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Do the Sales Math and Sell Smarter in 2021
As a sales professional, it’s important to ‘do the math’ and move in the right direction. This is the best way to be a top performer in 2021.
If you love sales, you love numbers. Of course, it’s not just the math part—it’s watching the numbers move in the right direction.
For many sales professionals, doing things that work is second nature. We are, after all, held to the same criteria of success. We all have 24 hours in a day. We all have numbers to make each quarter and each year.
As a sales professional you know it’s important to ‘do the math’ and move in the right direction. This is the best way to be a top performer in 2021.
What Top Performers Know
In school, you probably had someone who always got an A+. It might have been you…or it might have been someone else who always moved the curve for the entire class. This person had an insight into the ‘math’ of success.
In sales, it’s similar. Top performers are at the top of the class. They know something that others don’t. What is it?
Simply, that referrals have the highest responses across the board.
Here’s some of the statistics that spell it out clearly:
- 47% of top performers consistently ask for referrals (compared to 26% of not-top performers)
- B2B companies with referrals enjoy a 70% higher conversion rate
- 65% of companies’ new deals are via referrals
- Referral leads have a 30% higher conversion rate than any other channel
- 92% of consumers trust referrals from people they know.
- People who are referred by other customers have a 37% higher retention rate.
- Referred customers’ lifetime value (LTV) is 16% higher than non-referred
When you read those eye-popping statistics, one thing is clear. Top performers know something and do something that others don’t. They focus attention on referrals because they know that these people are more likely to be interested, make purchases, and stay longer than other prospects.
It’s just common sense, good math, wouldn’t you say.
Now, let’s look at the other end of the spectrum.
What New Hires Do
As a new hire salesperson, many people start in sales without a clue of who is more likely to be interested, convert, and become a loyal customer. In talking with new salespeople, you’ll often hear stories that make your stomach turn.
They are trying so hard. They are so earnest and diligent. But, they often are doing a lot of things that aren’t going to lead to a positive outcome.
What kind of things?
- Sending massive amounts of cold emails
- Making non-stop cold calls
- Resending emails to unqualified prospects
- Calling unverified numbers
This is like digging oil wells in scorched earth. You can try hard. But, it’s not likely that you’ll find the gushing well you’re seeking.
Finding The Right Equation
Many of the adjustments that can help you become a top performer are simply a matter of how you spend your time.
Because you’re ready to learn from the best, follow the lead of the people who are outperforming others on your team.
Increase Your Focus on Referrals
Consider these statistics:
- Buyers are 5X more likely to engage when they’ve been introduced to a salespersonin advance.
- 73% of execs say they prefer to work with salespeople that have been referred to them by someone they know
- 84% of B2B decision-makers start the buying process with an introduction
- You are 4.2 X more likely to get an appointment if you have a personal connection with a buyer
Increase your focus on giving and getting referrals. A simple place to start is by making warm introductions within your network. You can do this even if you’re new to the job, just started in the department, or have been working in your organization for decades.
Target Your Focus On Calls
Successful top performers make calls in a targeted fashion at a specific time. They make a call because it’s a critical part of their sales process. A person-to-person call is often the culmination of referrals, communications, and personalized attention. A call is not a substitute for boredom, not knowing what to do next, or to ‘stay busy.’
Top performers know that it can take 18 dials to connect with a single buyer. Call back rates are less than 1%. Cold calls are often not the best use of time.
If you’re relying on web-generated leads to boost your numbers, be swift.
Being fast will improve your chances of converting interest into sales.
It goes like this. A decision-maker opportunities for a solution. They want to get a response, right away. The first viable vendor to reach a decision-maker and set a buying vision has an average 74% close rate. 50% of buyers choose the vendor that responds first.
Shocking, right? A swift response gets people to buy. In many organizations, there are mountains of sales enablement materials. Sales training drill home the benefits, features, and cost-benefit analyses that we can use to inspire a purchase.
Yet, when it comes down to simple math, the truth is more basic. Decision-makers like a swift response—it shows you value their business, interest, and time.
Follow 3 best practices: Focus on referrals. Target your calls. Respond swiftly.
Using your time effectively will help your company succeed in the new normal. With a focus on referrals, you can sell smarter in 2021.
By starting with the right mindset, you can join successful businesses that are shaping the market and realizing significant revenue potential. Partnership Co-Selling is how you can virtually qualify B2B sales opportunities. You can use this to boost sales, expand your network, and grow profitability.
Using a platform like CoSell is the simplest way to get your sales team on board. CoSell is a robust platform that makes it easy and fast to automate and scale collaborative co-selling across sales teams.
If you’d like to explore how partnership co-selling can help you and your team boost sales and win major clients fast - check out our selection of free eBooks.