A 2014 infographic called Women in Sales: Top Trends of Female Sales Professionals, which analyzed millions of LinkedIn profiles to measure the representation of women in the sales workforce, showed that there is still a wage and career gap that exists between male and female sales professionals. According to the analysis women made up 39% of all sales professionals in the LinkedIn network (up from 36% in the past 10 years), with only about a third (30%) of those women being in director level or higher positions.
The dialogue on whether corporations carry responsibilities to more than just their shareholders has been going on for decades, and for the most part, the question is still open. While many share the opinion of Nobel laureate Milton Friedman that corporate social responsibility is a self-defeating enterprise, many businesses have begun to swing the other way, and a new generation of corporate leaders seems to agree. One survey conducted in 2012 by Net Impact showed that nearly two-thirds of MBA holders inquired wanted to make an environmental or social impact through their work, and thousands of businesses have joined the effort to improve human rights and environmental protections the world over.
While it can be tempting to think that every customer is valuable, some are more valuable than others, and others just aren’t worth the effort they require to retain. Whether it’s because of consistently late payments, excessive support requests, or simply a divergent way of doing business, sometimes a company and a customer just aren’t the right fit for each other. Customer divestment has become more common in the last decade, with a Harvard Business Review study from 2005-2006 indicating that 85% of executives in certain sectors had already undertaken divestment with some customers.
Don’t underestimate the power of the Internet to change how people view your company. From online reviews to your social media presence, it doesn’t take much to turn a 5-star rating into an embarrassment. And, unlike a bad reputation in high school, kids in the corporate world are not as quick to forget.
The sunk cost fallacy is simple: once someone has spent something unrecoverable, one should avoid throwing more after it in an attempt to “honor the cost” or “try to make the best of it” if the potential benefits outweigh the new cost. In everyday life, trying to repair an old car can often fall into this category. “I’ve already spent $20,000 trying to fix this,” one might say, “I can’t just give up.” If the car’s still not working, giving up is indeed the smart thing to do; nothing will get that money back, and there may be a better way to invest the remaining funds.
In real life you would never change the sign above your business depending on who comes in the door. Not only would it make you look strange–it’d also be extremely confusing for a customer to actually describe what your business is about.
Every day you are asked to present your product or service to people who are pretty bored of the same old advertisements, cold calls, and marketing tricks.
[Read more…] about A Different Approach to Sales Presentations
Endorsements, whether from celebrities, individual customers, or corporate customers, can significantly boost sales and lead to gains in many areas. The effects of celebrity endorsements have been studied as recently as 20 12, and these studies indicate that the benefits of an endorsement deal can make it a strong choice for gaining market share. Social media, however, provides new opportunities for companies to put endorsements to work. Traditional channels like celebrity-led advertisements still work, of course, but social media provides new vectors. Here, we take a look at some of the new options offered for endorsements by social media.
Many companies place marketing and branding in the same department, and likewise, many schools of business consider the two disciplines part of the same overall curriculum. Some business professionals start their careers unaware of the difference between marketing and branding, however, and can end up sabotaging their efforts at one with a lack of appreciation of how it relates to the other.