between sales actions, sales goals and their outcomes. This should ultimately lead to the achievement of these goals. Coach sales representatives and teams to improve and develop within the context of each situation and opportunity. Finally, focus your time on the early sales cycle when the most value can be created, and the resource of your time is most valuable.

While there is no magic formula, great sales managers know that developmental coaching is what will make a dramatic difference in sales output and lead to sustainable results.
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What is the best way to handle mid-funnel sales prospects?

8/25/2014

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By nature, the business-to-business sales cycle can be long, complex and not always perfect.

There is a lot of room for error, clutter and leaks within the business-to-business sales cycle, common problems that sometimes lead to other even bigger challenges. Even if your latest campaign generated a lead, that doesn’t mean it will necessarily close when passed to the sales department. Do too many of your leads stall in the middle of the funnel and never make it to that engagement with sales?

If so, then question is this: Now what?

It’s estimated that 80 percent of what are considered “bad leads” move on to buy from someone else within the next 24 months. It could be the problem is in trying to convert too soon, or perhaps the engagement with sales is lacking. Either way, how do you keep that lead within your organization, and not let it leak to that “someone else?” 

Determine, then target audience. Review your customer base to find out who your best customers are, and who might be worth the investment of nurturing. Align your content, assets, and value-added resources that are unique to the target audience to determine which messaging can be used.

Nurture those leads. Find out how your sales team engages leads through the funnel, and creates campaigns within that context. Adjust the communications with the leads, offering value at each step, and make the process responsive to the buyer.

Create a positive, active dialogue. Use all of your channels – social media, emails, website, phone calls, promotions and even research studies – to actively interact with leads and encourage them to engage. Be positive and responsive to complaints while you build and validate your brand and be ready when they’re ready to talk sales.

Don’t rush the sales cycle. Each lead has its own cycle, so remember it’s not about you. Talk to your sales team to build the nurture flow and determine the best timing and voice of touches needed to close the sale. Be patient with the cycle.

The reward of patience. If you consider about 75 percent of companies drop leads that aren’t in position to purchase immediately, you will see that it is a waste of leads. Companies that excel at nurturing leads generate far more sales-ready leads, and at a lower cost.
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Investor strategies for rising interest rates

8/25/2014

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Borrowers and investors have been enjoying historically low interest rates for quite some time. But even while some questions remain unanswered about what will happen next, we know that one thing is clear: The current rock-bottom interest rates will not last forever.

Many Americans admit to being unaware of how rising interest rates will impact their investments, and they still don’t know what course of action to take.

There is no blanket recommendation for how to proceed, as much of your course of action will depend on your portfolio and risk tolerance. But if you’re in the dark about what to do with your investments when interest rates rise, here are four strategies to consider:

Do nothing at all. Many financial analysts agree that as long as you're not planning to sell all your bonds or bond funds immediately, there isn’t much to worry about. When interest rates rise, the value of bonds and bond mutual funds go down temporarily, but you earn more interest on reinvested cash. MoneyZen Wealth Management founder Manisha Thakor says there is opportunity when interest rates rise, because by sticking with CDs and short-term fixed income you can reinvest at higher levels when those instruments mature.

Shorten the duration of your portfolio. If you are sensitive to volatility, consider shortening the duration of your portfolio. Duration is defined as the measure of the sensitivity of an income portfolio to a change in interest rates. Longer-term bonds will continue to be volatile as investors digest incoming economic data, according to Greg McBride, a senior financial analyst and vice president for Bankrate.com.

Maintain your diversification. Not all bonds are created equal, and some fare better than others during periods of rising rates. Consider whether you have a long-range outlook or plan holding bonds until maturity. Many investors own bonds because they can help reduce overall volatility as part of a diversified portfolio by historically moving inversely with stock prices and within a narrow range of lows and highs. Fidelity Viewpoints says when interest rates rise, it can make sense to accept underperforming bonds in your portfolio for their benefits when and if the market changes.

Find a middle ground. Try investing in bonds that are less sensitive to interest rates, such as high-yield bonds or floating-rate bonds. American Association of Individual Investors vice president Charles Rotblut suggests intermediate-term bond funds or building a bond ladder of individual bonds that mature at staggered intervals. When yields do rise, the proceeds from a maturing bond can be reinvested in a higher-yielding bond.
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Should I Outsource My Project?

8/25/2014

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Businesses of all sizes have a lot to consider when deciding whether they should outsource a project.

Outsourcing is often looked at unfavorably, but there are many circumstances when it represents an appropriate option and business solution. Certain types of projects simply lend themselves better to outsourcing, saving your business time, money, and efficiency based on your strengths, weaknesses and core competencies. 

Outsourcing can be a huge decision. Technology has made it more efficient than ever to find reputable contractors, and outsourcing is now a more accessible and realistic strategy for many. For many businesses – especially small businesses – outsourcing can have a powerful impact on efficiency, growth, development, and the all-important bottom line. 

But when is an outsourcing strategy the right strategy? Here are some key factors to consider.

Simple, repetitive actions. If the project involves simple tasks that could be performed by just about anyone, it probably makes sense to hire someone at a lower hourly rate so as not to monopolize the time of your employees from more skilled tasks.

Does it relate to your brand? Your brand needs to keep a consistent and unique voice, so be careful not to alienate customers by outsourcing with an unproven source who doesn’t fully understand the nuances of your marketing and branding. 

Secure internal data or confidential information. If the project involves proprietary or confidential data, be very hesitant in outsourcing the role and conduct a thorough background check. It may be worthwhile to hire a consultant or temporary help for short-term projects.

Specialized skills. If a project involves specialized skills or training that isn’t a core competency of your employees, outsourcing might be the right strategy. You can avoid the time and cost of internal training by bringing in a consultant for short-term custom work.

Length of the project. By nature, some projects lend themselves to outsourcing. Short-term projects with a definite end date or completion point are better candidates for outsourcing compared to strategic projects that impact multiple departments or projects and tie-in to long-term development.
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How to Find the Next Big Stock

8/25/2014

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The dream of every investor is to find the next big thing before it’s a big thing. If only it were that easy.im

When it comes to find the next game-changing stock, every investor would like to say they saw Apple, Google, Starbucks or Amazon coming ahead of time. But there was a time many would have laughed at investing in what would later become the next big thing, and even more who missed out on the investment for any number of reasons.

The truth is there is no shortage of promising stocks, and you can be just about anywhere – the gym, a work happy hour, standing in line for coffee – and get plenty of free advice on how to go about finding them. It’s true there are many methods and strategies to investing in your next great stock. It’s also true that your odds of accurately predicting the next big winner are incredibly low, if not impossible.

Even so, here are five commonly used tips to help lead you to the next game-changing stock.

Knowledge and research are power.  Zacks VP Kevin Matras says to never get caught off guard by things you could have known about or should have known about beforehand. Many game-changers are simply ignored until they become part of a bigger trend. Research will set you apart, and is the only way to successfully find game-changers, says StreetAuthority Chief Strategies Andy Obermueller. If you’re limited on time, focus on a market or niche you’re familiar with.

See beyond today. One of the things all great companies have in common is a product that people have to have and can’t live without. What does that look like? Sometimes the key is to use your imagination and look beyond what the numbers show today to see opportunity. A product can be revolutionary, or it can be worthless with no potential market. History has proven this correct (see Netflix, Amazon) time and time again.

Invest in bold predictions. Because of the long odds (agreed upon nearly universally) involved, you have to be forward-thinking on a groundbreaking idea or revolutionary product. The ground floor of an opportunity is where the most money is made.

Eliminate what doesn’t work. Create a simple checklist to help you eliminate what history has already told you doesn’t work, which will greatly improve your odds of finding a big winner. Michael Cintolo of Cabot Wealth Advisory focuses on the price of the stock (staying above $10 per share), trading volume (staying around $50 million of dollar value per day), uptrend (demand above their 50-day moving average) and earnings estimates (15 percent for upcoming year).

Trust the chart. The price chart of a stock going back a year or two will show its volatility and if it’s rising rapidly. It will also show if big investors are buying in despite skepticism. Investopedia suggests if a stock has a volatile price pattern, it generally means the company has no clear advantage in the marketplace for its product or services versus the competition.
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