Here is another strategy for sales people to make more money. Being a successful sales person means fully understanding your industry. You learn about new product launches, emerging trends, changing business conditions and competitive threats.
You can use this "insider" information to your advantage. I am not describing anything illegal, ex: Martha Stewart, Raj Rajaratnam, William Duer, Albert H Wiggin, Dennis Levine, Jeff Skilling, Christopher Balkenhol all famous cases of insider trading.
I am suggesting you can legally use your knowledge the industry you work in to gain wealth. Ray Kroc (generally known as the founder of McDonald's) took a sales call and created a multi-million dollar company.
"In 1954 he was surprised by a huge order for 8 multi-mixers from a restaurant in San Bernardino, California. There he found a small but successful restaurant run by brothers Dick and Mac McDonald, and was stunned by the effectiveness of their operation. They produced a limited menu, concentrating on just a few items—burgers, fries and beverages—which allowed them to focus on quality at every step.
Kroc pitched his vision of creating McDonald’s restaurants all over the U.S. to the brothers. In 1955 he founded the McDonald’s Corporation, and 5 years later bought the exclusive rights to the McDonald’s name. By 1958, McDonald’s had sold its 100 millionth hamburger."
Ray Kroc's story as written on McDonalds.com
I recommend buying stocks in the companies you interact with on a daily basis. Some of the early store managers for Wal-Mart got stocks in the young company and turned a huge profit.
Understanding your industry, without using confidential information, will be a valuable tool to help you build wealth in your selling career.
No comments:
Post a Comment