5 words that drive revenue

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    14-Jul-2015

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  • W O R D S T H AT D R I V E R E V E N U E5

  • 1 . TA L E N T

  • World-class sales organizations recruit, hire and develop salespeople who have talents that matched the job. Using a statistically reliable assessment to identify talent improves sales performance and minimizes turnover. Too many sales organizations overlook talent and focus on experience (resume) during the hiring process.

  • 2 . S T R U C T U R E

  • Many sales organizations are moving away from the artisan sales structure to a division of labor structure.

  • T H E A R T I S A N S T R U C T U R E :

    Requires the seller to perform every step of the sales process from prospecting to collecting money after the product is delivered.

  • T H E D I V I S I O N O F L A B O R S T R U C T U R E :

    Allows different people to fulfill different roles in the sales process. Marketing takes care of prospecting and setting appointments, sales handles needs analysis, solution development, and closing business, and fulfillment fills the order and handles payment and collection.

  • S A L E S O R G A N I Z AT I O N S T H AT U S E D I V I S I O N O F L A B O R A R E M O R E E F F I C I E N T A N D S E L L M O R E .

  • 3 . C O N C E N T R AT I O N

  • T H E PA R E T O P R I N C I P L E :

    80% of the effects come from 20% of the effort. Sales organizations can benefit from the genius thinking by applying the power of concentration to account list management. This approach segregates accounts and prospects into the following categories:

  • K E Y A C C O U N T S

    These high priority customers represent the top 25% of the customer count and 75% of the organizations revenue. These customers are extremely important and should be treated accordingly. It is also important to remember one firms key accounts are another firms top new business prospectstreating these customers like royalty is a critical part of the firms success, growth and survival.

  • TA R G E T A C C O U N T S

    The most successful firms have a short list of 5-10 new business prospects to pursue using a focused new business development approach. New business development time is limited so prospectsor target prospectsshould be scrutinized and selected wisely using a filter that includes the following:

    Spending potential

    Access to the decision maker

    Product fit

  • S E C O N D A R Y A C C O U N T S

    Low priority customers represent 75% of the customer count yet only 25% of the organizations revenue. These small spending and often-needy customers can suck the life out of an organization because too much time spent here leads to neglect of key accounts and new business development. Simply put, the secondary account time suck is the silent killer of B2B sales training and consulting firms.

  • E X T R A P R O S P E C T S

    Think of these new business prospects as target prospects of the future! A list of 10-15 targets in waiting is a wise investment.

  • Salespeople will waste less time and bill more with an account list management system that uses the PARETO PRINCIPLE because youll spend more time with key accounts and target accounts, and less time with secondary accounts that simply waste time.

  • 4 . A C T I V I T Y

  • S A L E S P E O P L E W H O S P E N D M O R E Q U A L I T Y T I M E I N F R O N T O F C U S T O M E R S S E L L M O R E .

    Note the emphasis on quality time. Spend more time doing the following:

    Needs analysis work

    Brainstorming and solution development

    Closing deals

    ROI follow-up

  • 5 . I N T E G R AT I O N

  • N E W P R O D U C T S A N D S E R V I C E S C A N B E V I E W E D

    T W O W AY S :

  • 1 . T H E M A N A G E M E N T P E R S P E C T I V E

    New products and services = additional revenue

  • 2 . T H E S A L E S P E R S P E C T I V E

    New products and services = another product to sell and another sales goal to meet

  • S A L E S O R G A N I Z AT I O N S T H AT S E L L N E W P R O D U C T S A N D S E R V I C E S A S A N I N T E G R AT E D PA R T O F A N O V E R A L L S O L U T I O N T E N D T O C R E AT E M O R E S A L E S R E V E N U E A N D G E T B E T T E R C U S T O M E R R O I T H A N T H O S E W H O S E L L N E W P R O D U C T S A N D S E R V I C E S A S A N A D D O N O R S TA N D A L O N E O F F E R I N G .

  • TA L E N TS T R U C T U R EC O N C E N T R AT I O N

    A C T I V I T YI N T E G R AT I O N

  • TA L E N TS T R U C T U R EC O N C E N T R AT I O N

    A C T I V I T YI N T E G R AT I O N

    H O W M A N Y O F T H E S E W O R D S A R E I N Y O U R E V E R Y D AY V O C A B U L A R Y ?

    J O I N T H E C O N V E R S AT I O N O N O U R B L O G .