It doesn't matter whether you're a Democrat or a Republican; we are now faced with an interesting management problem.
13 Weeks of marketing classes ended yesterday at Tufts...
- The semester's 16 page syllabus was sent out on December 27th
- Along with five complex, semester-long, corporate marketing projects
- Five teams were formed around each project requiring research and full marketing plans
- We tackled three HBR cases studies during the first four weeks
- We took field trips to Hubspot & Brainshark to learn their platforms
- We learned blogging, keyword definitions, content construction...and a lot more
- We filled a toolbox with SWOT, Targeting, Persona, Pricing, and Value Proposition tools
Over the years, maybe as a result of age, maybe due to my Peace Corps years living in Tanzania, or just maybe as a result of all of the stories about antibiotic superbugs in hospitals, I've been pretty careful about washing my hands. I mean, not compulsive-careful, but certainly I've become "highly aware" of the problem, and I never pass up a good buy at Home Depot for antibacterial soap or disinfecting Clorox wipes. Just good healthcare basics, plus I see, up close and personal every day, the debilitating affects of contracting hospital superbugs in my wife's Rheumatoid Arthritis, MRSA and auto-immune diseases which occurred as the result of a hospital-borne infection following a surgery 20 years ago.
The numbers are in....
I've been roaming the sales cubicles of lots of companies most of last week and this. Probably 20 plus companies in 10 work days. Opening doors into the heads of heavy-hitter sales leaders along with young, hard working BDRs. Asking the tough questions of hard-charging, get-out-of-my-way 35 year olds and also to a few 55 year old trail-beaten veterans who still hang on to "the old days" of relationship selling.
Tufts University $100K New Ventures Competition
The business plan pitches were Wednesday, and the awards were made last night. This year yet another company, Mimir Insights, with several of my marketing Alums won the top prize in High Tech. This is what real entrepreneurship...at the street level...is all about. Congratulations to all of the entrepreneurs!!!!
Back in the day, you probably remember your mother warning you about making sure that you were wearing clean underwear "because if you're in an accident, and they bring you to the hospital, then, you want to make sure that you don't have dirty underwear". I must admit I didn't think about this a lot during my various ER experiences of broken bones after falling off my bike or crashing into trees while learning to snowboard. Actually, there never seemed to be any checklist at the ER asking about the health or even the cleanliness of my underwear.
My first real job out of BC, after returning from three years in the Peace Corps, was as a Purchasing Expediter working for Honeywell's new minicomputer group. In a work-hard, work-harder, baptism-by-fire-environment in which you either performed or were fired, I quickly learned the realities of purchasing, inventory control and production. A great education and a great company...even though they missed the whole mini-computer thing..which prepared me well for a long career at Becton Dickinson Medical Systems-another great company with solid management development programs allowing me to eventually rise through the ranks.
But, all through that development process with more and more training, and more and more education programs, the complexities of P&L's and balance sheets always eluded me, but since I had by then become president of various companies, I had the luxury of hiring the best CFOs at Datamedix (Bob Badavas, currently CEO of Plum Tree, is a superb example) who were much better in Finance than I would ever be.
Those experiences led me to adopt a simple axiom that I use today with all of the managers in all of our customers:
"Your job is to hire people who are much better than you in their own skills"
Today, although I believe I'm now pretty fluent in everything Finance, my three simple Finance rules that always guide me to success are...
What's an Event? What's an Activity?
Today's my birthday.
I was born at 10 minutes past midnight in Chicago's Cook County Hospital in a blue collar, South Side neighborhood of meat cutters and steelworkers and the home of my first generation Polish grandparents. Wonderful people and wonderful memories that I still remember today since they were most often wrapped around events surrounding birthdays, Catholic holy days, marriages and funerals. All of these events are for me indelibly marked through emotions, the rituals of the church, and, of course, being Polish, the smells and kitchen sounds of unbelievable food piled high on huge oaken dining room tables.
We've all heard the saying, "Beware the Ides of March."
It's one of the most popular quotes from William Shakespeare, a man who may honestly be one the most quoted authors in history. The actual quote is from Shakespeare's tragedy Julius Caesar (1599). The warning is uttered by a soothsayer who is letting Roman leader Julius Caesar know that his life is in danger, and he should probably stay home and be careful when March 15th, the Ides of March, rolls around.
But as you might already know, Caesar doesn't stay home on March 15th, and he is murdered halfway through the play. His death does not come as a surprise to the audience. Yes, he was warned. But history already told us that on the actual date of March 15th, 44 BC, the real Julius Caesar was violently murdered, stabbed 23 times by a mob of senators who were led by his protégés and supposed 'friends' Cassius and Brutus, which led to the other often quoted phrase of... "Et tu, Brute?"
Given our super-heightened awareness of current politics as a result of this week's 'Super Tuesday' the upcoming "Ides of March" will most likely only reinforce the positions of the current front runners and the rapid march to the conventions.
However, in the real world of running our companies and managing our sales and marketing for the balance of 2016, the Ides of March, do require...
- ...a hard look at the black and white results achieved through Q1
- ...an objective assessment of individual quota performance
- ...firm personnel decisions as to (1) where to invest your own time and more training, (2) where to let go and (3) where to spend your own time as a sales manager/supervisor/boss/coach.
#1. Figure out Where do you need to Apply your own time
Now, with the final push of the last three weeks of the quarter, the question you need to start thinking about is where do you need to apply your own, very limited time, as a manager, once the quarter ends and the results are tallied up?
- Do you work on the bottom 20% of your performers or just replace them?
- Do you spend your own time selling into the company's key accounts as the Player/Coach?
- Do you try to move the middle average achievers to the right?
- Do you focus your time on the right side of the sine wave, the top 20% and make them better?
My recommendation is always that you need to focus your very valuable and very limited time focusing on the right side of the sine wave! You need to collaborate with your top 20%, the critical Sales Warriors, and provide them with the time and advanced training to move them and your results to performance that exceeds 100%. The data on this math is very specific, and the example above, based on a $200 million quota, shows that by applying time and resources to the top 20%, results can improve by as much as 23%.
#2. Replace the bottom 20% and don't look back
This is where you earn your pay as a manager since you need to make the tough decisions, and you need to make them now right at the end of this quarter when you still have time to make personnel changes that will pay off in Q3 and Q4.
- First, forget the axiom of "some revenue is better than no revenue". That's a rookie manager mistake, and it's merely a question of the amount of time that it will take before that person in the bottom 20% falls further and further behind. The world of sales management has proven time and time again that "nothing ever gets better by itself", so if you really believe that you can improve that person or that group of people who are the bottom 20%, you will need a very specific week-by-week improvement plan that not only invests training time and resources into those individuals, but will also capture a fair amount of your own time. Nothing will get better by itself, so you need to be very specific and objective as to exactly what you're going to need to do with these individuals.
- Second, admit that you probably just made a bad hire. It is what it is, but in "The Derby Rules of 6's & 9's", we have piles of research that paint the scenario below:
Question: "When did you first realize after hiring that that salesperson's performance and abilities were less than you had expected?"
Answer: "Probably 6 or 9 weeks after they started!"
Question: "When did you actually do something about it in terms of specific performance improvement plans or termination?"
Answer: "6 or 9 months after they were hired!"
Question: "Why did you wait so long?"
Answer: "I hoped that she or he would get better, and, in the meantime, some revenue is better than no revenue"
#3. NO LATER THAN THE IDES OF MARCH, FINISH AN UPDATE OF YOUR Q2 PLAN
My guess is that the current 2016 sales plan was most likely crafted back in November and "sold" to your various bosses at the December board meeting.
It's time to dust this off, take a new look, revise a number of tactics and codify an entire list of updated best practices to be polished during the balance of the year.
- Put a date in the calendar right now to get the sales team together for a planning day during the first week of April.
- Our recommendation is always that the planning process is actually much more important than the plan that results. This is the perfect time to collaborate, engage and empower your salespeople in working together as a team.