Topgrading for Sales: A Book Review for Medical Sales
Key points about this book:
- Average Cost of Not Getting It Right-“The average cost of a mis-hire is about $600,000 for a sales rep with a $100,000 base compensation.” While I am not sure of the accuracy of the numbers, I do agree the costs are high. (Here’s a link to their study.)
- “80/20 Rule”—According to the authors, “20 % of the sales reps achieve 80 % of the sales.” (Seems like you have heard this before.)
Essentially, Topgrading is packing your sales force with the top performers in the business. Obviously, that’s what we all want, but how do we do it? Smart and Alexander recommend several ways:
- Ask for compensation history and ask lots of questions. While I agree…I do have concerns.
- A true “A” candidate has to be shown “love”…interviewers can’t just fire off question after question like it’s an inquisition.
- Keep a Virtual Bench. What is this? Recruit all day with everyone you come into contact with. (Networking: Now and Forever!!!!)
- Conduct multiple interviews. While I agree with multiple touches, I think if the interview process is too long, you lose great candidates. No one wants to lose all of their vacation to interviewing.
- Consider offering a bounty for anyone who can refer a good candidate who gets placed. (Doesn’t everybody do this?)
- TORC-Threat of reference check. Ask candidates to arrange reference calls. This creates a more honest interview and candidates will be more forthcoming in the interview process. Here at PHC Consulting we already ask candidates who will be a reference for them and what they will say about them. This is a very effective screening tool.
Overall: This book is an expansion on the first book with a tactical focus on the concepts of the original book. Definitely valuable to the hiring sales manager!! Useful for all areas of healthcare sales, medical sales, lab sales, DNA/genetics sales, medical supplies sales, biotechnology sales, pathology sales, imaging sales, pharmaceutical sales, and hospital equipment sales.
Subscribe to a monthly top-grade newsletter. http://thesalesblog.typepad.com/. It will provide you regular tips on how to hire and keep a top sales team, and it also has a review of this book.
Here’s a video about the book and this is the review that Inc Magazine gave the book. I would love to hear your comments about it.
Written by Peggy McKee - the medical sales recruiter
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