Transcript Stage 1 - Fox School of Business

Innovation & Entrepreneurship Institute
Sales Inflection Points in Your Business
Hiring and Building a Successful Sales Force
Presented by
Lisa Peskin - CEO
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
Stage 1
Stage 2
Business
Starts
Stage 6
Owner =
Sales
Stages of a
Business
Hire Vice
President of
Sales
Stage 5
Stage 4
Hire Multiple
Sales
Managers
Hire First
Sales
Manager
Stage 3
Hire 1 or 2
Sales
Associates
Stage 1
Business
Starts
Stages of a
Business
Stage 2
Owner =
Sales
Stages of a
Business
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 3
Hire 1 or 2
Sales
Associates
Ready to Hire Sales Associates
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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
Operations
Sales
Support
Stages of a
Business
Stage 4
Hire 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 5
Hire Multiple
Sales
Managers
Stage 6
Hire Vice
President of
Sales
Stages of a
Business
Stage 1
Stage 2
Business
Starts
Stage 6
Owner =
Sales
Stages of a
Business
Hire Vice
President of
Sales
Stage 5
Stage 4
Hire Multiple
Sales
Managers
Hire First
Sales
Manager
Stage 3
Hire 1 or 2
Sales
Associates
3 Major Areas of Sales
Success
Activities
Attitude/
Motivation
Process
Conduct a Business
Analysis for 2012
– 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
Total
Sales
Additional
Business
Repeat
Business
Key Metrics to Measure
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•
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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
Consistently Build Sales
Pipeline
Which would you choose?
10% or 30% or 70%
Prospecting
Solicited
Referrals
Unsolicited
Referrals
Sales
Pipeline
Marketing
Efforts
30%
70%
Prospecting
Solicited
Referrals
70%
10%
Unsolicited
Referrals
Marketing
Efforts
Sales
Pipeline
Strategic
Referral
Sources
Referral
Sources
Suspects
Prospects
Social Networking &
Staying Connected
Consistency is Key
Maximize Opportunities with
Current Clients and Past Prospects –
Squeeze the Lemon!
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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
•
•
•
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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
Activity Tracking
ACTIVITIES
Face to Face
Meetings
Ne
Prospect
Appointments
Follow up
Appointments
Strategic Referral
Meetings
Networking Events
Prospecting Phone
Dials
Prospecting Phone
Contacts
Appointments
Generated
Goal
Goal
Per Week
Per Day
Monday
Tuesday
Wednesday
Thursday
Friday
Direct Correlation
Sales
Activities
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
Attitude/
Motivation
Process
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 Support
Maximizing “selling time”
Management support of sales
Sales and operations
Administrative 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
Evaluate and Tweak
What are you going to …
STOP
START
CONTINUE
Takeaways
What are the 5 things that you will do differently when
handling objections?
Lump of Clay Theory
Your opportunity starts
NOW!
Thank You
Lisa Peskin - CEO
877 310-1370 X101
[email protected]
www.linkedin.com/in/lisapeskin