ValueSelling Associates, Inc., did some research on B2B salespeople and leads. It turns out that 69 percent of them lacked leads to meet their quota.
The reasons are quite obvious. The COVID-19 pandemic, as well as the economic recession, is making business transactions much more difficult. If you want to sell, you have to be patient and look at your buyers. Many of them are trying to cut spending decisions to prevent losses, layoffs, and keeping their business intact.
Even after the pandemic, we expect many businesses to continue to cut costs as things get back to normal.
Act like a decent human being. The world needs more empathy than ever, and when you are having a chat with your prospects, listen actively. Be empathetic, ask questions, and form connections with your fellow people. Not only can you be there for someone, but you are able to form connections. Even if you don’t close the deal, you may get business once the business recovers.
Do this even if you’re engaging with a business that is doing fine.
Let’s go back to that study. Why are so many people having trouble meeting their quota? Three reasons for this are not having the best process of sales, not communicating value, and not having much in sales pipeline.
Besides people not getting enough training, there are several reasons, according to that study. Let’s break it down.
Twenty-three percent of sales reps claim to have the pipeline to get the quota. Meanwhile, 38 percent of sales leaders do. The rest do not, or they are not sure. Reps that are missing quota don’t have proper training, having low levels, or moderate, in skills and the product itself. Also, there is little support from any coaching.
When it comes to training, 19 percent never get it, and another 19 get it less than once annually. The ones who have it annually are 23 percent, and the rest are 39 percent. Meanwhile, as much as 89 percent of salespeople say there’s no formal coaching available.
What’s another obstacle? The inability to speak about value. Around 62 percent of salespeople are not being told how to speak about value. This is something that may help success, yet not too many are doing it.
Seventy-two percent of sales leaders say they do teach reps. Also, 58 percent of people who underperform claim to have “very well” communication when talking to prospects or customers. Twenty-eight percent of leaders say their reps communicate “very well.”
Meanwhile, 70 percent of leaders have a clear outline for reps, but they believe the reps don’t follow the plan very well. A simple plan is important for any salesperson, but not following it brings a challenge.
Overall, this study bring some interesting insights. We’re sure we all can do better in these times. We hope you do as well.