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A Sales Leader's Year-End Guide: Critical Steps to Hit Year-end Goals
November 07, 2008
From the "Miller Heiman Year-End Guide for Sales Leaders: The Nuts and Bolts of Deal Review"
For the account manager with only three deals, the conversation can focus on understanding the actions required to move each deal through the funnel. On the other hand, the account manager with 20 deals in his funnel needs objective criteria to help him choose where best to spend his efforts.
Help your team narrow down their sales funnel with these tips to bring in optimal year-end success.
1. Classify Your Ideal Customers
Determine where your sales team's time is best spent by taking steps to identify ideal customers for your company. West explains that in the Miller Heiman process to establish top criteria, your company should ask questions that are a blend of demographics (hard issues) and psychographic factors that tend to be less tangible, but can be more telling.
Demographic question samples:
• How much revenue potential does the customer bring to the service-provider or vendor?
• How many locations does the company have?
• How many employees does the company have?
Psychographic question samples:
• Is the company innovative or conservative?
• Is the company an innovator or follower?
• Is the company loyal to its vendors, or does it choose vendors by price alone?
Organizations should identify which criteria describe an ideal customer, and then compare the results, deal by deal, to pinpoint which deals are most desirable to pursue.
2. Drive Sales
When it comes down to the wire, West recommends taking a straightforward approach. "If you have a customer that accepts your value proposition, but the deal isn’t moving forward due to time or resource constraints, you can say something like, ‘Look, we both have tangible goals we want to achieve by the end of the year. To that end, we'd like to give you an incentive to take action more quickly.'"
The critical distinction is the customer-validation process, according to West: When the customer has already validated and acknowledged their need for your product or service, you’re in a safe place to make that offer, but "if the deal is still in play and has not been validated, that move [offering an incentive] comes across as a negotiation ploy, which undermines your value because you’re defining yourself in terms of the financial piece."
3. Leverage Top Performers
To re-energize superstars who have been bringing deals in consistently throughout the year, West suggests a recognition program. "Announce the top sellers on a regular basis—guaranteed, your salespeople will begin to actively compete. Recognition programs help bring things front and center for the short term."
And to light a fire under those who aren't making significant strides, partner them with thriving peers. As West says, "Sometimes people who are struggling react well to the stick, some react well to the carrot, and some react to neither if it comes from management—but they react strongly when someone in their own peer group takes ownership to help them along."
A mentorship program has the added benefit of encouraging the mentor, as well, since it can be flattering to be perceived by leadership as someone good enough to help those who need it.
Editor's Note: To avoid getting into a situation where desperate salespeople jam product (thereby putting at risk the opportunity for long-term relationships with clients), systemize your deal review process. Read "The Nuts and Bolts of Deal Review," from the "Miller Heiman Year-End Guide for Sales Leaders," to learn how.
This article is from the "Miller Heiman Year-End Guide for Sales Leaders," a Miller Heiman Publication. You can download the full guide at www.millerheiman.com. To request a printed copy, please call 877-678-0397.
Sales & Marketing Management Magazine
This article is brought to you by Sales & Marketing Management, the leading authority for executives in the sales and marketing field.
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