Inability to keep up with rapid changes in the market is one of the main reasons why the sales leader’s average tenure is shrinking. Smart sales leaders, however, have learned to embrace change and turn it into an opportunity to create revenue growth.
Here are a few ways you can accomplish the same:
Don’t get run over by rapidly accelerating change.
Like it or not, we live in the disruption economy, where the big no longer eat the small, but the fast eat the slow. If a new business model, a shift to e-commerce, or a competitor is disrupting your industry, you need to shift gears fast and hard. Swift change is your salvation.
Make social mandatory.
Are your salespeople aware that your buyers self-educate on social media? Research shows that 83 percent of buyers use social media to explore, evaluate, and engage peers throughout their buying journey. Make social listening mandatory in your company. Teach your salespeople how to use Twitter to share insight and LinkedIn to expand their connections within their prospect base.
When you limit incentives, you limit your sales team’s potential.
When it comes to incentive plans, there are two mind-sets: fixed and growth focused. Forty-three percent of companies say their comp plans are fixed. Is your comp plan limiting your sales team’s efforts to grow your business?
Prioritize salespeople with potential.
Accept the fact that some salespeople are not willing or able to reach your performance benchmarks even after remedial training. Cut poor performers loose fast and early, and invest more time with those who have the potential and motivation to do better.
Reduce turnover by hiring better talent.
The average turnover rate for sales organizations is 35 percent. To keep turnover low, hire salespeople based on a carefully developed sales-position profile that describes the key attributes that lead to success in your company. Key attributes to look for should include A) attitude, B) the ability to deliver a clear message, and C) the capacity to solve problems.
In sales, co-creation is king.
To win deals, salespeople need to deliver insight and then translate that insight into customer value. The best salespeople co-create value with their customers. While average salespeople revert to pitching when the going gets tough, thinking that “thought leadership” will win the deal, great salespeople use “conversation leadership” – they lead customers with questions designed to uncover both the customers’ needs and the value the solution offers.
Get more insight on what sales leaders are doing to improve sales performance and drive more revenue in 2015 in this new e-book, 9 Rules for Savvy Sales Leaders.