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How Pareto?s Principle Impacts Your Sales Success
Pareto's Principle {the 80/20 rule) is vividly illustrated in the sales statistics of most industries, companies and professional service organiizations. Eighty percent of all products or services are sold by just 20 percent of the sales professionals in the United States and Canada. How does this rule effect the overall management of the selling process in your company or firm? Basically, Pareto's principle impacts your selling process in three key areas: · Hiring The Right Sales People, Almost all of the candidates that apply for sales positions today fall into the 80 percent group of sales or service industry professionals who produce only 20 percent of the sales. Therefore, when hiring, you must screen carefully to discover a candidate's selling skill potential, not just his or her past sales success levels. It is almost impossible to find and recruit sales professionals in the 20 percent bracket because employers do everything in their power to keep their top producers happy, so the turnover in Pareto's 20 percent bracket is extremely rare. Even if you find a "top gun" who is looking for a position, many organizations can't afford to bring one of these high priced professionals on board. If finding one or two top producers is difficult, think how hard it is to recruit a team of these superstars. Therefore, you need to change your mindset to find candidates that have the potential to move into the top producer or rainmaker category and then train, coach and manage them until they produce at the level of the superstars in your industry or pro-fession. Just "liking" a given candidate for a sales position can lead to long-term sales or business development failure. Read these articles; Hire A Six To Consistently Produce Sales Success at: http://www.thesellingedge.com/archive7.htm or Hiring, A Key To Sales Management Success at: http://www.thesellingedge.com/archive6.htm To learn how to build a sales team where you no longer carry 80 percent of the team members. Where is it written that your company or profes-sional service firm must live with Pareto's Principle anyway. Good luck in producing a team of top producers. You can find some tools to help in the process of training and coaching your new hires at http://www.TheSellingedge.com. VIRDEN THORNTON is the founder and President of The $elling Edge®, Inc. a firm specializing in sales, customer relations, and management training and development. Clients have included Sears Optical, Eastman Kodak, IBM, Deloitte & Touché, Bank One, Jefferson Pilot, and Wal-Mart to name a few. Virden is the author of Prospecting: The Key To Sales Success and the best selling Building & Closing the Sale, Fifty-Minute series books and Close That Sale, a video/audio tape series published by Crisp Publications, Inc. Menlo Park, California. He has also authored a Self-Directed Learning series of sales, coaching & team development, telemarketing, and personal productivity training guides. Virden assists clients through a unique personal coaching (telephone)program. He has taught at the Center For Professional Development, Texas Tech University, Lubbock, Texas and the School Of Entrepreneurship, Marriott School Of Management, Brigham Young University, Provo, Utah. You can contact Virden at: Virden@TheSellingEdge.com. or learn more about him at: http://www.TheSellingEdge.com
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Coaching Increase Sales - Overcoming Barriers Ever thought to yourself, "If only my team members would complete the tasks that we mutually agreed to in our action plan." Curiosity and How It Effects Your Business Proposition The first 15 seconds of your approach are the most important seconds of your entire sales presentation. You must instill curiosity in the mind of your prospect. It is a form of interest. As people, we are curious by nature. Curiosity wants to be informed. This state of mind is just where you want your prospect to be in at the beginning of your sales talk. The Top Five Traits of a Successful Salesperson If you are looking for a successful salesperson to hire, a salesperson who not only can sell but will sell, look for a salesperson with PRIDE. Seven Keys To Closing More Sales During The Second Half Of 2006 It's not too early to start planning for the sales results you want at the end of 2005. Here are seven things you can do to make sure you are in the Winner's Circle at your Next National Sales Meeting. 10 Amazing Ways To Jump Start Your Sales 1. Find a strategic business partner. Look for ones that have the same objective. You can trade leads, share marketing info, sell package deals, etc. The Top 7 Sales Blunders We all make mistakes when selling our product or service. Here are the most common mistakes people make. I have to admit I have made many of mistakes listed in this article even though I have been teaching this stuff for almost a decade. I hope you can learn from them. The Clock is Ticking on Your Leads Every day is critical when you are in the business of sales. That lead you receive today could very easily be gone tomorrow. Catapult Your Business?How to Get Customers to Chase You Instead of the Other Way Around I was thinking about the statement: What Does It Take To WIN A Sale? What to do when you win or lose. The Canned Sales Pitch Myth Canned or scripted sales approaches are rarely successful, because one size does not fit all in selling. Value Add Negotiating for Sales Professionals Imagine this scenario. You are a sales representative for Baker distributing. One of your long-time customers, Albertson Metals, operates a mill that produces high nickel alloy ingots. Each year, this mill purchases approximately $500,000 worth of MRO products such as bar conditioning wheels, flap wheels, grinding belts, cutoff wheels, steel shot and grit, and other products for the mill's laboratories. Unfortunately, you are usually able to obtain only about 30% of this business. 7 Steps to Selling Artwork Selling arwork is easy when you follow a road map. In this article you learn the step by step guide to marketing art for profits. Now onto the plan! Grow Sales Using Image Tactics In my dreams, I envision being the marketing consultant equivalent of Oprah or Tiger Woods. Oprah, for her premise, "You're a woman and only you are responsible for yourself." Tiger Woods, for his ultimate dedication to the game. Respectively, this is what they're known for or what their personal value can be identified as; put another way, this is what their brand identities are. 5 Steps to Selling Anything Technical One of the most difficult things we deal with as tech companies is trying to sell our services or products to prospective clients, would you agree? A major problem we face is conveying why our future clients need our services using terminology they will understand and pay attention to. One of the sales secrets I am going to let you in on, is that you can make sales without the client even knowing the name of your product or service or ever saying a word like: Search Engine Optimization, gigabyte, meta tags or even computer. Failed Salespeople Share Similar Traits We are each responsible for our own success - or failure. Winning at a career in sales is no exception. To ensure a win, you must take a proactive approach. Prevention of failure is an important part of that process. If you find yourself saying "I'm not cut out for sales," "I'm not pushy enough," "I hate cold calling," "I can't take the rejection," or "My manager is a jerk"-you are heading down the wrong path. Sales 101: Asking for the Order "Ask, and you shall receive", a biblical principal that offers some of the best sales advice for beginning salespeople and experienced sales professionals alike. The best sales presentation imaginable generally will not yield the desired results unless the salesperson asks for the business. Spend More Time Selling On average a sales person spends less than two hours per day selling their products. This statistic never seized to amaze me, even though I had often found myself being an active participant of its findings. Theres a Referral for Everyone I worked for years as a mortgage loan officer. During this time I worked with two very successful loan officers, however, their styles were polar opposite. These two guys were opposites to the point where they basically did not like each other, and spent most of the day avoiding one another. Survival On The Road! A Resource For The On The Road Sales Professional It makes no difference if you are a Saleswomen, a Salesman, a rookie or a seasoned pro, we all face challenges while on the road. You may set up your own flights, cars and lodging, you may have a travel department that does it all for you, or if you are like the vast majority of "rocket roadsters" you drive your own car. The 6 Secrets To Sales Success There is no magic pill, trick, teqnique, system or secret to success. However there are many beliefs and habits that will bring you the desired results that you wish to have. It is your choice to develop the appropriate beliefs and habits that produce the results that you wish to have. If you honestly are not happy with the results that you are having then you must change the actions, which are producing those results. The following are 6 of the habits, which I have found will rapidly accelerate your sales and income to heights, which only you will limit.
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