The Power of Networks: Leveraging Field Sales and Personal Boards of Directors for Success

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Sep 19, 2023

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The Power of Networks: Leveraging Field Sales and Personal Boards of Directors for Success

Introduction:

In the business world, there are various strategies entrepreneurs adopt to ensure customer acquisition and personal growth. Two prominent approaches involve field sales and building a personal board of directors. While field sales can be an expensive acquisition method, it is effective for larger deals. On the other hand, creating a personal board of directors can be a game-changer for career advancement. This article explores the common points between these two strategies and provides actionable advice for entrepreneurs to leverage their networks effectively.

Field Sales: The Costly Acquisition Method:

Field sales, utilizing a salesforce that engages with customers directly, is widely considered one of the most expensive ways to acquire customers. With high costs involved, including salaries, sales engineers, office expenses, and travel costs, it is typically suitable for larger deal sizes. Moreover, due to long sales cycles, new salespeople often require a ramp time of six to nine months before becoming productive. The nature of closing large deals towards the end of the quarter can lead to lumpy bookings and revenue management challenges.

Building a Personal Board of Directors:

Building a personal board of directors can significantly impact an individual's career and personal development. This approach involves creating a network of advisors who are invested in one's success and well-being. Unlike traditional networking, which focuses on increasing connections, a personal board of directors is built with a purpose. These advisors possess a deep understanding of an individual's strengths and provide realistic insights into areas of improvement. Their guidance can be pivotal in making career decisions, negotiating compensation, and dreaming bigger.

Common Points:

Both field sales and building a personal board of directors rely on networks to achieve success. In field sales, salespeople establish connections with potential customers to close larger deals. Similarly, building a personal board of directors involves cultivating relationships with individuals who can offer diverse perspectives and honest feedback. Both strategies require trust, accountability, and a shared belief in each other's potential for success.

Key Insights and Actionable Advice:

  • 1. Embrace brutal honesty: To foster personal growth, surround yourself with individuals who are not afraid to provide honest feedback. Seek out advisors who can challenge your ideas and help you identify areas for improvement. Accepting imperfections and being open to constructive criticism is crucial for growth.
  • 2. Show your skills and expertise: When approaching potential advisors for your personal board of directors, demonstrate your value by offering your skills and expertise on projects or initiatives they are passionate about. By showcasing your abilities, you can establish a solid foundation for building meaningful relationships.
  • 3. Invest in relationships that care about your success: The people on your personal board of directors should genuinely care about your success. Seek individuals who have witnessed your capabilities and are willing to invest in your growth. These advisors should be supportive and provide the necessary guidance to help you become the best version of yourself.

Conclusion:

Field sales and building a personal board of directors offer unique approaches to customer acquisition and personal growth. While field sales can be costly, it is effective for securing larger deals. On the other hand, creating a personal board of directors can revolutionize your career by providing a dedicated group of experts invested in your success. By embracing brutal honesty, showcasing your skills, and surrounding yourself with people who genuinely care about your success, you can leverage your network to achieve remarkable results.

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