Too often, in-house salespeople can fail. And, too often prospectors never earn ROI for the business. Too often, businesses do not earn stable revenue from their inbound sales department.
“Inbound prospecting is a different kind of beast.”
The Founder’s Ratio: Solve the prospecting & sales challenge
In order to be successful, you need a ratio that “matches” your revenue growth. To set the right precedent, the company Founder’s sales ratio serves as the benchmark for your entire sales team. If you, as the Founder, have a 60% monthly sales closing ratio — take your ratio and cut it in half. This is the sales representative benchmark you need to set per in-house salesperson.
With your sales ratio determined, inbound prospecting is a different kind of beast. This sub-team’s percentages of success are much lower.
Continue reading the rest of this article — to solve the challenges for your prospectors — as we share a clear introduction of results-driven systems that need to be put in place for stable and predictable outcomes.
This is how you win with a prospector if you don’t have it yet.
Key Metrics to Track When Sales Prospecting:
By tracking the percentage for each person in the sales team undergoing prospecting calls, each month, you get a sense of how everyone is doing. For example, suppose your team has a 60 percent average conversion rate. If one salesperson is at 30 percent, then he or she will know that attention must be paid to improving that number. A sales rep’s closing percentage is also an important metric to track, since it shows the percentage of those prospects to whom the rep is closing deals.
Number Counts for Dials, Conversations & Talk Time
To know how your team is doing, track the number of calls made, the number of conversations and the talk time, too. Look for gaps in those figures and tweak your training process accordingly. For example, if you dialed 500 people and had 450 conversations, but the talk time was only 10 minutes, that tells a story.
Framework & Process
When you watch a perfectly executed cold call, it rarely goes like a Hollywood movie. The sales rep must have a clear framework in place that keeps him or her from talking to different prospects in the same way. Your sales reps should follow a process developed by the managing team and stick to it. Encourage them to review their closing rates on a bimonthly basis and make adjustments as needed.
Leads per month & Database
Did you load your existing database into your lead generating software? How many leads did you generate in one month? The answers to these questions will help you tweak your marketing and prospecting efforts. When you view the contact information for your prospecting database, take a look at the average lead count for each month.
Morning Huddles/Weekly 1:1
Huddles are a great way to get people on the same page, rally the team behind common goals and make sure your company is moving forward in a deliberate manner. With huddles come the obvious benefits of solid training and team education. A huddle is not a one-time thing, though; hold them regularly. That’s a good first step to building momentum.
Speed to Lead
Could you get a lead within 10 minutes? Is everyone on target to get a lead within 10 minutes? It depends on the market, but you should know what’s happening with your sales reps and sales team. As you gather this information, think about any gaps that might exist. Are there opportunities to improve?
Quality Score of Leads
Look at the data you have to figure out what quality means for your product, and then establish criteria for your best prospects. The goal is to get more business-ready leads into your pipeline. Determine what percentage of your leads should be qualified for each of these three classifications:
- Qualified — a client who’s already expressed interest and could walk in the door to buy any time.
- Interested — a client who will walk into your door and buy your product.
- No Interest — a client who would never buy your product.
To win with a sales prospecting team
Things that need to be in place
The marketing element of sales prospecting involves creating, delivering and analyzing content to drive awareness, nurture leads, engage prospects and ultimately close deals. Everyday your sales team has to be able to answer the questions that come up in conversations, and that’s a major responsibility for your marketing team. If you can’t educate your prospects on what you’re selling, then you’ll have a much harder time making the sale.
It’s critical to track all leads and sales activities. This real-time visibility of your sales cycle enables you to see where opportunities are being created, what content is working best for your target audience and which prospects need more attention to move them through the pipeline. A CRM is a software application that stores, organizes and provides information concerning any kind of database. It’s important that you have an organized CRM system. You can use it to organize your sales leads and database, create personalized messaging, send follow-up emails and track leads by closing date, conversion rates and more, including activity, calls, and client journey.
A Phone System that Actually Works
Use a phone system that records calls and integrates with CRM at the lead record level. This allows you to know who is calling at all times, informs you to send personal sales messages to a prospect based on their relationship with you, what stage of the sales cycle they are in, and which content is providing them with the best results.
When applied consistently, a sales framework helps salespeople keep track of their individual and team goals. This framework should guide each conversation with prospects and provide guidelines for prioritizing activities daily. Take your clients through the customer journey with a step-by-step sales process, that is less scripted and more conversational bullets points that leads them to buy and engage.
How many times have you heard this when meeting a new client? “I don’t want to buy from you.” or “I don’t make buying decisions that fast.” or “This is not the right time to discuss a project like this.” or “We have a project in process … can I talk to you in a few months?” … Salespeople are trained to overcome objections and deliver the expected sale. Create a shared document to note scripts that can turn objections into opportunities.
You need lots of leads and a full database with ideal customers and prospects in order to get to a sale. MyOutDesk Virtual Assistants can help you identify leads based on audience affinity, value, competition and budget to find the best prospects first. This will also help you decide which leads to pursue immediately. Determine the right lead types (e.g., email literals, cold emails or outreach campaigns) for each of your goals and develop your campaign accordingly.
Ready? Don’t Lift a Finger!
At the end, take a look at all the different decisions that you’ve made and how they fit together. Virtual assistants can be extremely useful in this phase of planning and development.
What a productive prospecting team in 2021 looks like
Don’t box yourself! Outsourcing opens up your world to talent that’s more affordable and probably more fit with your needed skill sets, saving you tens of thousands from additional office space, and other significant expenses related to in-house hires.
“Outsourcing makes the hustle better — because you’re not burdened with many/growing expenses that you’ll need to figure out how to cover and hit profit”
ENVISIONING OF A NEW REALITY FOR YOUR BUSINESS
Simply put, MyOutDesk equips entrepreneurs & business owners with tools, strategies, and virtual employees – and when combined, businesses have a competitive edge and find growth while efficient systems and processes are put in place.
MyOutDesk proudly provides additional free business growth guides, books, and strategy calls.
See what we are about, and schedule a free consultation with us. We’ll take the time to learn more about your business and offer solutions to foster top talent and lower operational costs for your company.
Experience The Difference
MyOutDesk can save you up to 70% on employment cost
Claim a free business strategy consultation & ‘Grow Virtual’ Guide
Did You Know? MyOutDesk’s origin story is set during the last global financial crisis of 2008. Yes, that’s right — our business started by scaling businesses with virtual assistants during a recession! Our first client in 2008 went from five to seventeen VPs with a completely revamped organizational model in short order, and he told MyOutDesk, “Our virtual professionals have shaved $250,000 off our monthly overhead.”