Archive for February 10th, 2012

The new marketing campaign hasn’t even launched yet, but just about every American knows Ellen DeGeneres is JC Penney’s new spokesperson. A group called One Million Moms organized a Facebook campaign protest this week in response to JC Penney’s decision to hire DeGeneres, who is openly gay. JC Penney is “jumping on the pro-gay bandwagon,” [...]

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Out on the campaign trail, Fed head Ben Bernanke is an unpopular guy.
Mitt Romney and Newt Gingrich have both said they would replace Bernanke, not reappoint him. Congressman Ron Paul would swap the whole Federal Reserve monetary system for a gold-linked dollar, making the yellow metal legal tender. And it was Gov. Rick Perry of Texas, before he dropped out of the race, who said more quantitative easing by the Fed would be “almost treasonous.”
Republicans in Washington are equally unimpressed by Bernanke. Rep. Paul Ryan recently criticized the Fed for bankrolling our huge budget…

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Follow Yahoo!’s The Daily Ticker on Facebook here! The $26 billion mortgage deal agreed to by state and federal authorities late Wednesday has come under attack from critics for sending mixed signals to homeowners and not going far enough to stabilize the weak housing market. Nearly 2 million homeowners are expected to benefit from the [...]

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Follow Yahoo!’s The Daily Ticker on Facebook here! President Obama in his State of the Union Address last month renewed his calls to return fairness to the U.S. tax code, echoing the chants of the “Occupy” movement that the richest 1% pay their fair share. “We need to change our tax code so that people [...]

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Follow Yahoo!’s The Daily Ticker on Facebook here! Every day, Michelle Leder and the crew at Footnoted.com comb through Securities and Exchange Commission financings to ferret out the highlights—and lowlights — of executive compensation. And every month, she joins us to discuss the findings. January got the year off to a good start. Mad-den Money. [...]

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Many startups come to the point when they need to hire a big hitting sales person to scale revenues to the next level. Deal sizes are getting bigger, contacts at customers are getting more senior, but sales are not growing as fast as they should. This is a common pattern and the most obvious response (and often the right response) is to hire an experienced sales person to take the business to the next level.

The first thing to say is be careful. There are a lot of sales people who turn out to be better at selling themselves to startups than they are at selling product. They will join your company on a high salary, insist on a quarter or two of guaranteed commission and delay you by up to twelve months.

That said, there are some killer sales people out there who can really make a difference. If you do find one of those, then hire them, but heed the following advice, which is from a guest post by Phil Sugar on AVC:

[As CEO] I go on as many sales calls and customer visits as I can.  I’ve been told that once I hire a Head of Sales, I should stay out of the process.  I totally disagree.  I am not going to be the one managing the process, but I want to hear what the market is saying directly.  A salesperson can’t be objectively assess the market, they are too close, their livelihood depends on the sale, same for the VP.  They have to be optimistic, they have to try and make the fit whether it’s pushing the company to do something or pushing the customer to accept something.  The best information you are getting from them on your market is second-hand hearsay.  I’ve sat on boards and watched as projections get trashed as sales get pushed from one quarter to the next and the CEO sits by helplessly, not knowing why as they weren’t on the calls.  I am not going to be that guy.

On half a dozen occasions now I’ve seen a new Head of Sales come in and push everyone else out of the sales process. All of those situations ended badly. Worse, when only sales have a line to the customer and the deals aren’t closing you have an interested party controlling information and it is often hard to know whether the culprit is sales execution, the product, or the market.

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