The Modern Selling Podcast
Mario Martinez Jr
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Sales Secrets to Landing a Lucrative Compensation Plan | Devon Hennig | MSP #282
Are you ready to uncover the unexpected key to maximizing your sales compensation? Get ready to dive into a conversation that will transform the way you negotiate your compensation packages. You won't believe the game-changing strategies shared in this episode. Stay tuned to discover the secrets that will elevate your sales career to new heights. If you're feeling frustrated by missed opportunities and leaving money on the table, then you are not alone! Are you tired of negotiating compensation packages that don't reflect your true value and potential? It's time to enhance your negotiation skills and optimize your compensation packages to maximize your earnings. Let's dive in and unlock the secrets to getting the compensation you deserve. This is Devon Hennig's story: Devin Hennig, an experienced author, seasoned executive and negotiation expert, candidly shared his journey of learning about compensation through trial and error. As a former VP of marketing in various startups and public companies, he admitted to making costly mistakes in negotiating his own compensation, leaving substantial sums on the table. Drawing from his personal experiences, Devin recognized the common pitfalls that leaders encounter in negotiations, emphasizing the importance of understanding what, how, and why when it comes to compensation. His refreshing approach, devoid of traditional HR perspectives, resonates with those seeking to navigate the complexities of compensation packages. Devin's journey serves as an inspiring reminder that even seasoned professionals have faced the challenges of underselling themselves and not fully comprehending the intricacies of negotiation. His down-to-earth storytelling and relatable experiences create an engaging narrative, offering valuable insights and a fresh perspective on optimizing compensation packages. Severance is a protection piece, especially at a higher title and more senior roles. It's making things right. - Devon Hennig My special guest is Devon Hennig Devon Hennig, an accomplished author with eight books under his belt, including "The Senior Compensation Bible" and "How to Be a VP," brings a unique perspective to sales compensation negotiations. With a background as a VP of marketing at various startups and public companies, Devon learned from firsthand experiences, having left millions on the table due to negotiation mishaps. His approachable style and focus on helping others avoid similar pitfalls make him a valuable resource for understanding the intricacies of compensation packages and negotiation strategies. Devon's insights cater to both sales leaders and individual contributors, making him a relatable and trusted guide in the realm of optimizing compensation packages. In this episode, you will be able to: Master the art of negotiating sales compensation packages to maximize your earnings. Unlock the potential of equity and stock options for startup employees to build your financial future. Learn how to maximize severance in executive roles, ensuring a safety net for your career. Craft a compelling career story in sales that captivates potential employers and clients alike. Discover strategies for long-term career growth in sales, paving the way for sustained success. Key Moments: 00:00:00 - Intro 🎬 00:01:23 - Devon Hennig’s Background 📝 00:05:14 - Biggest Mistakes in Negotiating Compensation 💸 00:08:37 - Optimizing Compensation at Different Career Stages 🔄 00:11:30 - Components of Compensation Packages 📑 00:14:05 - Creative Bonuses and Milestone Payments 🏅 00:15:40 - Black Belt Negotiation Moves 🥋 00:17:12 - Commute Stipend Negotiation 🚗 00:19:25 - Justification of Small Incidental Requests 📋 00:25:00 - Balancing Requests and Order of Play ⚖️ 00:27:32 - Understanding Equity Compensation at Startups 📈 00:29:55 - Evaluating Equity Offers 📊 00:35:09 - Lon
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