Are you up-to-date with the latest research about sales? Knowing the facts about what fellow reps are doing can guide you to success (and help you avoid ineffective strategies). New research from sales strategist Marc Wayshak comes from a survey of 400 salespeople. It shows what is working, what’s not, what buyer’s want, and other key insights into today’s world of selling. Read on for some eye-opening findings that can impact your own strategy:
A surprising number of leads just aren’t a good fit. Approximately 71% of responding salespeople say that at least half of their prospects turn out not to be a good fit. “This information should liberate you, because it means that you don’t have to try to close every single person you’re in front of,” Wayshak writes. “As soon as you determine that a prospect isn’t a good fit, move on.”
Budgets kill deals. More than anything else, reps cite budget as the most common downfall of a sale. Why? Wayshak believes that they aren’t building enough value during the discovery call. So, when it does come time to talk numbers, they are already fighting an uphill battle. “Now, budget is always going to be an issue in sales,” he admits. “But you can avoid so many headaches just by making sure you’re stronger up front, creating value in the discovery phase.”
Reps still don’t request referrals. The survey revealed that 57.9% of respondents ask for fewer than one referral per month, while 40.4% “rarely” ask. Reps are really missing the opportunity to get new business at no cost. The worst that could happen is the person says no, and is that really that awful? Not awful enough to not ask at all. New business is worth the risk of being turned down.
These are just three of the many facts Wayshak shares from the survey. These findings, along with his professional suggestions, give insight into what is working in the sales world and what isn’t. Take them to heart, and you’ll have a significant advantage over the competition.