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1-Page Summary of New Sales, Simplified
In sales, nothing is more important than prospecting, yet few salespeople know how to do it.
Prospecting is the basic sales activity. However, few people know how to do it properly and most don’t want to. Many believe they can wait for customers to come in but that’s a bad strategy because you’ll never get any new business if you don’t go out and recruit new prospects yourself.
Many salespeople tend to not like prospecting because they were never taught the importance of it. They weren’t shown how to do it, so they don’t know how.
Prospecting, developing new business and selling are not complicated.
Prospecting, sales and business development are activities that anyone can do. You create solutions to problems of your customers or clients by finding them first and then showing them how you can help with your products or services.
Companies need new customers to grow. Prospecting and bringing in new clients is critical for a company’s success. However, many salespeople don’t understand this basic principle of business and they don’t do much prospecting. Therefore, their pipelines are empty and they can’t get any new accounts because they didn’t research what the company needs or prepare for the meeting with a prospect.
Salespeople who perform as “hunters-farmers” don’t have time to develop new business.
Companies make a mistake when they overburden their salespeople with customer maintenance activities. It’s important to take care of existing customers, but how can salespeople prospect and sell if they have no time?
A common strategy at small and midsize companies is the hunter-farmer model. In most organizations, only a few salespeople are true hunters (they hunt for new business), while other salespeople are farmers (they manage existing accounts).
Salespeople can’t – or won’t – sell for many reasons.
Many salespeople can solve problems, manage relationships, serve clients and retain customers. However, they often find themselves unable to get new business because of a number of obstacles that prevent them from prospecting and selling. These include missing collateral literature, partially completed websites, lack of sales leads and other similar reasons.
Salespeople who are not effective at closing deals get stuck in a cycle of hope. They stop looking for new opportunities, and they wait for the few deals that they have to close, but those deals never do because these salespeople don’t know how to close them.
Many salespeople are not very good at selling, because they lack a strong sales story. They also have a good story but can’t communicate it well. Salespeople don’t focus on their most promising prospects, and instead react to them. They’re pessimistic or disagreeable so that prospects dislike them. Many salespeople do not know how to make quality calls in order to sell more effectively.
People who work in sales don’t like to be around other people, especially prospects. They’re afraid of rejection and they think that if they help others, it will make them look good. Salespeople aren’t very effective at following formal procedures or using logical methods for selling things.
Some people don’t like sales. They may not be psychologically suited to it, and they never learn or grow professionally.
Most sales compensation plans serve underperformers better than overachievers.
Many companies design their sales compensation plans incorrectly. These plans don’t give salespeople a financial incentive to close more sales and earn more money. Salespeople earn satisfactory salaries whether they sell or not, so these plans demotivate great performers.
