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According to Aberdeen Research, coached teams achieve 15% higher lead conversion rates and 14% shorter sales cycles than teams that are not coached (Aberdeen, 2014) … but we don’t really need research to justify coaching — it’s intuitive to anyone in sales. With almost universal acknowledgement and such obvious benefits, one would think that sales coaching would be a science by now. Unfortunately for our sellers, it is not. The typical sales organization struggles mightily to build a consistent and effective sales coaching program. When coaching fails, we tend to throw frontline sales managers under the bus, but in our experience, the problem is broader and so is the solution. There are three typical reasons for failed sales coaching programs:
Lack of visibility at the top Lack of practical processes and tools in the middle Lack of accountability on the frontlines.
The key to building a successful coaching program is to address all three levels simultaneously.
Signs of a Poor Sales Coaching Program
The tell-tale sign of a poor coaching program is a sales leader who has no idea when, where, or even if coaching is taking place in his/her organization. Visibility is essential to execution, not only because it fosters accountability, but because execution needs direction, and direction is only possible when leaders have insight into the behaviors of their teams. Ultimately, good coaching programs require » Continue Reading.
Modern sales leaders and managers are often faced with the challenge of providing multigenerational sales coaching. Providing sales coaching to millennials might seem like a particularly challenging endeavor – this is because there are many myths about the preferences of the millennial workforce that are not true. Understanding how to connect with your millennial salespeople can help you learn how to coach top performers.
MYTH #1: Millennials do not want to be coached.
Not true. In fact, recent studies show that millennials want coaching at work nearly 50% more often than other employees. Also, they seek feedback more frequently than older generations in the workforce (SuccessFactors, 2015).
MYTH #2: Taking a quantitative approach with your coaching feedback dehumanizes the coaching relationship.
Using a numerical rating scale, either against a standard or against a millennial’s colleagues, helps contextualize feedback and provides an opportunity to monitor progress. It’s likely that higher performers will embrace an internal ranking against their colleagues, while a moderate or lower performer may be better served with a comparison against an external standard. The ranking or comparison is not for punishment, but for growth. It can help you establish a common language and calibrate change consistently. Be mindful of your choice.
Key considerations for Multigenerational Sales Coaching
Consider that connecting with millennial employees frequently resonates with their cadence for information and their digital world. Millennials are accustomed to instant access to » Continue Reading.
Why do car dealers still put sticker prices on car windows when we all know that “Dealer Invoice” is not what the dealer actually paid and MSRP is just an artificially inflated number? It would stand to reason that if we recognize this obvious sales tactic, it won’t work … but it does. In fact, experiments show that even a randomly generated price has a direct influence on what we are willing to pay for an item, even when we know that the price was randomly generated. This phenomenon, called the anchoring effect by social physiologists, suggests that we have a common human tendency to use the first available piece of information to make a decision. The initial information is the anchor and provides our brains with a mental shortcut when considering a decision, such as what a reasonable price is for a specific product or service.
The Anchoring Effect In Action
In 2006, Drazen Prelec and Dan Ariely of MIT conducted research to test just how influenced we are by an initial anchor price, even if we know that the price is completely disconnected from the value of the item we are buying. In the experiment, Prelec and Ariely auctioned off everyday items, such as a bottle of wine, a trackball, and a textbook, to their students. Before students could bid on an item, however, they were asked to write down the last two digits of their own social security » Continue Reading.
There are two things that unite virtually every sales organization: 1) the desire to improve sales performance and 2) to achieve results as quickly as possible. In this series of posts, I discuss three ways in which the sales process can be used as a blueprint for rapid behavior change that drives better results. The first post in the series focused on common language; this second post focuses on the consistency provided by the sales process.
Consistency Across the Organization
The leading concern of sales executives is the lengthening of sales cycles, with deals getting stuck in the pipeline. According to research reported by the Aberdeen Group, in September 2015, 52% of sales executives reported this as a top concern. The Aberdeen report also found best-in-class sales organizations reported a 16% shorter average sales cycle than under-performing companies.
More research, this time by Harvard Business Review, also in 2015, discovered that salesforces were “most effective in managing their sales pipelines if they had invested time in defining a credible, formalized sales process. In fact, there was an 18% difference in revenue growth between companies that defined a formal sales process and companies that didn’t.”
As you might expect, just having a sales process doesn’t guarantee success. The process itself must meet a number of qualifiers to be effective.
It must be aligned with the buying process of customers It must provide clear direction for sellers’ activities and outcomes at » Continue Reading.