Being successful in marketing and sales for business development purposes does not happen by doing the same things the same way with the same customers without some adaptation and evolution of your efforts. Customer buying habits continue to evolve, expectations continue to rise, and competition continues to increase.
There are 12 business trends that are inherent in successful marketing and selling efforts that you can integrate to meet these challenges.
- Marketing and Sales Alignment
- Collaborative Planning and Goal Setting
- CRM Systems and Processes
- Original Content and Marketing Automation
- Face-to-Face Marketing
- Build Repeatable Processes
- Business Skills
- Accountability and Transparency
If you have heard of these 12 trends and you have them in place, perfect! If you have heard of these 12 trends and need some additional information to convince yourself or your executive leadership about why you need to take these serious, then here is a further explanation of of the first four of these business trends to integrate for increased marketing and sales results.
The ability to adapt and evolve are not unique to the theory of evolution, they are important factors for your business to thrive in the marketplace. When was the last time you asked your customers what they wanted versus telling them what you think they want? Sure, some of the things they ask for will not be in your wheelhouse, but if enough of them are asking for the same thing and not receiving a solution from your competition, maybe it is time to innovate or diversify what you do to stay on top.
2.Marketing and Sales Alignment
One of the most pragmatic CEO’s that started her own company from scratch once told my B2B marketing class that until someone gives you money, everything you do is marketing and then you market some more until they give you more money. This makes “sales” a point in time on the spectrum, a triggering event where the stars align and the universe seems to make perfect sense to all of the relevant stakeholders.
My world has three phases to successful business development: awareness, conversion, and account management. Marketing has specific messages and activities aligned on the customers in all three phases just as sales has specific activities and milestones that need to be in the same alignment. Why did you send an email about what you do to a customer that you have had for years? Why did the sales team not follow up with all of the leads from the last targeted campaign? Why, on this earth, are you not communicating with and making visits to customers that just bought from you but then went silent?
Marketing and sales is a world of infinite possibilities but limited resources. Make sure that everything you do in marketing and sales is aligned to create efficiencies that minimize the overlap and maximize the opportunities.
3.Collaborative Planning and Goal Setting
Long gone are the days of leadership informing you of what your goals should have been in the annual company address that is three months into the following year, or at least they should be? If you want your business to grow, why are you not giving all of the stakeholders a seat at the table to set the goals and be part of the planning that it will take to reach your vision?
Wait, you don’t have a vision for the business and have not communicated it? This should not be a new trend and that is the reason there is not a number 13 to this blog. Marketing, sales, IT, finance, administration, HR, operations, and even a few strategic partners should all be at the table to help you determine what they can do and how they are going achieve that vision.
4. CRM Systems and Processes
One of my favorite hot buttons of all time. Did you know that only 10% of companies have some sort customer relationship management (CRM) in place and that only 10% of those companies use the CRM systems to their full extent? My math may not be the best but that means only 1% of companies are using CRM to the fullest extent. The top 1% is called that for a reason, and it is not always because they are lucky. This 1% uses the intelligence from their customers and their business to make smart business decisions.
Your customers are your largest asset and if you do not have a tool in place to manage that asset, then you should not blame internal or external forces for sales declines, shrinking margins, or lost market share. A proper CRM system can be your crystal ball to help you stop all three of those scenarios.
5. Original Content and Marketing Automation
I am sure you have seen or read plenty of white papers on how SEO is positively impacted by the original content you produce about what you do and how it impacts your customers’ business just as much as you should be communicating on every channel that the internet makes possible. I have to say that I have seen the results of this and you need to take it seriously. What have you done to document what you do? Do you even know how you make a positive impact on your customers? What are you doing to tell the world about it? Who are you even talking to?
Here is the answer to the last questions in point five. If you are utilizing your CRM system and marketing automation processes properly, then you should know which customers are ideal, which products are profitable, what market segments are growing, what lead sources are productive, and what activities are working. How efficient would your business development efforts be if you knew who you should talk to, could communicate how to increase your customer’s value to their customers business, and knew what products you need to sell more of? Instead of trying to be something to everyone and doing and saying what you think is right, why not let your customer intelligence and business intelligence tell you what you should actually be doing and saying?
In a previous post about legacy sales teams (link) and in the words of the immortal Montgomery Burns, it is time to “release the hounds.” Is your business development team expected to clock in and clock out on-site, working from desktop based software, making phone calls from a desk phone that is within proximity to 15 other conversations in the background, or do they have tablets or laptops with cloud based applications, have VOIP solutions that make them available seamlessly from anywhere, and have the autonomy to develop relationships anytime and anywhere? It is a 24/7/365 global economy that demands success to let go of traditional management and take advantage of every opportunity that presents itself. Why do you think E-Commerce is growing? What time of the day did you place your last Amazon order?
You would be correct to set some boundaries for your mobile business development efforts but you would be foolish not to explore the technologies and practices that have helped the successful 1% we mentioned.
8. Face-to-Face Marketing
While we are on the subject of mobility, how are you incentivizing your business development team members to get in front of customers and prospective customers? Especially in the Milwaukee and WI marketplaces, showing up and talking to people is probably 80% of business development success. Magic happens when people get together and have conversations about what each other does.
With people you know, the conversation should have a point and targeted results. With people you don’t know, there is a different approach. I learned this from Robert Rose at a BMA-Milwaukee event in February of 2015 (I forgot where he stated it was from or if it was original) and it just seemed to make sense. When talking to an individual that you have never met before at a networking event or an event where you have a shared interest, use the (FORM) framework to structure the conversation. FORM is an acronym for (F) Family, (O) Occupation, (R) Recreation, and (M) Motivation. Tell me about your family, tell me about what you do, tell me about what you do for fun, and tell me about what gets you out of bed in the morning. I think your conversation will be amazing and probably lead to a next step with both of your efforts.
9. Build Repeatable Processes
Why re-create the wheel? Doesn’t that work alright? Business development is all about volume and velocity. We’ll talk about keeping it simple in point #11 but I will ask a simple question: What if you could predict results based on what information you have and what activities you executed regularly? Too good to be true?
How efficient would your business development efforts be if you were able to on-board new customers without having to do things differently every single time? I am talking about pricing, contracting, delivering, billing, and even resolving complaints. Did you know that the average person in a business development role is only able to “sell” about 10% to 20% of the time because they take it upon themselves to do everything else because there are no processes in place? What would your sales look like and what would everyone’s paycheck look like if your business development team could “sell” 60% of the time?
10. Business Skills
Have you read the book “The Challenger Sale” by Mathew Dixon and Brent Adamson? If not, you should (link). The book identifies the successful traits and skills of the business development people that have been exceeding expectation since the latest “recession.” Equip your business development team with the tools to understand business, not just the products and services you offer. Give your business development team the ability to understand how your customers make money. Stop talking about your product and service and start talking about how your product and service can impact your customer’s revenues, efficiencies, and profits and add value to their customers. Help your business development team become advisors to their customers and your business relationship with your customers will evolve from a supplier to a trusted partner.
In a previous post, we talked about the four “F” words you should be using when talking about your efforts. Those words are: focus, fill, forward, and finish (link). Whatever your efforts may be, they should be focused on the right activities that are designed on filling the funnel, moving opportunities forward, and finishing (closing) the opportunities that you have been cultivating….keep it simple stupid……that’s it! How much “new” business can you find and how fast can you on-board “new” business and use your sales funnel metrics to help you get better?
However, you need to be aware of opportunity costs your current marketing and sales structure and processes may be producing. Beware of “non-selling” activities delegated to the personnel that are responsible for your business development efforts because they will cost you money. These non-selling activities will impede new business development and should to be reviewed and be delegated to appropriate support personnel. Ask your team about what is keeping them from spending more time in front of their prospects and take the excuses away.
12. Accountability and Transparency
Sales is a team sport. Is everyone rowing in the same direction for the successful growth of your company? The actual activities that are associated with business development transcends just the marketing and sales department. Everyone in your company has an impact on your prospective customers and your current customers. What are the customer touch points? What are the roles and activities that are needed at each touch point? What needs to happen by whom and when to be successful?
Once you get everyone on board, determine what the goals are, determine the metrics to be measured, determine who is responsible for the appropriate activities, and make the results public so everyone holds each other accountable. One of my favorite tools is a “war board” that is visible to everyone. This single tool has aligned more efforts and generated more results than any other tool I have seen. I don’t care if you use chalk, dry-erase, spray paint, oil paints, or even permanent ink. Just make sure you are using something visible to all for documenting progress.
Integrating these 12 business trends into your marketing and selling efforts will make a positive impact on your results in a short amount of time when committed to. If you want to grow your business or even just your individual marketing and sales business development efforts, prioritize which of these 12 business trends could make an impact your marketing and sales efforts and make a plan to integrate them over the next 30-60-90 days.
Getting results out of your sales team is still the goal but the days of beating the Viking drum are over except for those lucky few that still work in a pirate culture where beatings will continue until moral improves. These are the companies and bosses that only care about how many calls you made, how many leads you found, and how late you are working this Saturday when you come in. Most socks in your dresser drawer have a longer life than the sales team members and sales managers in these types of cultures.
Today’s sales leaders don’t yell down from upstairs, ask questions that are meant to make you look foolish in front of your peers, threaten to take accounts away if you don’t make your numbers, or force their teams to sit through sales training from the bosses networking friend that only addresses perceived organizational problems.
Today’s sales leaders are characterized by the following:
- They work with and support their teams in the field
- They work hard to make sure their teams have the resources and training they need
- They make sure post-sales support is in place
- They make sure that marketing is aligned with target markets and generating leads
- They make sure that goals have been developed together, plans are in place, and that activities are aligned with meeting the goals.
They also keep their teams focused by asking these 6 simple questions of their sales team members on a weekly basis:
- What went great this week?
- What got in the way?
- What is your plan for next week?
- What does success look like next week?
- What changes do you need to make for that success to happen?
- How can I help you?
Today’s sales leaders get their team members to become autonomous and self-directed like independent business units that independently have a unique set of skills. These questions are asked in a one-on-one setting where individual hurdles and constraints can be solved like using a personal trainer versus the traditional drill instructor that we see in movies.
Results still matter at the end of the day but so does how you get them. Provide your sales team members with the resources and training they need and make sure they have a personal trainer to help them.
We’ll end with a quick quiz.
Q: What do typewriters, asparagus tongs, horse plows, beta cassettes, Polaroids, and 1950 sales management tactics have in common?
Feel free to contact us if you need help with the answer.
It is the classic application of the quote “what got you here will not get you there”. Having worked with numerous companies and sales teams over the past years, I have found some common roadblocks that senior sales teams and senior sales organizations share. These roadblocks can hinder performance and production of your sales team and hence impact your top line sales and even their own W-2’s at the end of the year. In today’s environment of ever increasing sales budgets, customer vendor consolidation, professional purchasing functions, and decisions made by centers of influence rather than one person, you might want to consider providing some of the following solutions and resources to your teams.
Get your team out in the field. Sales teams that are only equipped with a desktop computer where access to the server and software programs must be done on company property are very limited. Many sales teams belong talking to their customers and qualified new prospects and the best time to update CRM Data, order information, and customer information is from the field when the information is fresh. Laptops, tablets, smart phones, and data plans will unleash your team from the office and give them more time to be talking with customers and qualified prospects about their business.
Ditch the paperwork. There are numerous free smart phone applications and free cloud based software programs that can keep your sales team focused and productive. From CRM systems like ZOHO, project management software like Asana and Evernote, mind mapping software like X-Mind, video conferencing software like Skype and Google Hangouts, conference call ability from Free Conference Call, business card scanners, Free PDF Printer, expense tracking apps such as Falcon Expense, and even calendar and email syncing with outlook accounts to smart phones. Your sales teams can stay connected and on task.
Social Selling tools & Skills
It is who you know and what you know about them. If your sales team is not investigating their customers and targeted prospects through Google, Reference USA, Jigsaw (Data.com), Hoovers, LinkedIn, and the various social media channels that those companies and prospects participate in, then you are missing a huge opportunity for some great conversations. Are they in the news? Have they won any awards? Are they growing? What is their company culture like? What causes do they have? Who are their key stakeholders? What are they saying about their business and their customers? Who do you know that can help give you a referral? There is a lot of information out there that can help you identify where you can add value to their business. These are all free tools and it usually only takes a mouse pad and one finger to navigate through it. Who doesn’t have at least one finger?
It is not about you anymore. It no longer matters that you are a 100 year old company and have been in sales for 35 years. It is all about how you are going to increase your customers’ revenue, efficiencies, and profits by adding value to their owners, employees, and customers. Your marketing message needs to be customer centric, aligned on your target market, and be able to drive actions based on the value you deliver and your sales team needs to be able to communicate that same message. What is your “Why”? Why would a company choose you if all other things are equal? What can companies expect when doing business with you? The days of showing up and throwing up about you and your services are over. You need to make it about them and change the conversations!
Not all of us are wired the same. If you think that conversations between baby boomers and millennials are interesting in the work environment, just wait until generation Z enters the workforce. Now picture those conversations in a sales situation. Not all of us have the same experiences, were raised in the same way, have the same beliefs and values, or are motivated by the same things. Not all of us communicate or hear the same way. Not all of us deal with conflict or can lead as well as others and we definitely do not all make purchases the same way. Who is the person you are talking to across the table and what have you done to understand them? Personality profiles such as DISC and Culture Index help your team understand their own selling style so they can adapt to their customers and prospects buying styles.
Integrated Sales & Marketing Plans
If you don’t know where you are going, any road will get you there. What is the sales goal for the year? What are the sales goals for the individual team members? What % of sales is going to come from existing business? What % of sales can be grown by selling more to existing customers? What % of sales needs to come from new customers? How are we going to reach new prospects and make them customers? Minimally, having a sales plan with goals and leading indicator metrics like # of presentations, # of quotes, # of leads contacted, and # of new opportunities found will help drive some focus. Now imagine breaking that plan down to the individual sales team member and even to the individual account level. Giving your team a road map that is aligned with company goals will drive the right proactive activity and even accountability that is much needed.
Comfort breeds complacency. The desire and passion to grow sales or change habits when a sales rep is guaranteed to make over 6 figures in salary is minimal. It is just human nature. Unless you are rewarding results as well as rewarding the right activities that will lead to the results, your sales will remain flat and your margins will continue to slip unless you add new products or raise prices. Current customers will keep the lights on but new customers will make you profitable so what are you doing to reward your teams for acquiring new customers and completing the activity that will get them in a position to meet them? If you pay a high salary, then require certain level of activities. If new customers and new product placements are a priority, then pay a higher commission on those results versus repeat sales that can almost be automated.
Many organizations and professionals must commit to continuing education to stay current with best practices, keep their licenses, and stay on top of their game. What is the last book your sales team read? What is the last time your sales team changed a habit? What is the last time you invested in training for them? When was the last time you invested in new technologies? What could your performance, production, top line revenue, and your teams W-2’s look like if you provided these solutions and resources to your legacy sales team?
Feel free to check out the other 13 free sales tools to help build your business, check out our sales manager checklist to help identify additional opportunities to help your team, or contact me to receive additional ideas and best practices.
While working on my village late one night, trying to assemble a clan, and trying to gain a better league status, I realized how similar the tactics in Clash of Clans are to developing a market and managing a sales team. In fact, the tactics are also similar to playing such strategy games as Risk, Axis and Allies, and Battleship that so many of us grew up playing. When starting out, you have infinite possibilities but limited resources and competitive forces that sometimes have more experience and are better established.
So where do you start and how do you compete successfully in both the game and in market development and sales management?
Have enough of the right resources
In the game, it takes gold and elixir and you need to mine for both of them. In market development and sales management, it takes money, time, and the right activities. All three must to be used efficiently to build your market and using your resources efficiently will lead to more resource being available to continue your growth.
Defend your ground
In the game, you start by building a village that you will quickly need to defend because you are the weakest village on the planet. In market development and sales management, it starts with identifying a market, entering the market with an initial offering, and then protecting your market share from competition by servicing your customers with great customer service and delivering value.
Have the right team
In the game, you have a choice of warriors with various skills sets that serve different purposes depending on what you need to accomplish successfully in a battle. In market development and sales management, you need to have the right people in the right positions doing the right things for lead generation, customer conversion, relationship management, sales support, and customer support.
Choose your battles
In the game, you are given the ability to choose your battles which is helpful since you get to survey the competition and do a quick analysis of your resources compared to your enemy’s defenses to decide if you want to take the risk of competing. You will not be able to compete against some opportunities so it is helpful to have some foresight. In market development and sales management, we try to know the competitive landscape as best we can and use our differentiators to sell against our competition. Knowing how the competition might respond and knowing from experience which opportunities to walk away from are helpful skills in the long term.
Review your failures
In the game, you can watch a replay of your battle to determine where you need to make changes for next time. There is no better learning opportunity like having your village leveled 100%, your resource pilfered, and you are given a shield for 12 hours out of pity from the game creators to protect yourself since you lost so badly. In market development and sales management, you can’t replay your activities but you can perform a post mortem analysis and learn what behaviors, language, activities, questions, solutions, and competitive activities you need to be aware of or perform better for the next opportunity. You can actually learn more in sales from your losses than you can from your wins.
In the game, you are can see how much upgrades and additions cost and understand where you are weak so you begin to plan what changes you need to make based on how successful your offensive campaigns are and how successfully you defend your village from raiders. In market development and sales management, you are able to use business intelligence reports from the CRM and accounting system to identify what product lines are most profitable, which customers are most profitable, and what activities are the most productive so you can make adjustments to your selling plan and how you are using your team.
If you are not a fan of Clash of Clans or you did not grow up playing strategy based games, then this might not make as much sense to you. However, the same lessons can also be learned from competing in sports, competing in the talent shows, and from your current market development and sales management success. If you would like some pointers on Clash of Clans or in your market development and sales management, feel free to email me. Nothing like having a coach and a mentor to help you navigate through some difficult times.
Stay ahead of the market by maximizing the opportunities in the world around you.
Leading a sales team is a constantly evolving mission with a single objective: to meet and exceed the sales objectives for the area you’re managing. It involves constant recruiting, training, motivating, and coaching of both direct reports and non-reports. It is a constantly giving position that takes nothing and gives credit where credit is due.
The variables that can impact your success as a leader are tremendous. Below is a weekly sales management checklist and its purpose is to help you stay on top of the primary issues that should have your attention on a regular basis to keep you on track.
- Do we know what is going on in our industry?
- Do we know what is going on in our market?
- Do we know what is going on in our competitors?
- Do we know what is going on in our customers?
- How are we differentiated?
- Do we have the right metrics in place to measure change?
- What does the team need to know more about?
Goals & Roles
- Do we have defined goals for the year?
- Do we have defined sub-goals for the next 30/60/90 days based on the annual goal?
- Does everyone understand their roles and expectations in achieving the goals?
- Does my team have a plan for achieving those goals?
- Do we have the right metrics in place to measure progress?
- What can we provide to the team to help them?
- Do we have the right people on the team?
- Do we know what the team is great at?
- Is the team utilizing their strengths to their full potential?
- Do we know where the team needs help?
- What tools do we need to use better?
- What activities do we need to do better?
- Do we have the right metrics in place to drive success?
- How can we coach the team for better performance?
- How well is our lead generation working?
- Are we easy to do business with?
- Do we have the people and processes to support the sales?
- Are we maximizing our capacity?
- Are we meeting our revenue / units / margin goals?
- What are our customers saying?
- Do we have the right business intelligence to make informed decisions?
- What can we improve this week?
- Who are our top customer? Who changed? Who can we grow in the middle 60? Who do we fire>
- Do we have the right strategic partners to help us add value to our customers?
- Who else need to know about what we do?
- Who can we be a resource for?
- What is my 30-60-90 day plan and is it focused on the goal?
- Who can I use as a sounding board?
- Who can hold me accountable
- What books have I read in the last 3 months?
- How can I help others in their personal lives?
- What can we celebrate?
Your particular sales world will most likely involves a few more points or slight changes that are specific to you and your team, your company, your industry, and your market. You may be an owner in charge of the sales effort, a sales manager in a large company, or even an autonomous sales person that has to manage themselves. Regardless, the sales management function still needs to perform and consistently addressed, these are the sales management fundamentals that will put you and your team in front of the pack and help you maximize the opportunities in the world around you.
We previously wrote about the characteristics of successful selling organizations and identified that they all shared strong sales leadership and had a strong sales management function in place. So what are the characteristics of these sales manager and sales management functions that leads to becoming a successful selling organization?
- They have a seat at the table with the senior leadership and is part of crafting the vision of where the organization is going both short term and long term.
- They are able to be the voice of the customer and sales team throughout the entire organization.
- They are always looking for better ways of doing things to get better results with both internal and external customers.
- They know how to prioritize activities and motivate others.
- They have a methodical approach to the market and are able to direct internal and external resources to deliver what was promised.
- They are capable of assembling a team and making tough decisions about them.
- They foster a culture of winning as a team.
- They use business intelligence, market research, and objectivity to drive decisions about what actions and activities are necessary to achieve their goals and objectives
- They are not afraid to give credit to others and share success with their team members.
- They focus on selling more to the market through their sales team by hiring the right talent, training them on the processes and systems, and coaching them for better performance.
Does your sales manager or sales management function share any of these characteristics? Feel free to download our presentation on both of these topics for your next sales meeting and contact us if you would like us to present these materials for your next sales meeting.
Does your company share the characteristics of such successful selling organizations as SAP, Oracle, CA Technologies, SalesForce.com, Monster.com, Cisco, Clear Channel, and VMWare? These are just a few on the Forbes 2013 list of top selling organizations. These are all companies that:
- Outpace their competition
- Are leaders in their markets
- Consistently deliver profits year after year to their share holders
- Are capable of hiring great sales representatives
We previously wrote about the 3 benefits of being a market-oriented and customer-focused organization so we narrowed the list down to 9 characteristics that top selling organizations share:
- They all have a vision of what they want to be and have the entire organization aligned on it.
- The all foster a culture of continuous improvement and learning where employees are expected to challenge the status-quo and help increase revenues, decrease costs, and increase efficiency.
- They all operate under a sense of urgency.
- They are all very process driven with a repeatable sales process.
- The are able to hire superior sale people because the have sales processes and systems in place.
- They are all results focuses and not activity focused.
- They all have leading indicators and metrics in place to measure success that is focused on new business and not just any business.
- Their compensation plans are aligned with the goals of the organization so their people are rewards to produce the right results.
- They all have strong sales leadership and a strong sales management function.
So how does your organization rate for these characteristics? Do you have some of these characteristics, are you strong in any of them and weak in others, or do you not have any of these? We invited you to be part of our survey to see how you rate your selling organization based on the 9 characteristics listed here. The results will be published in November 2013.
Please feel free to contact us if you need help with building these characteristics into your selling organization.
Innovation is difficult and innovations alone will not drive sales so who is on your team that can help you grow your business? Do you have the right types of sales representatives for your efforts? Can your sales efforts increase market share utilizing current resources?
What made your organization successful in the past may not be enough to maintain the current sales levels or even survive in the future. Many companies are doing the same thing the same way with the same people and with the same customers. Companies must evaluate their sales efforts and sales teams if they want to grow in this “new economy”.
In the book “The Challenger Sale” by Mathew Dixon and Brent Adamson published in 2011, the authors studied the skills, behaviors, knowledge, and attitudes that matter for high performance and developed five profiles of sales representatives including the identity of the most successful one. It is a brilliant book that you should read if you are serious about taking your sales effort to the next level and stay ahead of the competition.
So what are the five different profiles and what is the most successful one?
The Hard Worker: This sales representative is always willing to go the extra mile, does not give up easily, is self-motivated, and interested in feedback and development. 21% of sales representatives fall into this category.
The Relationship Builder: This sales representative builds strong advocates in customer organizations, is generous in giving time to help others, and gets along with everyone. 21% of sales representatives fall into this category.
The Lone Wolf: This sales representative follows their own instincts, is self-assured, and difficult to control. 18% of sales representatives fall into this category.
The Reactive Problem Solver: This sales representative reliably responds to internal and external stakeholders, ensures that all problems will be solved, and is very detail oriented. 14% of sales representatives fall in to this category.
The Challenger: This sales representative always has a different view of the world, understands the customer’s business, loves to debate, and pushes the customers. 27% of sales representatives fall into this category.
There is no doubt that the “Challenger” is the most successful of sales representatives studied. The good news is that the characteristics and style of the “Challenger” representative can be taught and replicated in any organization.
Challengers do not lead with information, they lead with insights about how they can save money, increase revenues, or increase efficiency in their prospect’s or client’s business. The Challenger teaches their prospects and clients things that they do not know and can use to improve their business.
Please feel free to contact us if you need help building challenger representatives in your organization for your selling efforts.
In a recent seminar about “Building a Sales Management Function” that I was honored to facilitate, we talked about what metrics matter to an organization that wants to be forward thinking and use leading indicators instead of the traditional “Postmortem” metrics that most companies use. Looking backwards is fine if you are alright with using your rear view mirror to drive forwards, but companies that are focused on sales growth should be using a different set of Metrics. These seven metrics are both useful for production and for a sales management function to identify coaching opportunities for better sales performance.
These seven sales metrics are key to effective sales management for organizations focused on growth:
1. #of Face-to-face meetings with “new qualified targets” (not prospects or leads) regarding new opportunities
2. # of two-way phone or email conversations with “new qualified targets” regarding new opportunities
3. # of Face-to face meetings with existing clients regarding new opportunities
4. # of two-way phone or email conversations with existing clients regarding new opportunities
5. Amount of new opportunities added to their sales funnel
6. The # of actions that moved existing opportunities through their sales funnel
7. The amount of new business that closed from their sales funnel
These seven sales metrics will help identify how effective a sales rep is at both finding new business (volume) and moving business through the sales funnel (velocity). These seven sales metrics will also provide your sales management function with the information and business intelligence they need to coach your sales rep for better performance once you bench-mark them.
What questions would you ask as a sales manager to coach your sales reps once you have bench-marked these sales metrics?
1. How can we increase the average value of the new opportunities you find in new clients and existing clients?
2. How could we decrease the length of sale from 6 months to four months?
3. How can we increase the amount of opportunities in existing clients?
4. What else do you need to help add volume to your sales funnel?
5. What are the objections you are getting from clients and how are you navigating them?
6. What do you need to do differently next week to get better results?
7. How can I help?
You cannot manage want you do not measure and what you measure gets done, so what are you measuring and what else do you need to start measuring? A good sales management function will help their sales reps put money in their pockets so everyone is happy. I guarantee your sales reps want to know the measuring stick and know that someone wants to help them.
Please feel free to contact me if you need help identifying what sales metrics makes sense for you to measure for growing sales and how you can start using them to improve your sales performance.