Hi everyone…. This is my second in this series of posts. I am taking apart and talking about a data set that HubSpot published in 2018 on Sales Enablement Statistics. These are great bits of information for salespeople and sales managers to … Continue reading
In my next series of posts, I am going to be talking about a data set that HubSpot published in 2018 on Sales Enablement Statistics. These are great bits of information for salespeople and sales managers to know in order to impact the actions they take with prospects and with selling and coaching time. I intend to address all 20 of them over time and I welcome you to share how they impact YOUR actions with your team or with your prospects.
- 50% of sales time is wasted on poor prospects. How are your salespeople prioritizing their leads? Detailed marketing strategies help salespeople focus their energy and bring in leads that have potential—saving your reps time and effort.
For Salespeople: You MUST ask specific discovery questions that target the buyer’s process of decision making. Without that, you will chase rainbows and leave good leads by the wayside because of a personal perspective that you have about the prospect. You need to have questions (BADAS) to determine their position in the buying process that you ask EVERY prospect in order to know how you should engage now and what the outcome is that you are driving to.
For Sales Managers: You also need to be mindful in reviewing new leads acted upon to find out how much the salesperson learned about the prospect and what the next actions are and when they will occur. And begin to create a history of time: when met, first actions and determinations, discover questions asked, appointments set (and for what outcome?), quote – close. AND their overall close ratio. You might trace it all the way back to how the lead was originally managed.
Now, everyone go sell something.
For sales leaders, everywhere
Many retailers use statistics to measure performance and results, and there are some constants that all retailers measure: Traffic, close ratio, average sale. All are measurable, all matter, and all have specific actions to increase them.
There are retailers who add another statistic – sales per guest/dollars per opportunity/performance index. Whatever you call it, they all measure the same thing: Total revenue divided by total traffic. It is a combination of close ratio and average sale. It indicates how much every opportunity is worth to each salesperson based on what they do with it, and how well the store is doing. Since it’s a number that measures more than one thing, I have often worked with retailers to lean one way and develop a strategy toward either improving close ratio OR average sale.
Recently, I was working on a seminar for Furniture Row and thinking about this statistic again, and asked myself “Are there actions that improve both close ratio and average sale that would definitely increase performance index?” And yes, there are three: Sketch the room, make appointments to close, use financing for purchases.
As sales leaders, you want to direct your teams to the actions that will get the highest impact AND, since you can’t watch and focus on everything, you and your team members need to reliably and consistently execute the actions that get the biggest return. These do that. Take a look at your team and YOUR actions to direct these three actions and dial up the visibility and accountability.
And if you need help with this, call me. 877-663-9663.
Now, go help your team to sell something.