To build a sales team, companies have two basic strategies . . . Buy or Build. The strategy a company chooses depends on many factors. Yet, let’s first explain the two strategies.
BUY Talent: Buying sales talent is a plug and play approach where a company acquires sales talent from outside the organization. It generally entails recruiting an individual who can step in immediately and deliver results. Prior demonstrated sales experience, industry experience and/or product knowledge are key criteria in buying talent. Yet, buying talent comes with a price tag that many smaller companies are not able to financially afford.
BUILD Talent: Building sales talent is a common approach that entails training and developing current sales team members or hiring junior candidates who can learn and grow into the job. This strategy is generally used when there is ample time to train and/or when compensation budgets are limited. Building talent is most effective when a company has a defined sales career track within the organization and has a sales infrastructure that supports career growth.
Both strategies, Buy and Build, are an investment in people. Buying talent may provide a quicker return on the investment while building talent is a long-term investment. The sales role, industry, compensation, timing, and other factors may influence which strategy is best. A combination of both strategies may be the winning ticket to an effective sales team expansion.
If buying talent is the strategy you need for your next sales hire, give us a call at 317-578-1310.