CEO Advisor Newsletter

Re-evaluate Sales Compensation Plans. The CEO of a company that sells software and services stated, "We were amazed at the effect improving our sales compensation plans had on incentivizing our salespeople to achieve their goals." The result: an increased level of motivation, creativity and focus from salespeople with projected sales growing above the industry average.
Reconsider Focusing on Vertical Markets. We've heard the case to focus on vertical markets. This case is stronger than ever. However, some markets are recovering faster than others. There's more distinction in performance between markets. If you can, it helps to go where the money is. Also, customers are more apt to buy when you really understand their business. A vertical approach gives you the expertise that customers appreciate by speaking in their own language and adding value.
Focus on Strategy. Partnerships ranked first in our survey of what CEOs wanted to talk to other CEOs about. Finding the perfect partner for manufacturing, reselling, or distributing your products or services can increase sales dramatically. Researching and teaming up with a partner to develop a sales channel can be challenging. There's no science to what will work. On a positive note, what's different about today's economy is that there are a lot of companies that are willing to talk. It's a good time to get out there.
Implement Social Media. CEO Advisor, Inc. has created best practices for gaining meetings and customers using LinkedIn, the number one business social networking site. As of May, 2009, LinkedIn has over 40 million users. Even one percent of that is a large pool of potential partners and customers.
Sales Promotions. Boost your sales by offering a sales promotion by bundling services or special pricing for a determined period of time. Running a sales promotion not only can boost sales in a targeted time, but can also help in generating cash in times of need.
Focus on Recurring Revenue. Project work will not grow your company into a sustainable business. Offer your products and services in a manner to provide value over time. Create a range of services bundled in a monthly service with annual contracts. It is your expertise that your customers require and value each month. With each customer interaction ask their needs and offer additional products and services to meet these needs.
Discipline. The best companies are analyzing data and refocusing their sales efforts. One CEO noted that his company's new product launch focused on the most essential targeted customer segments. It has helped to focus the sales staff and identify where there are sales performance issues.