Welcome to Executive Coffee Break News: your monthly
sales insights, best practices, and executive content...
in the length of a coffee break.
What's New This Month?
Due to mounting privacy concerns, nearly one in 10 Americans deleted their Facebook account, nearly two in 10 deleted the app from their phones, and 35% are using the platform less. Trust matters. With Europe’s General Data Protection Regulation (GDPR) taking effect on May 25th, now is the time to launch a broader conversation about data collection and security--in other words, an opportunity for CEO statesmanship.
Everyone will comply (or face the wrath of governments and users alike). But there’s still a competitive advantage to be had. Case in point, CEO Tim Cook has engaged in an all-out marketing assault against his Silicon Valley counterpart, declaring privacy is a human right at Apple. Respect for privacy is no longer just a compliance issue, it’s a branding choice.
Lesson: People are willing to pay more for brands they trust. Are you tapping into this demand?
1. Look beyond money for motivation. With 70% of customer lifetime value now generated post initial sale, a long-term strategy is essential. Motivate with rewards that build fidelity to the customer and to your brand. In a profession leaving a massive chunk of customer value on table and churning 22.4% of its reps, choose incentives that are dual-threat solutions.
2. Embrace change and the day-to-day technology to make it happen. 86% of managers want AI to assume administrative responsibility, freeing them to excel in areas machines cannot. The sales leaders of the future do not avoid technology but wield it to enhance people, beginning with their employees. Buzzwords like “change management” can seem daunting. Think in terms of daily micro-changes, however, and you will set attainable goals for yourself and your organization. Slices make the pie, and daily actions yield yearly achievements.
3. Read something new every day. (Reports don’t count.) A US President once said, “Not all readers are leaders, but all leaders are readers.” It’s easy to get caught up in the day-to-day running of an organization and forget to stop and reflect on the big picture. When is the last time you picked up a book or high-quality publication to reinforce your corporate strategy?
Create a Growth Culture, Not a Performance-Obsessed One by Tony Schwartz, HBR
"A performance culture asks, 'How much energy can we mobilize?' and the answer is only a finite amount. A growth culture asks, 'How much energy can we liberate?' and the answer is infinite."
- A performance culture implies a zero-sum game that categorizes people as winners or losers.
- Results still matter in a culture of growth, but failures are seen as opportunities for improvement.
- A culture of growth depends on four pillars: a safe environment, continuous learning, manageable experiments, and continuous feedback.
- Team transparency is the foundation of establishing a sustainable culture.
Click here to watch the exclusive interview with CEO and Bestselling Author Graham Hawkins, and learn:
- How to motivate your sales teams to prioritize long-term client satisfaction.
- How Amazon is using "alternative commissions" to reduce employee churn.
- How to win the 70% of customer lifetime value your competitors are leaving on the table.
Click here to discover in the length of a coffee break:
- 4 ways to motivate your sales force when the budget is tight.
- The hidden KPIs that power the top performing sales organizations.
- How to lead your teams through the automation revolution.