JAN
01
0

Measure This Metric To Guarantee Explosive Sales Growth

I had a conversation recently with a business owner about the challenges of finding good sales people. His frustration was obvious. He talked about the time and resources he has invested to find, hire, and train salespeople only to have them leave within the first year or two. Has this happened to you? The cause of this problem is related to the change in how our economy values talent. During the industrial economy the salesperson was trained to know the features, functions, and benefits of their product. Armed with this information the goal was to get in front of as many buyers as possible to, in essence, show up and throw up . There was no understanding of the needs or critical issues in the prospect’s mind. You had value if you could study, retain, blurt out…repeat.    Related: Why "Show Up and Throw Up" Doesnt Work in Sales We...
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1
  881 Hits
881 Hits
DEC
14
2

5 Things You Must Include in Your Annual Sales Plan

Year end in the sales department is a time for evaluation. What successes did you have? What can be improved in the future? There are a variety of metrics to conclude whether it has been a good year, or not. The ones I see most often are: Revenue , which is arguably the most important. Average sale size. Conversion rate , the percentage of leads/opportunities that were converted into sales. Percentage of team hitting quota . New business, retention, and attrition . How many new customers were attained, how many renewed, and how many walked away? When I see organizations that didn’t have a great year I look at their metrics and begin pulling on that thread. Pulling the thread is a diagnostic process that should uncover a weak link in the sales process. I can’t help but think about Stephen Covey and his 7 Habits of Highly Successful People...
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0
  865 Hits
865 Hits
NOV
30
2

"Let me think it over." Turn this stall into a sale

There are 3 guarantees in the life of a salesperson: Death Taxes Having a prospect say; “ Let me think it over ” It’s the grey area of the decision making process that frustrates the hell out of salespeople. It feels worse than getting a NO . A NO will allow you to move on even if you are frustrated and feel you have earned the business. There is closure. You can focus on to the next prospect. Let me think it over . Now what? What’s missing in most sales conversations is an agreement at the beginning about expectations and possible outcomes of your meeting.  When you are in position to sell you can become consumed with the steps you need to take to close the sale. You are in control, or so it seems. In order to have a conversation there needs to be two willing partners. There...
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  697 Hits
697 Hits
NOV
21
0

7 Steps to Creating and Achieving Meaningful Goals

What is the elusive quality that separates the superstars from the masses? It is their ability to set and achieve personal and professional goals. Goals keep you focused on your desired outcomes, rewards, and vision. A goal-oriented salesperson operates with purpose, and purpose is a powerful motivating force. Note the word “purpose.” Your sales organization has a purpose, and each individual producer has a purpose. It’s important to understand this link to goal achievement. The American Society of Training and Development (ASTD) did a study on accountability and found the following statistics about goal achievement: The probability of completing a goal if: You  have  an idea or a goal:  10% You  consciously decide  you will do it:  25% You decide  when  you will do it:  40% You  plan how  you will do it:  50% You  commit to someone  you will do it:  65% You have a  specific accountability appointment  with...
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0
  884 Hits
884 Hits
NOV
14
0

Salespeople are ONLY Motivated by $$$. Don’t Buy This Line of Bull

There is a difference between the desire for performance based income and being motivated exclusively by money . Salespeople want to be paid commensurate with their efforts. Top salespeople parlay their salary, commissions and other incentives into being some of the highest earners in their company. Money is important, but there is more to understand with this issue. The challenge in many sales organizations is that they tend to overlook the unique motivations and drivers of each of their producers, and this lack of understanding hurts productivity and retention. The stereotype that underlies “salespeople are only motivated by money” comes from the carrot/stick incentive, which is defined as extrinsic motivation . If Julie sells more, we pay her more. If Ted doesn’t hit quota, he earns less than he would if he had. Therefore, most sales compensation plans come from the understanding that more is better and vice versa. What...
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  732 Hits
732 Hits