Wednesday, March 30, 2011
Why The Decision To Hire A High Paid Sales Rep Failed
This article is about Prometheus hiring a high-paid sales rep to help launch a new marketed data management software. They were trying to pitch this new product to a new client, to do this they hired a senior sales rep to help them do that. In the end the money it cost to get this marketing and product set to sell and to meet with new customers it had already set the company back. The company ended up pulling out and also laying off their senior sales rep. There is some great information in the article and also the interview is very interesting. The link is attached to the title.
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It can be painful to determine when to change directions in a new venture and this article shows how risky the endeavor can be. It underscores how important it is to have an exit strategy, know what it will cost to get the sale, being realistic about the pay-back or profit and also knowing if your market really has a demand for your product. I was surprised to read how long it would take to develop the relationship with prospective clients before they were ready to place an order. It sounds like Prometheus survived a big letdown and their future approach to expansion is very conservative because of it. It is also interesting to hear that they will look for outside resources/funding for any future exploratory high risk expansion moves.
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