80% of your business comes from 20% of your clients.
In 1896, Italian economist and sociologist Vilfredo Pareto formulated the 80/20 Rule. It states that 20% of the work force produces 80% of the results. How does the 80/20 Rule apply to you, your accounts, and your results?
As the calendar turns to 2024, we find ourselves at the threshold of a new year, brimming with possibilities and opportunities. For sales professionals, this transition symbolizes more than just a change in dates—it marks the beginning of a new sales year, ripe with potential for growth and achievement. So, what better time than now to chart a course towards sales success?
According to data from Objective Management Group (OMG), a leading sales assessment firm, a staggering 74% of salespeople are not achieving their sales quotas. This statistic underscores the pressing need for a strategic approach to sales in the new year. It’s time to break free from the shackles of mediocrity and embrace a mindset of excellence.
To kickstart your journey to sales supremacy, leverage the power of data-driven insights. OMG’s research reveals that top-performing salespeople possess specific characteristics that set them apart from their peers. These include traits such as a strong desire for success, effective communication skills, resilience in the face of rejection, and a relentless drive to exceed targets.
Additionally, don’t underestimate the importance of continuous learning and skill development. OMG’s findings highlight that only 11% of salespeople have the necessary skills to succeed in selling. Many people look at training, attend seminars or workshops, and never implement what they learned.
The sales clock is back at zero…everyone starts in the same place. Where you go from here, is up to YOU!
As you embark on this journey, remember that success in sales is not merely about hitting quotas—it’s about delivering value, solving problems, and making a meaningful impact on your clients’ lives. So, as you raise a toast to the new year, raise the bar for your sales performance as well. With the right mindset, strategies, and determination, the coming year holds boundless opportunities for those willing to seize them. Here’s to 2024, brimming with sales success!
In the dynamic landscape of sales, one skill stands out as a game-changer: listening. A salesperson’s ability to truly listen can be the difference between a successful deal and a missed opportunity. Why is listening so critical? Because it holds the key to uncovering a buyer’s motives, needs, and desires.
The Art of Asking the Right Questions: Asking questions is an essential part of any sales conversation, but the quality of those questions matters just as much as the act of asking. Thoughtfully crafted questions serve as a gateway to the buyer’s world, giving insight into their challenges, goals, and pain points. These questions pave the way for a deeper understanding of the buyer’s perspective, allowing the salesperson to tailor their approach and solutions accordingly.
Whether you’re new to sales or a seasoned veteran, regardless of your “technique”, you’ll still hear “NO” more often than “YES”.
This is a truism of sales. Most salespeople know this, but everyday go on calls always seeking a “YES”. They not only create unbelievable pressure on themselves, but set themselves up for mental failure, as well.
How do we in the training business address this seemingly weighty issue?
You cannot manage time, but you can manage yourself through a disciplined process of maximizing your time by prioritizing activities which will help you achieve your sales goals. This discipline must be ongoing, not something you do once or occasionally.
How do you self-manage activities?
First, identify time wasters, then, identify the source of time wasters and finally, change your behavior pattern.
Remember this? Long days…sore feet…tired back. Sound like your typical trade show?
To make the show worthwhile, you’ve got to put in the effort (And track your results). What better place to talk to and meet scores of current users and potential users of your product or service.
“It’s not WHAT you know…It’s what you DO with what you know!”
NEW BUSINESS
It’s either coming from your existing customer base or from new customers. Keeping the “funnel” filled with qualified prospects requires multiple prospecting methods used in a planned, systematic, and measurable method.
You’ve just hired a new salesperson. Now what? How do you get them productive…quickly? It starts with you the sales manager.
New hires look for leadership. Their initial results will be potentially meager, so lead by example. Success is what they’ll attract…by the salesperson they become. Teach them accountability and discipline, because lack of discipline in the first 90 days causes disasters.
Here’s a brief checklist for those first 90 days:
Establish clear STANDARDS of performance
Define and review the expected results of the job
Define & Track Behavior and Activities
What get’s measured, what gets done…put it in your CRM
Require activity/call reports
Have them track details of appointments and calls within your CRM
Review Progress: Coaching & Couseling
Ask: “What did you do right?” and “What would you do differently next time?”
Product Technical Training
Use to create confidence, competence and credibility, not necessarily expertise in the beginning.
Prospecting, Skills, Development, System/Reinforcement, Role Playing
Hands on Training IN THE FIELD
Finally, you need to measure progress every 30 days. Formally review their progress. Discuss learning, improvements, tracking, results, sales pipeline, strategies and next steps.
Now for the difficult part: At each 30 day interval be prepared to make a decision: Go or “No Go” with the new person. Why? You, as a sales manager, are measured for the results of your people. The longer a poor performer is with you…the more difficult it is for most managers to replace them. Expect success…plan for it, hold everyone accountable and the results will come. Start the off correctly: 90 day plans.
“I hold it more important to have the players’ confidence than their affection.” – Vince Lombardi