Understanding Self Employed Commission-Only Sales Agents


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You’ll Learn:
Why professional self employed sales agents choose their profession – It’s quite amazing how misunderstood professional self employed sales agents are. You’ll discover exactly what a self employed sales agents is and what motivates someone to leave the security of a well paid job and go out and work for commission without a salary.

Challenges sales agents face – You’ll discover some of the most common challenges that a self employed sales rep faces and how to ensure that your company is prepared and has accounted for these when structuring your opportunity.

How self employed sales agents conduct their business – You discover how self-employed sales agents structure and conduct their business, and where your opportunity might fit into to their business needs.

What should you offer in terms of commission – You might not be prepared for, or even like what you’re about to hear, but by the time we have covered this topic you will know what you need to think about in terms of ensuring that your commission structure is appealing and attractive to your sales agents.

What do sales agents need from your company in order to start selling – We’ll take you from start to finish and detail exactly what you will need to provide your sales agents with in order to ensure they not only have the confidence and knowledge to represent your company, but the physical materials needed to make their job easy.

What kind of sales agent should you partner with – Taking on a new sales agent can be very exciting and many companies jump in too quickly and make the mistake of taking on anyone that shows an interest in what they do. We’ll show you how to take a step back and identify the kind of sales agents you should consider taking on, as well as those that may not be suited to your particular opportunity.

Building Trust and long term relationships – You’ll learn the key aspects of building trust with your prospective sales agents and how to ensure that your professional working relationships are long term success stories. We’ll also show you how to avoid some of the most common mistakes that can cost you great sales agents.

Why are we holding this?
Agents tell us time and time again that they are looking to work with Companies who understand and respect the way they work. This series has been developed to give Companies a head start in their recruitment once the CommissionCrowd platform goes live.

Published in: Business, Technology
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Understanding Self Employed Commission-Only Sales Agents

  1. 1. Founders Ryan Mattock Co-Founder Laura McGregor Co-Founder Content Creator, Customer Development/Support, Marketer, Growth Hacker LinkedIn Product Development, Visionary/Architect, Project Manager, Marketer LinkedIn Alistair Robinson Co-Founder Lead Developer, Sys admin, Toolsmith, Designer LinkedIn “OUR STORY: Once upon a time…a marketer, an operations manager and a software developer decided to save principals & independent sales agents a lot of time, resources, hassle and money by building simple, awesome software for the commission-only sales industry.”
  2. 2. AGENDA • Overview & Industry Challenges • Private Beta – Lifetime VIP Founding Membership • What is a self-employed sales agent • Challenges sales agents face • How self employed sales agents conduct their business • What should you offer in terms of commission • What do sales agents need from your company in order to start selling • What kind of sales agent should you partner with • Building Trust and long term relationships
  3. 3. Industries & Companies that work with self employed sales agents Sample Industries Business Financial Consumer Services Services Goods Health Care Manufacturing Sample Companies It’s a growing concept with over 35% of Fortune 500 companies likely to utilize at least some outsourced sales in their businesses between now and 2015. High Tech
  4. 4. The Industry Challenges CONNECTING There is a lack of understanding Fragmented Industry Expensive and not targeted enough Uncertainty around sales agents track record
  5. 5. The Industry Challenges MANAGING Existing niche technology is bad Multiple remote working is complex Unsure of pipeline status. Loosing leads No oversight on schedule, activity, training
  6. 6. The Industry Challenges COLLABORATING Company Information slow to distribute and share Difficult to share learning across all agents Difficult and timely to share feedback from customers Control over access and stored documents
  7. 7. The Industry Challenges INCREASING SALES Multiple reports in various formats Bad first impressions lead to bad relationships Slow growth Bad management = bad business
  8. 8. The Solution CommissionCrowd is a powerful sales platform that not only facilitates connections between professional independent commission-only sales agents and Company Principals globally, but also ensures that both parties have easy-to-use functionality to manage multiple remote working relationships effectively. We're simplifying the best from: job boards, sales force automation, sales/pipeline CRM, as well as modern productivity tools, and building an affordable, beautifully designed web application for the commission-only sales industry.
  9. 9. The Solution Connect – Attract the best, expand and grow your business Manage – Save time, resource & money View All Features Here Collaborate - Eradicate confusion, save time & sanity Sell More - Better processes, opportunities & relationships
  10. 10. Watch Now To Learn More
  11. 11. Benefits of working with self employed sales agents • • • • • Reduced up front costs and risk associated with taking on new employees Utilise professionals that have pre-existing contacts based on years of experience within a particular industry Not reliant on local talent. Expanding your search can lead you to truly great sales people Enter new markets with the help of agents who already understand key players, culture, issues, competitors and opportunities Professional self employed sales agents usually share the same business objectives as the companies they have working relationships with.
  12. 12. What is a self-employed sales agent? A self-employed sales agent is not: • Is an entrepreneur that chooses to work for themself • Has experience and potentially an existing database of contacts • Wants to break away from the constraints of employment • • • • Has drive, ambition and focus • Is supremely confident in their ability to sell • • Wants to build a portfolio of companies they work with and does not need to rely on a small wage to keep them tied into one company A good sales agent will choose not work with companies that have conflicting interests Someone desperate for work that they are willing to work for free Someone that will represent a company with poor products/services Willing to work for low levels of commission
  13. 13. Agent Challenges Knowledge, Trust & Communication Commission payments slow, reconciliation difficult Need to spend more time selling and less time reporting or talking about selling Financial risk & pressure Agents managing 6 – 12 different lines/companies
  14. 14. Commission-Only Sales Partner’s Rookie Ambitious, background in sales few contacts. New to selfemployment All Rounder Fragmented network of contacts Player Targeted networks of contacts in many industries King Pin Targeted network of contacts in a specific industry
  15. 15. Think Carefully About Your Commission Structure Getting your commission structure right is essential! You can have the best product or service in the world but if you pay peanuts you get monkeys. In order to attract the best self employed sales agents and stand a chance of growing your business, you must be willing to compensate your agents adequately. Residual Commission Structure Probably the most effective commission structure is the residual commission model. This is when your sales agents are paid a percentage of any repeat orders that come around due to initial business which has been closed by your agent. This is also the case if your services are billed to the client monthly. There are three reasons why this structure works well: 1. Your self employed sales agents will work very hard to close new business and add to their existing commissions. Their earnings have the potential to grow rapidly and it acts as a guaranteed income after a while. 2. Your sales agents will be more willing to manage their own accounts as they will want to keep their commissions coming in for a long time. This frees up more time for managers to concentrate on other areas of the business. 3. You stay top of mind (so long as they also like to work with you)
  16. 16. Building Trust & Great Partnerships "Usually the only time a rep will leave a manufacturer that they are having success with is due to being treated poorly" - Anon (sales rep with 30+ years experience) Customer Service Communication, Respect, partnership mindset Every success should strengthen the long term relationship Pay commission accurately and on time Have great marketing materials "The cost of manufacturer's reps scale with our business making it more efficient" - Bob Alesio, Director AMCI
  17. 17. Building Trust & Great Partnerships Training Marketing Materials / Demo Products Clear policies and templates Support Leads (if applicable) Partnership
  18. 18. Agents: Our Solutions Connect – Expand your portfolio & grow your business  Find global opportunities from educated principals with the tools to seamlessly work with you  Get exposure and showcase your profile, achievements, track record and experience  Earn incentivizes for managing your business and bringing in new talent to the system  Earn cash bonuses to remove financial friction and ability to stick with a new line in early months  Integrate social selling easily into your daily routine to help with earning incentives and lead generation Manage – Save time, resource & money  Mobile first, cloud based SaaS platform and API available anywhere, anytime on any device  A Sales CRM that you will actually want to use due to it’s power and simplicity (we promise)  Manage leads, emails, calendar, telephone conversations, tasks, pipeline, territory, commissions, training and performance  Manage to principals in one place, just by updating your CRM  Invoice and track, reconcile and receive commission payments through the system  Export financial data to your accounting package or send directly to your accountant  Track activity, availability, meeting notes and customer issues across all principals  Earn commissions on leads generated in your pipeline even after you leave an opportunity  Easily get feedback and make changes to your sales process  Identify key characteristics of top performing opportunities / lines  Identify current training and future training requirements  Identify issues that threaten market share, competition and profit performance Collaborate - Eradicate confusion, save time & sanity  Access, upload and share important documents and announcements in one place  Schedule or attend conference calls, training sessions, morning meetings  Use the communication wall to send broadcasts, ring the bell, say thank you, collaborate on new ideas, products etc.  Interact with other agents to share learning Sell More - Better processes, opportunities & relationships  Have more time to sell, stay on top of admin and income  Have a record of all invoices and deals in one place.  Rep councils are now automated into the sales relationship  Build better partnerships with principals
  19. 19. Other Webinars
  20. 20. Contact Us Laura McGregor Email: laura@commissioncrowd.com Phone: 0131 618 2300 Ryan Mattock Email: ryan@commissioncrowd.com Alistair Robinson Email: alistair@commissioncrowd.com www.commissioncrowd.com We’re developing in the South of France in a tiny village called Simorre