This year’s March Madness basketball tournament promises to be especially unpredictable, with even more upsets than usual. And while that type of chaos may be exciting to watch on TV, the same can’t be said for experiencing chaos on your sales team. If your sales results are unpredictable and giving you a case of lead madness, you have some work to do to up your sales game.
Ready to pull off your own impressive upset? Here are five tips to help sales teams go from lead madness to superstar status:
1. On the court or in sales, speed without control can lead to disaster.
Many sales teams today have a CRM solution and a dialer to speed things up. While a dialer may drive more activity, if it isn’t the right activity, it won’t be enough to significantly improve sales outcomes. Sales leaders need to be relentlessly focused on controlling the sales workflow to ensure that any increased activity is producing the desired results.
Joseph Semrani, a mortgage banking executive at M&T Bank in the West Region Mortgage Division, knows the importance of a well-defined and consistent sales approach. After implementing a guided sales process across his entire team, he was able to achieve 90% contact rate, 50% qualification rate, and a 3% to 5% conversion rate on competitive internet leads – results that are almost unheard of in the mortgage space.
2. Put the ball in the right hands for the best outcome.
In sales, that outcome is often determined by getting the right lead, to the right rep, at the right time. Distribution rules that send higher-quality leads to reps who get good results and successfully follow the sales strategy encourage everyone to adopt the best practices that lead to more conversions.
In our experience, a typical rep can more than double their lead conversion by receiving more leads similar to those that they have been found to be "skilled" at converting.
3. The most effective strategies are backed by the right data insights.
A recent McKinsey study found that those organizations that effectively use big data and analytics to drive productivity are 5% to 6% more profitable than their peers — validation that sales organizations that succeed aren’t necessarily the ones with the most data, but the ones using it best. The right data can help ensure your highest priority leads are maximized, your workflow is optimized, and that your team is operating at peak level.
Take forward-thinking insurer and Velocify client GoMedigap, which counts sales activity prioritization as a key performance driver. “The prioritize queue is incredible,” said Kevin Walbrick, chief operations officer at GoMedigap. “The salesperson gets into work in the morning, they turn on their computer, and they go down the list and make calls. They don’t have to worry about which call to make, which one makes more sense. The sales workflow rules and date does that for them.”
4. Knowing the score in real-time can energize the whole team.
On the court and in sales, the current score is a huge driver of both strategy and motivation for the team. Some would even say that sales is a competitive sport. Your sales reps know they’re competing, so help them check how they’re doing during the day. Leaderboards allow you to see who’s ahead, in real time, anytime throughout the work day. Knowing how you measure up at any point in the day can help each rep focus on what needs to get done to reach daily goals and get them to MVP status.
5. Don’t lose sight of the end game.
At the end of the day, sales growth drives the bottom line. And sales reps care about their bottom line too. That’s why it makes sense to reward higher-performing reps to inspire peak performance. We believe in a holistic approach to motivation that includes the carrot, the stick, and the race.
The Carrot – Don’t underestimate the power of a good compensation plan. According to a recent study, companies that offered better compensation plans reported improvements in morale and an increase in revenue from the previous year. A lesser used carrot, but still very effective, is awarding high-performing reps with more and better leads based on real-time performance metrics.
The Stick – If high-value leads are going untouched for too long that’s money being left on the table. To discourage this behavior, consider a redistribution program that reassigns leads if they aren’t touched in a set amount of time.
The Race – This is the peer competition. Tools like leaderboards displayed on large TVs in the sales area can help sales teams keep score in real time.
Don’t let your sales team fall victim to a March Madness meltdown. Have a clear game plan, incorporate these steps into your training routine and you’ll be well on your way from lead madness to superstar status!
To learn more about how you can grow your sales through improvements in your sales process visit Velocify at LeadsCon. Learn more about what we have planned here: http://velocify.com/leadscon2016/.