RECAP OF 06/03/2012

  Quote of the Week

“Aakhri Daav Sellu Ka”

In order to be a good salesman, you need to have SCA-Sustainable Competitive Advantage and possess following characteristics:
  
  Listening Skills

2     Modesty/Humility

3     Consistency

4    Respect for each other.

Sustainability:

Example: Federer and Nadal- Professional tennis players  are very good examples of sustainability at its best.

To grow in sales, you should respect and be a good listener.

Competitiveness:

Sales Force compensation structure needs to be competitive.

Negative aspect of competition can be attrition, de motivation and loyalty.

Compensation is the beauty of sale.

Types of Compensation plans:

1. Financial Compensation: Increasing the salary and giving additional benefits to the employees in terms of money. Types of financial compensation

1) Straight Salary Plan

2) Straight commission plan

3) Bonus and Incentive plan

4 ) Salary and incentive plan

2. Non Financial Compensation: Giving a higher position rather than increasing the salary.

Designing an incentive plan:

 Factors to be considered while designing an incentive plan:

-Determine sales force and compensation objective

-While deciding an incentive plan, you need to analyse the present status of the individual you are offering to. For a person, who is financially sound should not be offered an incentive of a trip to Thailand. His requirement will be a higher position in the company.

Incentive plan is a actually an art rather than science as u need to be humane while deciding on an incentive plan.

 Purpose of a compensation plan-Motivate people and take care of them according to their need.

Role of a trainer:

Success of a training programme depends on three major factors possessed by a sales trainer:

A-Ability

S-Success

M-Motivation

Training
 -One of the non financial compensation is also offering individuals effective training programmes that will help them in future.

Training needs:

For an individual-Performance appraisal

For the company-To identify the specific problems

-Anticipate the problems

-Interviewing the job personnel

 -To gauge the ability, develop skills, convince and motivate them.

Types of training:

-Cross Functional training

-Team Training-Team building

-Creativity training-Ad agencies, Market Research agencies

-Literacy Training: Educating people about insurance in remote areas.

POOJA THAKUR
RMM 17