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The Art and Science of Breakthrough Sales Performance - Part 1
 

The Art and Science of Breakthrough Sales Performance - Part 1

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Many organizations struggle to find and prepare emerging sales leaders. Dr. Todd Harris, Research Director at PI Worldwide explains how hiring decisions and sales' organization can be aligned.

Many organizations struggle to find and prepare emerging sales leaders. Dr. Todd Harris, Research Director at PI Worldwide explains how hiring decisions and sales' organization can be aligned.

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    The Art and Science of Breakthrough Sales Performance - Part 1 The Art and Science of Breakthrough Sales Performance - Part 1 Presentation Transcript

    • 1
      The Art and Science of Breakthrough
      Sales Performance – Part 1
      Todd Harris, Ph.D.
      Director of Research
    • 2
      Roadmap
      • Key Facets of the Modern Sales Environment
      • Some Important Statistics
      • Research-Based Sales Selection
      • Mistakes to Avoid
      • Concluding Thoughts
    • 3
      The Modern Sales Environment
      • Ditch the Pitch
      • Products, Solutions, or Strategic Partnerships?
      • Heightened Expectations, but an Inability to Meet Them
      • Increased Competition
      • Rampant Commoditization
      • Limited Sales and Marketing Alignment
      • More Product Offerings and Complexity
      • The March of Technology
      • Innovation is Key
    • 4
      CEO’s, Sales & the “New Normal”
      • "Ok, tell us again, what's your value proposition? Why should customers choose you over the competitors?"
      • "What is your sales process and how does your organizational structure map to it?"
      • "Do you think your overall cost of sales is where it should be?  What makes you think that?  Are you comparing to an industry standard or mapping to a projected financial model?"
      • “What key measures are you using to track sales effectiveness? Do you have a sales dashboard?" Is it cost of sales as a percentage of revenue, close ratio, sales person productivity? Something else?”
      • "If you believe there are two ways to drive sales--increase the funnel and/or increase the close ratio--what are you doing to achieve those increases?”
      • "Is sales compensation driving the right behaviors?" Is there enough of a variable compensation component to make a difference?”
      • "It's a new world, how are you taking advantage of it?" Partners are willing to talk, new talent is on the street, customers are looking for high ROI offerings, social media is changing how people communicate. Are you experimenting?”
      • “How do you hire? Do you have the right people?”
    • 5
      Did You Know?
      • In 2008, 58% of all sales representatives made their numbers, with average plan attainment being 85%.
      • Despite this, 86% of firms indicated that they were raising sales quotas for 2009, with 40% of firms surveyed raising revenue targets between 1% - 10%.
      • 70% of companies reported that it takes six months or longer to ramp a new sales representative up to full productivity.
      • Source: 2009 CSO Insights Sales Performance Optimization Benchmark Study www.csoinsights.com
    • 6
      The Current Hiring & Retention Picture
      • A trend toward hiring sales representatives with industry experience is increasing.
      • Only four in ten firms systematically assess sales candidate competencies, but of these firms, only 5% felt that the effort was not worth it.
      • 46% of firms surveyed felt that their ability to “hire the right sales reps” needed improvement, but only 11% of these firms were planning to alter their sales representative hiring process.
      • Annual sales representative turnover rates average approximately 30%.
      • Source: 2009 CSO Insights Sales Performance Optimization Benchmark Study www.csoinsights.com
    • 7
      Talent Management and Sales
      • Many organizations do not have the right “feet on the street.”
      • Most estimates indicate that only 40% - 60% of current sales reps are prepared to execute more “trusted advisor” sales strategies.
      • There is a “million-dollar gap” between the best sales people and “the rest.”
      • Organizations struggle to find and prepare emerging sales leaders.
      • Many parts of the world struggle with developing a “sales culture.”
    • 8
      The Sales Organization – HR Disconnection
      • HR and Sales Organization alignment is often poor.
      • What HR often says about sales:
      • “Things are pretty good!”
      • What sales often says about HR:
      • “We can’t measure the impact of HR.”
      • “Open positions stay open too long.”
      • “You don’t help us effectively identify and groom managerial talent.”
    • 9
      The Answer:
      2,291
    • 10
      The Question:
      How many open sales jobs were posted on Monster. COM on April 12th alone?
    • 11
      Where Were Those Open Sales Jobs?
      • Retail: 30.5%
      • Restaurants/Food Services: 14.4%
      • Insurance: 14.2%
      • Financial Services: 14.0%
      • Banking: 12.9%
    • 12
      And at What Career Level?
      • Experienced: 37.5%
      • Manager: 23.3%
      • Entry Level: 11.4%
    • 13
      A High-Pressure Environment
      “An open sales position, especially at a more senior level, costs us thousands of dollars per day. Plus, one of my company’s key HR metrics is position fill-time. So what do we do? Fast, sloppy interviews and hiring too many people who at worst never have a chance and at best do just enough to survive.”
      - SVP of Sales, Fortune 500 Manufacturing Company
      “Hiring the right salespeople and managers remains the single biggest obstacle to sales effectiveness.”
      - Dave Stein, Chairman & CEO, ES Research Group
    • 14
      The “Best” versus the “Rest” versus the “Worst”
      • Research by PI Worldwide, covering over 100 sales organizations across a wide variety of industries and countries, has revealed that the gap between sales representatives who are “top-quartile” revenue producers and the “median” ranges from 50% to 175%.
      • The disparity between the “top-quartile” and the “bottom-quartile” is often more than 300%.
    • Do Development Decisions Based on Gut Instinct Always Work?
      The Art and Science of Breakthrough
      Sales Performance – Part 2
      Coming Soon
      15
    • 16
      Questions? info@piworldwide.com | @piworldwide
      http://www.linkedin.com/in/piworldwide
      More Information: http://www.piworldwide.com