“Success is getting what you want. Happiness is wanting what you get.”
~ Dale Carnegie
If you have a sales force, give them great incentives to close new sales. Particularly in the case where you know you have significant lifetime customer value (i.e., customers will purchase from you many more times in the future), be more generous with your commissions.
In fact, I’ve heard of companies giving 100% commissions to salespeople who secure new customers. While the company clearly loses money in the short term, such a strategy really motivates the sales team to get new customers.
And over time, the company’s revenues and profits grow much faster since they have so many new customers that keep buying from it.
Is your marketing plan working?
Ask yourself these 3 questions to tell if your marketing is failing or succeeding:
- Does your marketing generate a steady flow of new leads and sales?
- Are your marketing activities growing your profits month after month?
- Is your marketing so powerful that your competitors would do anything to get their hands on your marketing plan?
If you answered “NO” to any of these questions, you need to stop what you’re doing, and fix your marketing plan right now.
Today’s Question: Once one of the world’s largest non-state oil companies, which Russian petroleum giant was declared bankrupt in 2006?
Previous Question: When this mobile app was designed in 2009, its designers felt that the attackers needed an enemy and decided upon one based on the swine flu epidemic in the news. What was the app called?
Answer: Angry Birds. If you have it on your smartphone, you’ve probably spent more than a few hours slingshotting birds at those chubby little green swine.
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