What key factors need to be considered when creating or revising a sales competency model?

When you’re talking about a sales/commercial competency model, you need to consider whether the items in your model are truly the required skills.  Often people get hung up on including too much, and sales people, with their short attention spans, won’t be able to focus on everything.  So pick what is most important now, keeping in mind that your competency model should not be fixed/forever. It will evolve over time. 

If the most important business priority is getting new business, then have your competency model focus on the skills required to get new business (hunting).  If it is to focus on ensuring you are perceived as the most technically proficient provider, then be sure it includes making sure your sales team is technically proficient. 

Look for the 20 or so things that someone needs to be able to do well now, and then re-visit it once a year to make changes as your business strategy changes.