A taxonomy for financial services selling

The financial services industry accounts for almost half of the country’s nonfarm, commercial profit, making the industry a major driver of the economy. Prior to this study, limited information was available to evaluate financial services sales activities, and a taxonomy of sales activities for individuals in the financial services industry had not previously been conducted. Prior empirically developed sales taxonomies did not include service firms and specifically financial services, while focusing on manufacturing and other product sales. Given that taxonomies are a critical step in scientific inquiry, this is a major limitation in the literature hindering the development of a better understanding of this important industry. Using an established methodology and a seminal sales taxonomy, a financial services sales taxonomy was conducted. Results reflect that financial services sales positions differ from those in other industries. Six sets of sales activities (factors) along with six job positions (clusters) were identified.     

The Current Status of Women in Professional Selling

Abstract

This article examines the status of women in professional selling careers. First, reasons women have not made more rapid movement into the selling profession are examined. Second, women's progress into professional sales jobs are explored. Lastly, suggestions are made for sales managers on how to attract and retain capable women in selling positions.     

Key Accounts and Team Selling: A Review,Framework, and Research Agenda

As sales organizations increase their reliance on sales teams, they must learn how organizational and interpersonal relationships influence sales teams, how sales teams play a learning role for organizations, and what makes sales teams effective. Presenting a model of interrelationships among members of the selling firm and between the selling and buying firms, we identify five key team selling relationships between (1) members of the same team, (2) members of different teams within the firm, (3) the selling team and the buying center, (4) the selling team and other groups in the selling firm, and (5) the selling team and the firm’s strategy. This model leads to a conceptual framework highlighting relationship drivers, factors, and outcomes instrumental to team selling success. After presenting propositions for future research, theoretical and methodological suggestions are included to facilitate research in this area. We conclude with perspectives on the future of research and practice in key accounts and team selling.     

Media as Factor in Student Perceptions for Sales Jobs: A Framework for Research

Acting on the needs of recruiters and employers, researchers have identified factors affecting student perceptions of professional sales jobs. Although implicitly understood by most academics, how media shapes negative perceptions and under what conditions has not been systematically explored, and a theoretical explanation has not been developed. Despite improved sales educational opportunities and a changing role for salespeople, negative perceptions persist. Therefore a theoretical understanding is needed so that appropriate strategies and tactics can be developed to change them at both the recruiter level and in a more global sense. Combining psychological and media theories, this paper develops aframework for understanding the key factors forming sales job perceptions. Research propositions are developed, and the practical importance of work in this area is highlighted.     

Sales Training: Salespeople's Preparedness and Managerial Implications

Abstract

Salespeople use a variety of selling techniques in their jobs. Little published research, however, has examined how adequately sales training programs prepare sales personnel to employ these techniques. This paper reports the results of a survey that focused on salespeople's adequacy of preparation to utilize various sales techniques. The results of the study lead to several managerial implications about how to improve sales training programs.     

Evaluation of Selling Performance: A Study of Current Practices

Abstract

Performance evaluation of salespeople is particularly important in this era of escalating costs and concern with productivity. This study of 213 sales executives indicated that sales managers tended to rely on qualitative bases for evaluation, used only a narrow set of quantitative bases, and evaluated salespeople over only a narrow range of selling activities. Suggestions for improving performance evaluation are provided. Findings of the study indicate that salesforce evaluation procedures utilized in practice differ from those provided in the sales management literature.     

An assessment of needed sales management skills

The skills required of sales managers are vitally important to the success of the firm's selling effort; however, there has not been a recent review that identifies these needed skills. Based on a survey of sales executives from 145 companies, this research develops a taxonomy of key sales management skills. The perceived importance of these skills is reported based on the level of management, gender and the performance level of the firm. In addition to identifying the relative importance of the various sales management skills, they were found to group into three conceptual dimensions relating to interpersonal, technical and strategic skills. The results also indicate that significant differences in the perceived level of skill importance exist based on level of management, years managing salespeople, gender and on three dimensions of the respondent's firm performance.     

A Measure of Selling Skill: Scale Development and Validation

Selling skills are learned proficiency at performing tasks necessary for a sales job. They are among the most important predictors of sales performance. However, the research into selling skills has been hampered by the lack of an overall scale. To address this shortcoming the present paper identifies a model of sales skills consisting of three components of interpersonal skills, salesmanship skills, and technical skills. Using exploratory and confirmatory factor analysis, the authors report the development of a Selling Skill scale as a reliable and valid instrument. The authors suggest priorities for future research and potential uses of this instrument.     

Adaptability in the workplace: development of a taxonomy of adaptive performance

The purpose of this research was to develop a taxonomy of adaptive job performance and examine the implications of this taxonomy for understanding, predicting, and training adaptive behavior in work settings. Two studies were conducted to address this issue. In Study 1, over 1,000 critical incidents from 21 different jobs were content analyzed to identify an 8-dimension taxonomy of adaptive performance. Study 2 reports the development and administration of an instrument, the Job Adaptability Inventory, that was used to empirically examine the proposed taxonomy in 24 different jobs. Exploratory factor analyses using data from 1,619 respondents supported the proposed 8-dimension taxonomy from Study 1. Subsequent confirmatory factor analyses on the remainder of the sample (n = 1,715) indicated a good fit for the 8-factor model. Results and implications are discussed.     

Mobilizing positive reinforcement in communities to reduce youth access to tobacco

A community intervention to mobilize positive reinforcement for not selling tobacco to young people was evaluated. The intervention had five components: (a) mobilization of community support, (b) merchant education, (c) changing consequences to clerks for selling or not selling to those under 18, (d) publicity about clerks’ refusals to sell, and (e) feedback to store owners or managers about the extent of their sales to adolescents. A multiple baseline design experiment was conducted, in which two small Oregon communities received the intervention, while two others continued in baseline. Outlets’ willingness to sell was assessed repeatedly by teenage volunteers. The intervention significantly reduced the proportion of stores willing to sell. Mobilizing socia and material reinforcement for stores not selling tobacco to young people is a viable means of reducing such sales. It may be especially valuable in communities where laws against sales to minors go unenforced. This paper supported in part by the National Cancer Institute Grant CA38273.     

Revolution in Sales: The Impact of Social Media and Related Technology on the Selling Environment

Over the years several articles have tracked the impact of technology on various aspects of the sales domain. However, the advent of social media and technologies related to social media has gone largely unnoticed in the literature. This article first provides brief attention to changing aspects of technology within the sales environment, leading to the identification of social media as a dominant new selling tool. A qualitative approach (focus groups) is employed to explore the breadth of current technology usage by sales managers and salespeople. Analysis of the data, collected in the United States and the United Kingdom, reveals six major themes: connectivity, relationships, selling tools, generational, global, and sales/ marketing interface. Results provide evidence of a revolution in the buyer–seller relationship that includes some unanticipated consequences both for sales organization performance and needed future research contributions.     

Selling & Sales Management in Action: Using the Journal of Personal Selling & Sales Management As A Teaching Aid

Abstract

Although much marketing literature exists pertaining to whether products should be marketed differently from services, little attention has focused on whether product selling differs from service selling. This article reports the results of an empirical investigation that examined whether salespeople selling industrial products use different selling techniques than those selling services. The results suggest that product sales personnel prefer techniques that can use tangible aspects of the product to advantage, while service sales personnel prefer techniques that stress the personal assistance of customers. The implications of the results are also presented.     

The Future of Sales Training: Challenges and Related Research Questions

This paper discusses four key challenges and related research questions that will be critical to the future success of sales training in three major areas: content development, delivery, and evaluation. The four challenges are the changing roles of salespeople, the intensified emphasis on accountability, the enhancement of technological capabilities, and the importance of cultural diversity. To examine these issues and develop future research questions, the paper draws from reports of industry practices and academic literature in sales training, the sales/service interface, customer-oriented selling, social media, self-directed learning, and multicultural communications competency.     

Sales Training and Education: Tracking Academic Research in Selling and Sales Management: Authors,Authorships, Academic Institutions,and Journals

This study examines and tracks the extent of selling and sales management research from 1993–1997. Two hundred and sixty- six published journal articles representing sixteen journals are examined to identify where and when selling and sales management researchers received their doctoral training, their employment location at time of publication, regional trends in the location of these researchers, and a count by-journal of selling and sales management articles that have appeared during the time period. A total of 280 individual authors from 175 different colleges and universities are included in the study. Overall, the general trends for scholarly activity in selling and sales management appear to be robust when compared to prior studies of sales research productivity.     

The Fortune 500 Companies' Selection Criteria for Promotion to First Level Sales Management: An Empirical Study

Since marketing, and particularly selling activities, determine the sources and size of a company's revenue, factors which vitally affect sales force performance are matters of crucial importance to corporate management.

Predicting how a newly appointed first level sales manager will perform in the new leadership task remains a difficult problem and the determination and use of selection criteria appears not to be clearly defined in the literature. Previous research has identified desirable attributes as selection criteria though typically these are neither ranked in importance nor as attributes that “can be developed later through training/experience” or be “innate to the person selected.” This research focused upon the selection criteria and practices of the Fortune 500 companies in selecting/appointing their first level sales managers. The results revealed that (i) the Fortune 500 human resource managers are in agreement with the findings of previous research with regard to which personality and character traits are crucial pre-requisites to good sales management performance; (ii) a surprisingly small number of firms use psychological batteries/tests or qualified psychologists to measure these traits; and (iii) turnover rates, not due to promotion, among first level sales managers appear to be high.     

Female College Student Interest in a Sales Career: A Comparison

Abstract

Female and male undergraduate students attending three universities were surveyed to determine their comparative interest in a career in sales. In general, females and males agreed on the attributes associated with a selling career. Yet females rated a selling career significantly lower in terms of preference as compared to males. Females were found to have a significantly stronger preference for careers in public relations, advertising, and retail management than their male counterparts. The implications of this negative female bias towards a sales career are discussed, and areas for further research are suggested.     

Understanding Within-Job Title Variance in Job-Analytic Ratings

This study examined the correlates of within-job title variance in job-analytic ratings. Q-factor analyses of SMEs' ratings for two jobs (i.e., Sales Representative [n = 26] and Felony Assistant Public Defender [n = 141]) yielded two and four factors, respectively. These factors represented shared views of the importance of the job tasks. Factor membership was related to sales performance for sales representatives. Previous professional experience and district of employment were related to factor membership for Felony Assistant Public Defenders. The implications of these studies of within-title variance in job-analytic ratings for human resource programs are discussed.     

Are sales as we know it dying … or merely transforming?

The world of sales research continues to transform as we move more into the world of social media. This article briefly examines a historical examination of sales research by decade and then presents a model of sales research needs going forward based on how social media is being implemented by selling and buying organizations. The model assumes that the selling process is incorporated within a social media world and elements within the model include the salesperson and sales center, the buyer and buying center, the use of artificial intelligence, the teleselling unit, the interaction between marketing and sales departments, and the methods of selling. Discussion follows the model, focusing on how social media is being used among and between units in the selling process. The discussion unfolds on three key parts of the sales equation: (1) the sales organization, (2) the buying organization, and (3) the interaction between marketing and selling departments. Research questions follow each of the three discussion sections.     

Distinguishing Between the Roles of Customer-Oriented Selling and Adaptive Selling in Managing Dysfunctional Conflict in Buyer–Seller Relationships

A national random sample of industrial salespeople was surveyed to examine the relationships among selling behaviors, trust, conflict, and sales outcomes, such as performance and anticipation of future interaction. Results indicate that trust mediates the effects of selling behaviors on sales outcomes, and conflict moderates this mediating effect. While salespeople could use customer-oriented selling as an antidote for the ill effects of dysfunctional conflict on trust, adaptive selling only serves to enhance salesperson trust in customers. Thus, the results of the study distinguish between the roles of customeroriented selling and adaptive selling in relationship marketing. Furthermore, when salespeople perceive that their sales managers are highly customer oriented and highly adaptive, they themselves become more customer oriented and more adaptive. Thus, as role models, supervisory selling behaviors contribute to salespeople’s ability to leverage their trust in customers. Based on these results, the managerial implications for selling organizations are discussed.     

Customer-Oriented Selling: A Review,Extension, and Directions for Future Research

As customer-relationship selling continues to emerge as a significant selling strategy, the role of customer-oriented selling takes on added significance. The personal selling relationship literature lacks a comprehensive review that summarizes and organizes the empirical research regarding customer-oriented selling. Subsequently, it is unclear what exactly has been learned by research on customer-oriented selling and what questions remain to be answered. Therefore, this paper addresses these concerns by reviewing the current literature in customer-oriented selling, offering propositions to extend our understanding, providing directions for developing a customer-oriented sales force based on our current understanding, and offering suggestions for future research.