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Sales Inflection Points in Your BusinessHiring and Building a Successful Sales Force
Presented by
Lisa Peskin - CEO
Business Development University
Innovation & Entrepreneurship Institute
Objectives:•Outline sales stages of a company•Go over the 3 major areas of sales success•Review top must dos in sales and sales management•Discuss obstacles and challenges to entrepreneurs•Provide 2-3 ideas that you can implement immediately that can help you be more effective and purposeful
A little about me and BDU…
What Do Entrepreneurs do in During a Tough Economy?
What Should Entrepreneurs Focus On During a Tough Economy?
INCREASING SALES REVENUES!!!
How do you maximize your sales revenues?
Depends on your role
• Business Owner responsible for all sales?
• Business Owner responsible for sales and manages sales associates?
• Business Owner manages sales associates?
• Business Owner that manages Sales Manager
Stages of a Business
Stage 6Hire Vice
President of Sales
Stage 5Hire Multiple
Sales Managers
Stage 4Hire First
Sales Manager
Stage 3Hire 1 or 2
Sales Associates
Stage 2Owner =
Sales
Stage 1Business
Starts
Stages of a Business
Stage 1Business
Starts
Stages of a Business
Stage 2Owner =
Sales
Owner = Sales• Only X % time focused on sales• Owner may be responsible for fulfillment/ operations• Owner may not have sales background/ training• Limited track record• Resources limited
Stages of a Business
Stage 3Hire 1 or 2
Sales Associates
Ready to Hire Sales Associates• Inside sales vs outside? • How many should I hire?• Who should I hire?• How can I find them?• What is the best way to
on-board them?• What is the best way to
maximize their performance?
Company
Marketing/ Sales
Business Development
Sales Support
Operations
Stages of a Business
Stage 4Hire First
Sales Manager
Ready to Hire Sales Manager• When are you ready to
hire your first Sales Manager?
• What is the ideal span of control?
• What is the best way to manage the sales manager?
• How do we structure the sales force?
Stages of a Business
Stage 5Hire Multiple
Sales Managers
Stages of a Business
Stage 6Hire Vice
President of Sales
Stages of a Business
Stage 6Hire Vice
President of Sales
Stage 5Hire Multiple
Sales Managers
Stage 4Hire First
Sales Manager
Stage 3Hire 1 or 2
Sales Associates
Stage 2Owner =
Sales
Stage 1Business
Starts
Activities
ProcessAttitude/ Motivation
3 Major Areas of Sales Success
– New business vs. repeat business– Source of new business– Characteristics of new clients– ROI on marketing efforts– Forecast vs. Actual– Progress against goals
New Business
Additional Business
Total Sales
Repeat Business
Key Metrics to Measure• Activity and result goals• Calls, contacts, appointments• Close ratios• Average sale• % of quota• % of forecast• Months over quota
Metrics – You Must Know Your Numbers!
• Annual Goal less Less YTD sales =Sales needed
• Less forecasted business = $$ needed
• Less Repeat business
• Less Additional business = new business $$ needed
• Divided by Average sale = # Sales needed
• Close ratio = # Proposals needed
• # Appointments/ proposal = # Appointments needed
• # Contacts/ Appt = # Contacts needed
#1 Key to have consistent results
Strategically Fill the Pipeline with qualified leads on a consistent basis
PIPELINES
A poor pipeline makes you a coward
A rich
pipeline
makes you
a lion
Consistently Build Sales Pipeline
Which would you choose?
10% or 30% or 70%
SalesPipeline
Prospecting UnsolicitedReferrals
Solicited Referrals
MarketingEfforts
SalesPipeline
Prospecting UnsolicitedReferrals
Solicited Referrals
MarketingEfforts
30% 70% 70% 10%
Strategic Referral Sources
ProspectsSuspects
Networking
Referral Sources
Social Networking & Staying Connected
Consistency is Key
Maximize Opportunities with Current Clients and Past Prospects –
Squeeze the Lemon!• Additional business• Additional contacts • Referrals• Reference letters• Can you use them as a reference• Referral sources• Stories about why they love you• An understanding about what they
want you to improve
Create a blueprint for success
Formulate a Sales Plan• 30/60/90 day plans• Measuring progress• Accountability• Rewards and
recognition
Set S.M.A.R.T. Goals for 2011
• Specific• Measurable• Alligned• Realistic• Timed
Sales Activities
•High pay-off activities•Understanding the numbers•Goal orientation•Tracking
ACTIVITIES Goal
Per Week
Goal
Per Day
Monday Tuesday Wednesday Thursday Friday
Face to Face Meetings
Ne
Prospect Appointments
Follow up Appointments
Strategic Referral Meetings
Networking EventsProspecting Phone
DialsProspecting Phone
ContactsAppointments
Generated
Activity Tracking
Direct Correlation
Activities
Sales
Sales Activities
Effective Time Management Time is valuable
Plan out time (daily, weekly, monthly)
Maximize opportunity costs
Make good decisions
Use to do lists
Take advantage of technology
Time Activated Priorities - TAP
Activities
ProcessAttitude/ Motivation
Sales Process•Build Business Rapport•Set agendas and expectations•Uncover needs – theirs and yours•Present solutions•Handle objections•Close for next steps
SALES
Increase Close Ratios• Meet with decision
makers• Consultative approach• Use stories• Multi-prong approach• Good follow-up
systems
Sales Development
•Provide feedback effectively•Triage areas •Planning sessions •Field rides•Curbside critiques•Training•“Show” as well as “tell”?•Knowledge and skills inventory•Performance Improvement Plans
Sales SupportMaximizing “selling time”Management support of salesSales and operationsAdministrative support
Sales Incentives and Recognition Programs
•Competition factor•Motivating team efforts•Tracking and reporting•Roll out of programs•Timing•Structured vs ad hoc•Positive feedback and recognition
Compensation
• Base salary• Commissions• Draw
– Recoverable– Non-recoverable
• Bonus• Benefits• Additional Incentives
Sales Morale
•Retaining top performers•Treating people like people•Carrot vs. Stick•Communication •Compensation •Understanding individual motivations
Willing, Committed and Able
• Selling is easy if you go at it hard, but it is hard if you go at it easy
• Working to your potential• “Many receive advise,
only the wise profit from it.”
Attitude and Motivation• No one can ruin your day
without your permission• Winners do what losers
don’t like to do• Most people will be about
as happy as they decide• You don’t have control of
what happens in your life but you do have control how you handle it.
Sharing is Caring
STOP
START
CONTINUE
Evaluate and TweakWhat are you going to …
Takeaways
What are the 5 things that you will do differently when handling objections?
Lump of Clay Theory
Your opportunity starts NOW!
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