Sales Inflection Points in Your Business Hiring and Building a Successful Sales Force Presented by Lisa Peskin - CEO Business Development University Innovation & Entrepreneurship Institute

Objectives: Outline sales stages of a company Go over the 3 major areas of sales success Review top must dos in sales and sales management Discuss obstacles and challenges to entrepreneurs Provide 2-3 ideas that you can implement immediately that can help you be more effective and purposeful

A little about me and BDU…

What Do Entrepreneurs do in During a Tough Economy?

What Should Entrepreneurs Focus On During a Tough Economy? INCREASING SALES REVENUES!!!

How do you maximize your sales revenues?

Depends on your role Business Owner responsible for all sales? Business Owner responsible for sales and manages sales associates? Business Owner manages sales associates? Business Owner that manages Sales Manager

Stages of a Business Stage 6 Hire Vice President of Sales Stage 5 Hire Multiple Sales Managers Stage 4 Hire First Sales Manager Stage 3 Hire 1 or 2 Sales Associates Stage 2 Owner = Sales Stage 1 Business Starts

Stages of a Business Stage 1 Business Starts

Stages of a Business Stage 2 Owner = Sales

Only X % time focused on sales Owner may be responsible for fulfillment/ operations Owner may not have sales background/ training Limited track record Resources limited

Stages of a Business Stage 3 Hire 1 or 2 Sales Associates

Ready to Hire Sales Associates Inside sales vs outside? How many should I hire? Who should I hire? How can I find them? What is the best way to on-board them? What is the best way to maximize their performance?

Stages of a Business Stage 4 Hire First Sales Manager

Ready to Hire Sales Manager When are you ready to hire your first Sales Manager? What is the ideal span of control? What is the best way to manage the sales manager? How do we structure the sales force?

Stages of a Business Stage 5 Hire Multiple Sales Managers

Stages of a Business Stage 6 Hire Vice President of Sales

Stages of a Business Stage 6 Hire Vice President of Sales Stage 5 Hire Multiple Sales Managers Stage 4 Hire First Sales Manager Stage 3 Hire 1 or 2 Sales Associates Stage 2 Owner = Sales Stage 1 Business Starts

3 Major Areas of Sales Success

Conduct a Business Analysis for 2012

–New business vs. repeat business –Source of new business –Characteristics of new clients –ROI on marketing efforts –Forecast vs. Actual –Progress against goals

Key Metrics to Measure Activity and result goals Calls, contacts, appointments Close ratios Average sale % of quota % of forecast Months over quota

Metrics – You Must Know Your Numbers! Annual Goal less Less YTD sales =Sales needed Less forecasted business = $$ needed Less Repeat business Less Additional business = new business $$ needed Divided by Average sale = # Sales needed Close ratio = # Proposals needed # Appointments/ proposal = # Appointments needed # Contacts/ Appt = # Contacts needed

#1 Key to have consistent results

Strategically Fill the Pipeline with qualified leads on a consistent basis

PIPELINES A poor pipeline makes you a coward A rich pipeline makes you a lion

Consistently Build Sales Pipeline

Which would you choose? 10% or 30% or 70%

Sales Pipeline ProspectingUnsolicited Referrals Solicited Referrals Marketing Efforts

Sales Pipeline ProspectingUnsolicited Referrals Solicited Referrals Marketing Efforts 30% 70% 70% 10%

Strategic Referral Sources ProspectsSuspects Referral Sources

Social Networking & Staying Connected

Consistency is Key

Maximize Opportunities with Current Clients and Past Prospects – Squeeze the Lemon! Additional business Additional contacts Referrals Reference letters Can you use them as a reference Referral sources Stories about why they love you An understanding about what they want you to improve

Create a blueprint for success

Formulate a Sales Plan 30/60/90 day plans Measuring progress Accountability Rewards and recognition

Set S.M.A.R.T. Goals for 2011 Specific Measurable Alligned Realistic Timed

Sales Activities High pay-off activities Understanding the numbers Goal orientation Tracking

ACTIVITIESGoal Per Week Goal Per Day MondayTuesdayWednesdayThursdayFriday Face to Face Meetings Ne Prospect Appointments Follow up Appointments Strategic Referral Meetings Networking Events Prospecting Phone Dials Prospecting Phone Contacts Appointments Generated Activity Tracking

Direct Correlation

Sales Activities

Effective Time Management  Time is valuable  Plan out time (daily, weekly, monthly)  Maximize opportunity costs  Make good decisions  Use to do lists  Take advantage of technology  Time Activated Priorities - TAP

Sales Process Build Business Rapport Set agendas and expectations Uncover needs – theirs and yours Present solutions Handle objections Close for next steps

SALES

Increase Close Ratios Meet with decision makers Consultative approach Use stories Multi-prong approach Good follow-up systems

Sales Development Provide feedback effectively Triage areas Planning sessions Field rides Curbside critiques Training “Show” as well as “tell”? Knowledge and skills inventory Performance Improvement Plans

Sales Support Maximizing “selling time” Management support of sales Sales and operations Administrative support

Sales Incentives and Recognition Programs Competition factor Motivating team efforts Tracking and reporting Roll out of programs Timing Structured vs ad hoc Positive feedback and recognition

Compensation Base salary Commissions Draw –Recoverable –Non-recoverable Bonus Benefits Additional Incentives

Sales Morale Retaining top performers Treating people like people Carrot vs. Stick Communication Compensation Understanding individual motivations

Willing, Committed and Able Selling is easy if you go at it hard, but it is hard if you go at it easy Working to your potential “Many receive advise, only the wise profit from it.”

Attitude and Motivation No one can ruin your day without your permission Winners do what losers don’t like to do Most people will be about as happy as they decide You don’t have control of what happens in your life but you do have control how you handle it.

Sharing is Caring

STOP START CONTINUE Evaluate and Tweak What are you going to …

Takeaways What are the 5 things that you will do differently when handling objections?

Lump of Clay Theory

Your opportunity starts NOW!

Thank You Lisa Peskin - CEO X101