- A short sales cycle: You must have an entry-level product or market where deals close within 1-4 weeks of a lead being generated. For instance, reps might focus on closing SMB’s while working on larger accounts.
Qualified Free Leads: If a rep is expected to generate their own leads from Day One, you will lose them before they become productive. You must provide 7-10 qualified leads per week, at least for three months, whether provided by an in-house SDR team or outsourced. And don’t charge for them, your reps are already investing their time and base salary into your startup.
- Accountability & Rewards: Just because reps are independent does not mean they should not be held accountable for weekly activity and reporting. Likewise, rewards trips and bonuses are key to keep them motivated.
- Self-Guided Bootcamp Style Sales Training: You must be able to get new reps fully trained and selling within a week. A self-guided online sales training program or Digital Sales Playbook is key to achieving this. Reps can’t wait to fit into your schedule to be trained. This also allows you to train entry-level reps which is a huge advantage in the recruiting market.
- Experienced Leadership: Sales leaders are primarily there to motivate, inspire, and re-sell the rep every day on why yours is the best sales opportunity in the market right now. They also handle accountability, rewards, and recruitment. They should be paid an override on reps sales and not be expected to sell except initially. You’ll need to promote one salesperson per 10 new sales reps to leadership.
- The best compensation plan on the market: An at-plan commission-only sales compensation plan has to be far superior to what others are offering with a base salary. It must also include life-time residual income, advances on commission so they can work for you full-time, profit sharing / stock options, bonuses, promotions, and incentives. All these work to over-compensate for the time and money the rep is investing in you.
- Full-Time Reps: If you satisfy the above, you can attract full-time reps. Part-time reps produce little to no results. You must create a model where they can feasibly work full-time and pay their bills quickly.
A proven sales model: Commission-only reps should not be used to test a product or market. They should only be brought on with a proven sales process, strong systems in place to handle the increased business, and to scale a strategy that is proven to work.
- A scalable product: If your product or service is not scalable, you don’t need a scalable sales model. By scalable, I mean, you don’t have to add more people to provide the result. An example would be consulting services where the sales potential is limited by the calendar of the consultant.
If you’re wondering exactly how to build the best compensation plan in the market, I have training we did on this with Vincent Roazzi, the master compensation builder. You can grab it here with a promo code for 20% off for watching this video:
Have a great week!
Have a great week!
CEO, JPM Sales Partners
Creator of The Sales Launch Code: Six weeks from startup to conversion machine
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