If you’ve always wanted to know how a sales agency founder and CEO compensates and incentivizes his salespeople, then this episode is for you. Get to know Joey’s thoughts on commissions, incentives, compensation, why he thinks bonuses should be given in private, and why participation trophies are lame.
In this episode, we talk about fancy bourbon, badass cars, attractive compensation plans, and sexy scripts and frameworks.
What’s in Joey’s glass: Jefferson's Grand Selection ‘Chateau Pichon Baron French Oak Cask Finish' Straight Bourbon Whiskey
What’s in JJ’s glass: Old Grand-Dad Bourbon Whiskey
This Cast Covers:
- The car brand Joey currently has set eyes upon, Rezvani Motors (06:35)
- Thoughts on bonuses, cash bonuses, and prizes, and compensation for sales reps (11:47)
- Why Joey values cash flow and amortized payments more than lump-sum payments (12:37)
- Why most salespeople are more typically money-driven than other roles (14:38)
- Unexpected incentives or bonuses (18:17)
- Why we tend to neglect thinking through what sounds good when we have more than five or six employees in the agency (19:48)
- Why Joey thinks bonusing should be done in private (20:20)
- Issues that could come out from incentivizing sales performance and why you should avoid doing that (22:24)
- Joey lays out the exact framework he uses when meeting with a prospect on an FTA (first-time-appointment) (35:09)
- Teach, tailor, take control (37:03)
- How to extract the vital information from your prospects in the first 5-7 minutes of your initial conversation. (38:05)
- The framework: rapport, agenda, context, qualifications (40:50)
- One crucial step you’re missing on a call that ruins your chances of closing a deal with your prospects (43:10)
- What Sales Driven Agency’s sales process currently looks like (46:27)
- Goals you want to hit when you bring in a new salesperson into your agency (50:49)
- What first performance-based benchmark Joey looks for in a new sales rep hire (53:48)