The Industry Insider Trap

1. The Cost Factor To snag a high performer from within your industry, you’d need to significantly up the ante—think at least a 50% increase in base salary. If I'm already earning $250k+ OTE (on-target earnings), why would I make a lateral move to do the same job unless you’re offering me a $200k base? Simply put, it’s a steep price to pay.

2. The Underperformer Risk When you hire within your industry, you might end up with someone who’s not performing well at their current job. On paper, they look perfect, and they can ace the interview because, let’s face it, salespeople are good at selling themselves. But this can be a dangerous pitfall.

3. The Boredom Factor Many mid-to-senior level sales professionals are tired of the "same old, same old." If you want them to sell the same product again, you need a compelling reason—and unless you’re offering that $200k base, it’s a tough sell.

4. The Account Manager Dilemma Chances are, you're hiring an account manager (farmer) rather than a business development manager (hunter). Why would they start from scratch and hunt for new clients when they’ve spent the last 4-5 years building their current client base? Once again, the only real incentive is a significantly higher salary.

Why You Should Poach High Performers from Other Industries

1. A New Challenge at a Better Price High performers from other industries might be willing to take a slight pay cut for the excitement of learning something new and selling a fresh product. They’re motivated by new challenges and opportunities, not just the paycheck.

2. Proven Sales Skills A high performer in any industry has demonstrated exceptional sales skills. They’re not just good at selling a specific product—they’re good at selling, period. This makes them versatile and adaptable, ready to excel in your industry.

3. Relationship Builders and Hunters These professionals excel at building relationships and are true sales hunters. Starting from scratch in a new industry doesn’t intimidate them; it motivates them. They thrive on the challenge of building something from the ground up.

4. Fresh Perspectives Bringing in talent from another industry means new ideas and different approaches. This fresh perspective can transform your sales strategies and processes, leading to innovation and growth. It’s a far cry from the "same old, same old."

Expanding Your Talent Search

If you want the best sales hunters, it’s time to expand your search beyond the confines of your industry. Here’s how to do it:

• Highlight the Opportunity: Emphasize the excitement and challenges of selling something new.
• Showcase Your Culture: A vibrant, dynamic work environment can be a big draw.
• Offer Competitive Compensation: Be prepared to offer a fair package, even if it’s not top of the market. The opportunity for growth and new experiences can often outweigh a slight pay cut.
• Provide Training and Support: Help them understand the nuances of your industry and set them up for success.

So, while it might seem safer to hire within your industry, the real game-changers often come from outside. They bring fresh energy, innovative ideas, and proven sales skills that can take your team to the next level. So, next time you’re hiring, think outside the box—and your industry. Happy hunting!