Inflation, Shopify, and Incentive Plans.

Awareness into Inflation for Small Businesses, how Shopify is entering the B2B space, and Sales Incentive plan suggestions.

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?? Friday, February 16, 2024

Happy Friday, Homies! In this week’s Sales Report, you’ll find a focus on updated Inflation and its impacts on Small Business, how Shopify is expanding globally, and building out a B2B channel, and a quick share on three ways you can optimize your sales incentive plans.

Here’s what you missed while you’ve been out selling and growing your business:

1) January Report Shows Small Businesses Continue To Worry About Inflation. ??

Twenty percent of owners reported that inflation was their single most important problem in operating their business, down three points from December and one point behind labor quality as the top problem. Read more here. ????

???Sales Tip(s) of the Week:

Fresh off of Super Bowl week, use your over-stimulated ad and television time to gauge how your professional (or personal) brand impacts revenue generation for your business.

Brands like Apple, Nike, or BMW are selling potential buyers a feeling, or lifestyle. They’re simply using their products as a way to achieve the perceived feeling of ‘possibilities, lifestyle, or luxury.’

How are you getting your brand to best represent a perceived emotion from a buyer of your products or services?

And please don’t forget, that for a lot of us, the “brand” that we represent is ourselves! How are you getting your personal brand to best represent a perceived emotion from a buyer of the products or services that you represent?

I’ll give you a hint:

Be genuine. Be transparent. Be kind. Be real.

2) Shopify Continues To Evolve: Its President says International Business is a “massive area of growth.” ??

Shopify is also focusing on tailoring its platform for B2B organizations, working with wholesalers such as HVAC outfit Carrier. Notice what the first marketing message is on their website? Hint: It aligns with Shopify’s assumption of international growth. Read more here.?????

?Sales Stat of The Week:

48% of salespeople never make a single follow-up attempt. (Invesp)

How much new revenue are you leaving on the table by not having a formal follow-up strategy as a part of your sales plan?

3) Three Ways To Optimize Your Incentive Compensation Program. ??

Variable compensation is the largest sales expense for most businesses, averaging roughly 40% of total sales costs. It’s also incredibly complex and, without the right optimization strategy, can end up detracting from profits instead of efficiently driving more revenue. Read more here. ????

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