Key stats about sales productivity:
- 2/3 of sales reps fail to reach their annual sales quota goal (Aberdeen)
- Most sales reps spend more than 50 full days away from core selling activities each year (Domo)
- 80% of sales occur between the 2nd and 5th call, but only 20% of sales reps even make it to a 3rd call (Thunderhead)
When you have a finite number of selling days per year, it’s best to make the most of them. Happy and engaged employees are not only 31% more productive but also have 37% higher sales.
It takes an average of 8 cold call attempts to reach a prospect.
Typically, only 2 out of 20 salespeople will raise their hand when asked: “How many times in the last 90 days have you asked one of your best clients for a personal introduction to top prospects?”
91% of customers say they’d give referrals. Only 11% of salespeople ask for referrals.
Why do so many salespeople intentionally overlook the most powerful prospecting asset they have to leverage – your client base? The answer is not surprising or amazing at all when you think about it; it’s fear.
It seems overly simple to say that it’s easier to make a cold call than it is to ask a client or a friend for an introduction. But, most salespeople have proven they are both capable and willing to do it.
First, the salesperson must believe they’re worth it, that they deserve it.
Second, we have to reprogram the use of the word referral. There is nothing wrong with the word referral; it just brings up negative connotations with most of your clients. Once we get over that hump, you’ve just opened the door to a virtual goldmine.
Providing Reps with Better Data
One of the best ways to improve effectiveness is to focus on providing your sales team with better data.
As a sales leader, your job is to support the sales team and possibly provide them with quality leads. Investing in a quality data source ensures cleansed has accurate contact information. Asking salespeople to do this lowers their productivity.
Structure data into groups of similar leads. Leads can be grouped by lead source, location, industry, and/or company size.
“This allows sales reps to prep once for calls to an entire group, instead of prepping for each call. This also gives managers the ability to customize messaging strategies to entire groups to improve results.”
Invest in the Proper Tools
You have probably spent time and money on recruiting and training your sales team, so you will probably want to keep them around for a while. Sales enablement technologies aim to align marketing processes and goals, arm sales teams with those tools to improve sales execution and drive revenue. Sales enablement empowers and enables your sales team to work more efficiently, thus driving productivity and revenue.
If a tool can allow your team to spend more time in front of prospects and landing sales, then the extra expense will be well worth it in the long term.
Invest more time in research
Set aside ample time to research a buyer before you reach out to them. The most frequent reason sales reps are outsold is that they didn’t talk to the right people, so use the research phase to learn whether a lead is a decision maker.
Use the many research tools available to find valuable information about a lead and craft more personal and relevant messages – they are much more likely to capture the attention of the recipient.
Better qualify leads by learning about your competitors
A well-defined sales territory means identifying all the competitors a salesperson might encounter during a sales call on a prospective new client. If a salesperson asks who else is calling on them and the answer is “no one,” they probably have not done a good enough job of qualifying. A well-qualified lead will be ready to buy and will ultimately make a purchase – either from you or from one of your competitors.
For more information on sales territory mapping, contact GeoMetrx at 888-848-4436.