We are all going through unprecedented times and us sales folks are feeling the heat. Sales targets seem insurmountable and the pandemic has made us throw our strategies and objectives out the window and left us scrambling to identify ways to overcome the situation and stay successful.
A global pandemic, an overburdened healthcare system, an economic situation that could lead us into the next big recession—none of this has struck at the same time in about a century. The uncertainty across markets has pushed us into uncharted territory.
I am uniquely positioned where on a day-to-day basis I get to speak to various sales leaders, professionals and C-level executives across sectors and help them in choosing the right strategies and solutions for their sales and marketing efforts. I get an inside look at how their businesses are doing and the effect of Covid-19 on their strategies. While helping them succeed, I have noticed a few things that could help you and your teams in crushing your sales targets.
Types of Sales Targets
In the world of sales, the ability to meet sales targets is a key factor that defines how well a team or individual is performing. To become a high performing sales team and be among the top 1% or even make it to the President’s Club, we must classify targets for a sales team under two categories: primary and secondary.
Primary sales targets typically refer to:
Revenue Number of deals closed New logos Cross-sells
These parameters are essential for the performance of the company, its products, and its marketing activities.
Secondary sales targets are more focused on internal processes. These must be based on the actions taken to help achieve the primary targets. Secondary sales targets make the foundation for any sales team to be in the top 1%. Actions such as:
X number of cold calls made X number of demos Conversion ratio X number of emails sent Regular follow-ups made Proper discovery taken
These sales metrics must be tracked to make sure every Account Executive /Sales Development Rep / Account Manager is performing to their highest potential. These targets must not be tied to the variable/commission pay. Rather, offer them incentives such as an extra holiday in a quarter or a company paid dinner with happy hour or a company wide appreciation.
This will not only build a strong foundation for the team but also help each individual to become a better version of themselves and succeed wherever they go.
The idea is to make sure the groundwork is done right and regularly.
To excel consistently as an individual and as a team, team leads and managers must give equal attention if not the highest attention to the secondary sales targets over the primary targets by helping the sales reps complete the groundwork. As Gordon B. Hinckley said:
“You can’t build a great building on a weak foundation. You must have a solid foundation if you’re going to have a strong superstructure.”
Challenges in Achieving Sales Targets Global pandemic and recession:
The Covid-19 pandemic has impacted industries all across the world in some way or the other. While the intensity varies for different markets, the pain is still felt. In situations like this, sales is the function that is hit first, which, inturn, affectsContinue reading