The authors thank Guoli Chen, Donal Crilly, Ameet Morjaria, Shi Tang, David Zhu, three anonymous referees at the Strategy Management Society Conference, and seminar participants at Columbia Business School, the London Business School, the University of Maryland, Empirical Management Conference, and the Thought Leadership on the Sales Profession Conference for constructive comments. The authors are also indebted to company executives who preferred to remain anonymous for helpful discussions and access to data. The usual caveat applies.