3 ways to fix your sales compensation

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June 4, 2012 CONNECT WITH SMARTBRIEF Share | Sign up | Archive | Advertise The Leaderboard    Why leaders have to act with integrity Leaders wishing to influence others must exhibit integrity to hold people's trust, writes Dan Coughlin. "Fortunately most people will trust you until you convince them that you are not trustworthy," he writes. "However, once you lose that trust it's very, very hard to ever regain it." Snow Magazine (5/31)       Learn How to Cut HR Costs Without Cutting Production Entrepreneurial execs know that they need to follow the rules, but they may not realize which decisions will lead to the two vital components that help keep HR costs low. The following paper focuses on minimizing human capital expenses in four key areas. Download the white paper, An Executive’s Guide to Cutting HR Costs to learn more. Sales Strategies    Fix your sales compensation When developing a compensation plan, it's important to make it possible for top-performing sales representatives to earn much more than poor salespeople, writes Ryan Tognazzini. "If your best rep makes slightly more than the average, they will grow tired of being marginalized," he writes. Try to keep your compensation plan relatively consistent from year to year, he recommends. Sales Benchmark Index/Sales Force Effectiveness Blog (6/1)       Using lean principles to improve sales and marketing The lean principles often applied to manufacturing can be used in sales to identify how value is created, writes David Brock. Such efforts should go beyond the sales and marketing departments to include every member of the organization, he writes. Partners in Excellence Blog (6/1)       Your business deserves easy savings. Staples has low prices on everything you need to run your business. As the champions of easy, we offer a huge selection of high-quality, low-cost products and expert services. Enjoy extra savings with this $5 off coupon. Get it now. Daily Data Points  Spending, earnings increased in April Consumer spending was up in April, but income growth may need to quicken to keep the economy headed in the right direction. Incomes were up 0.2% for the month. "Income growth isn't sufficient enough to really prop up spending," said Sean Incremona of 4Cast. Bloomberg Businessweek (6/1)       Other News Construction spending in April rose by 0.3% Bloomberg (6/1)       Small-business lending index declined in April Reuters (6/1)       Earn 3X rewards points when you fly with The Business Gold Rewards Card from American Express OPEN. Designed to earn Membership Rewards® points faster: • 3X points on airfare • 2X points on advertising, gas, and shipping • 1X points on everything else LEARN MORE AND APPLY Strategies from Sales & Marketing Management  Don't abandon "old school" marketing tools The advent of social media marketing has corporate America tweeting, making YouTube videos and monitoring discussions online. Going social is certainly an important aspect of any sales and marketing strategy these days, but it can't come at the expense of tried-and-true "old school" tools. Marketer Steven Stroum has been promoting companies for decades and he still relies on strategies that worked for him back when press releases were produced on typewriters. Sales & Marketing Management (6/3)       On the Road    How to deal with travel problems Gridlock on the way to the airport can foil your travel plans, so it's a good idea to monitor traffic on your smartphone, writes Rick Seaney of FareCompare. Also, double-check your airport and terminal, he writes. ABC News (6/1)       For independent consultants, establishing a profitable bill rate can seem like guesswork. Download our free Consultant Bill Rate Resource Guide, which includes information-rich bill rate strategy articles that show you how to value and charge for your consulting expertise, including: Cost-Based Method, Market-Based Method, Value-Based Method App Update  Smartphone apps that will make your life easier Keeping track of all of your passwords can be a hassle, so you should try using a password manager such as eWallet to make the task a little easier, writes Rick Broida. That's just one of five applications profiled in this article. CNET/Crave blog (6/1)       Most Read  Top five news stories selected by SmartBrief on Sales readers in the past week. Valuable lessons from "lazy" salespeople (Partners in Excellence Blog) 3 steps to turning your sales team into stellar storytellers (Sales Benchmark Index) What you need to know about inside sales (Sales Benchmark Index) 12 steps to smart sales hiring (Sales & Marketing Management) The next big things for sales organizations (CRM Buyer) Results based on number of times each story was clicked by readers. Featured Content    Jobs Report Holds Mixed Message for Small Businesses Courtney Rubin How Uncle Sam Overlooks Women Entrepreneurs Rieva Lesonsky Top 6 Reinvention Killers Guy Kawasaki Use Simple Math to Forecast Sales Growth Tim Berry 3 Ways to Approach to Innovation Matthew E. May Most Popular Headlines from Last Week Improve Your Mental Toughness in 2 Minutes Barry Moltz The 7 Most Common Lies Customers Tell Anonymous The Secret to a Perfect Facebook Post Courtney Rubin Results based on number of times each story was clicked by readers. Making Small Talk  LAPD detective rides Ferris wheel for 25 hours to raise money for charity A member of the Los Angeles Police Department spent 25 hours on a Ferris wheel in an effort to break the Guinness World Record. Detective Gus Martinez took the ride to raise money and awareness for Special Olympics Southern California. Martinez's son has Down syndrome and has won medals in the Special Olympics. KNBC-TV (Los Angeles) (6/1)       Position Title Company Name Location Senior Sales Manager Universal Electronics Midwest/West region , CA Regional Sales Associate B-Line Medical Washington, DC Director of Sales- Logistics ChemLogix Greater Philadelphia Area , PA Click here to view more job listings. SmartQuote  Integrity is critical in small businesses and in massive, multinational corporations. It's the basis for maintaining relationships." --Dan Coughlin, writing in Snow Magazine.       SmartBrief on Sales Partners SmartBrief delivers need-to-know news in over 100 targeted email newsletters to over 3 million readers. All our industry briefings are FREE and open to everyone—sign up today! 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