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The Ripple Effect of Creating Wealth in Business: Benefits for Communities, Employees, and Business Owners

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In my book Driving Explosive Growth, I share how business wealth growth benefits more than the owners and investors if executed strategically. Helping business owners, CEOs and investors grow companies has become like a ministry for me. As businesses create wealth, it benefits other local businesses, employees, and communities. In the landscape of entrepreneurship, the pursuit of wealth creation within businesses is often viewed through a singular lens – profitability. However, the impacts of a thriving business extend far beyond financial gains for owners. Creating wealth within a business ecosystem generates a ripple effect that positively influences communities, employees, and business owners.

How Does Business Wealth Creation Strengthen Communities?

1. Job Creation: Successful businesses stimulate job growth, providing employment opportunities within local communities. By hiring locally, companies reduce unemployment rates and foster economic stability.

2. Economic Development: As businesses prosper, they generate revenue circulating within the community. This economic infusion fuels growth in various sectors, from local manufacturing support vendors to retail, hospitality, real estate, and infrastructure, enhancing overall quality of life.

3. Philanthropic Initiatives: Wealthy businesses often engage in corporate social responsibility (CSR) initiatives, such as funding education programs, supporting healthcare facilities, or contributing to environmental conservation efforts. These endeavors uplift communities and address societal needs, creating a more sustainable and equitable environment.

How Does Business Wealth Creation Empower Employees?

1. Career Advancement: A prosperous business provides employees with career growth and skill development opportunities. Employees can enhance their professional capabilities through training programs, mentorship, and internal promotions, leading to higher job satisfaction and increased loyalty. Increased loyalty improves engagement and employee retention.

2. Financial Stability: Competitive salaries, bonuses, and benefits packages offered by thriving businesses contribute to employees’ financial well-being. Employee’s income enables individuals to support their families, invest in education, and plan for long-term financial security. As businesses thrive and their employees’ income grows, we see many employees in education and community services.

3. Workplace Culture: Wealthy businesses often prioritize fostering a positive workplace culture of transparency, inclusivity, and employee empowerment. A supportive work environment enhances employee morale, productivity, and overall job satisfaction. As Scaling Up coaches, we start with exercises to clarify company culture and purpose and their big Harry audacious goal.

How Does Wealth Creation Enrich Business Owners, Their Families and Shareholders?

1. Innovation and Expansion: Financial success enables business owners to reinvest profits into research and development, innovation, and market expansion. By continually evolving and adapting to changing market dynamics, businesses can sustain growth and competitiveness over the long term.

2. Wealth Accumulation: Profitable businesses generate wealth for their owners, families, and shareholders through dividends, capital gains, and asset appreciation. Accumulated wealth provides owners financial security, allowing them to pursue personal aspirations, invest in other ventures, or retire comfortably. We often help business owners by introducing them to strategic wealth advisors who help design the ideal retirement plans for the owners and their teams.

3. Social Influence: Wealthy business owners often wield significant social influence within their communities. They can leverage their resources and expertise to drive positive change and contribute to the greater good through philanthropy, mentorship, and civic engagement.

4. Wealth Accumulation and Wealth Transfer Events: Unfortunately, we will not live forever. For many of the business owners I work with the sales of their business is the event that will fund their retirement and often transfer wealth to other family members. If planed correctly with a strategic wealth advisor for the ideal retirement plan design, the right business acceleration coach driving greater multiples at the time of sale and a business sale advisor helping find strategic buyers, this wealth transfer event will be life changing. Businesses who fail to plan, plan to fail.

We also must consider the lifestyle of the owner after the sale. Let’s say you have a lifestyle business where you have taken a salary and distributions as well as several write offs for vehicles, dinners, vacations and so on. After the sale all those write offs go away.

Example: Let’s say as CEO of your company you receive $1 million of value from your business today in compensations and expenses and you sell your business and receive say $10 million cash. Great right? Not so fast! You give the $10 million to your strategic wealth advisor and you draw up to 5% each year. Your new annual income is $500,000 or half of your lifestyle income prior to sale. (we will unpack the value gap in more detail in future posts) If however, you have worked with a wealth advisor over the years you probably have a 401k, SEP, IRA and they have coached you for the day of exit and you will still be able to draw $1million of income.

The last thing I coach business owners for is “what’s next” for your life and future focus. I have seen so many business owners not have a plan post sale, and I would argue your plan and how you plan to serve others post sale is even more important than the income targets. (I will spend more time on this in future posts as well)

If you are a business owner, I have a few questions for you to consider….

What is your plan for your business when you exit?
Have you strategically increased the value of your business over the past 3-5 years?
Do you plan to have a legacy business for your family?
Do you plan to sell the business?
What is the value of your business now?
Have you received tax advice on how to be paid for your business?
What is your plan post sales to close income gap your business provided?
What is your “what’s next”plan?

In conclusion, creating wealth within businesses transcends mere financial gain, profoundly impacting communities, employees, investors, and business owners alike. By fostering economic growth, empowering individuals, and driving social progress, prosperous businesses are pivotal in building vibrant and resilient societies. As entrepreneurs and business leaders strive for success, it is imperative to recognize the broader implications of wealth creation and embrace a holistic approach that benefits all stakeholders involved.

Let’s schedule a call if your business wants to create wealth.

The Pitfalls of Being Too Familiar with Key Accounts: How Stagnation Leads to Sales and Profit Declines

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In the role of Strategic Account Manager for large accounts, building strong relationships with key accounts is essential. However, there’s a fine line between familiarity and complacency. While maintaining a close connection with large customers is crucial, becoming too comfortable can lead to stagnation, resulting in a decline in sales, profits and missed opportunities. The number of key account salespeople hitting, and exceeding plan has been declining for years. In this article, we explore why being too familiar with key accounts can be detrimental and provide ten telltale signs that indicate you may have crossed that line.

Any relationship if taken for granted will become stale and ultimately vulnerable.

I was coaching a strategic account manager recently and they shared the concern their relationship with the buyer has seemed to sour and go stale and the buyer is not open to discussing new opportunities or sharing challenges. Below are some of the questions I asked that ultimately led me to write this article.

Tell me about when you first were assigned this account. She shared when she first was given this large account is was so exciting! New people to meet at the customer as well as internally on the strategic account growth team. She shared she met with the main buyer and decision maker, and they were very clear about their expectations , needs and how they wanted to be served. The customer shared their vendor scorecard for their business, and they worked together on a plan to improve their scores and increase their share of wallet. Awesome I shared.

How long ago did you become this accounts’ strategic account manager? I was asked to lead this customer in 2019.

What have you seen in growth the last twelve months? Although most of our large accounts had increases, this customer’s sales had no growth.

What are some new challenges your customer has faced in the last 6-12 months? They have not shared any concerns.

How often do you formally meet and discuss your customers’ business, your products and new products and services? We meet formally two times a year, but we probably talk three times a week.

When you talk what do you discuss? Most of the conversation is about orders, when they will be shipping, why an order shipped late and so on. Sometimes we discuss what our competitors are doing.

What have your top two competitors been doing? Both my top two competitors have new account managers in the last 3 months and both their companies are launching new products and services that is taking a lot of the buyer’s time.

Has your company launched any new products or services in the last six to twelve months? Yes, but they are not moving as fast as we predicted and that soured the buyer’s trust.

How many key relationships do you have in this account? That’s hard to say…the buyer and the procurement manager for sure and our company has several relationships with service, shipping, receiving quality as so on.

Just you, how many relationships have you built over the years in this key account? The buyer and the procurement manager and some people in quality and accounts payable.

How would you rank your depth of relationship with people at this account? Are you an acquaintance, vendor, or seen as a trusted industry advisor? Honestly, a vendor is all the Buyer wants and an acquaintance with others.

Who else are key decision makers in this customer? She listed at least six new names and new roles.

Is there any reason you could not reach out to each of them and ask to interview them to better serve their business? Oh no, my buyer would not like that, everything must run through him.

Has he specifically said he does not want you learning how to better serve this account? No

What could you do to interview these new people and make your buyer happy? I could ask him to help me interview these other leaders in the organization.

Great idea and what could you do to build trust with your buyer as you interview his other team members? Let him know how each conversation went and share what they share with me?

What do you think you could do to better understand your buyer and his needs this year? I could interview him and share what other accounts like him are doing in general terms not to violate our NDAs.

Perfect!

We talked for 30 more minutes and worked on persona-based questions to ask the various business leaders she identified. We agreed it would take her 60 days to interview everyone while also managing the account.60 days ended two weeks ago, and we had a follow up call. She has discovered five new ways to help her key account, shared them with the buyer and the buyer is acting like an internal champion to help her. She is now meeting monthly to discuss the business and not just the status of orders and we are currently working with her buyer to develop a key account growth plan.

What happened?

In my opinion the salesperson had grown too familiar with the customer and the relationship was stale and way too shallow.

I can say this because I experienced this in the 1990s when Walmart was my key account. Luckily a new buyer shook me out of my complacency back then.

Are any of your key account relationships grown stale?

Below are some danger signs to consider for your accounts.

The 10 Danger Signs of Stagnation at Large key Accounts

Lack of Inquisitiveness: When you stop asking questions and seeking to understand your customers’ evolving needs, you risk falling behind. Markets change, competitors innovate, and customer preferences evolve. Failing to stay curious about your clients’ challenges and goals can lead to missed opportunities to offer tailored solutions and maintain a competitive edge.

Stale Relationships: A stagnant relationship is a dying relationship. If your interactions with key accounts have become routine and predictable, it’s a sign that you may have become too familiar. Customers crave novelty and value partners who bring fresh ideas and perspectives to the table. Neglecting to inject energy and creativity into your interactions can result in disengagement and, ultimately, lost revenue. Stale relationships lack a key account growth plan and you meetings feel more like going through the motions.

Too Few Relationships : As a strategic account manager you must build your relationship matrix with decision-makers and influencers in your key account. Salespeople who only build one or two relationships are vulnerable to key account managers who build a wide and deep key account relationship matrix. Quick Assessment? How many relationships do your strategic account manager have in each key account? If it’s less than five your relationship is too familiar and vulnerable.

Limited Exploration of New Opportunities: If you find yourself sticking to the same tried-and-tested strategies without exploring new avenues for growth, it’s a red flag. Innovation is key to staying relevant in the marketplace. Whether it’s introducing new products or services, entering untapped markets, or adopting emerging technologies, a reluctance to embrace change indicates complacency.

Overreliance on Past Successes: While past successes can be a source of confidence, relying solely on them can hinder future progress. If you frequently reference past achievements to justify your approach without considering current market dynamics, you may be resting on your laurels. Remember, what worked yesterday may not work tomorrow. Adaptability is essential for sustained success.

Limited Engagement Beyond Transactional Interactions: Healthy relationships with key accounts extend beyond transactional exchanges. If your interactions primarily revolve around closing deals and fulfilling orders, you’re missing out on opportunities to deepen connections. Invest in building rapport, understanding your clients’ broader business objectives, and offering value-added services that demonstrate your commitment to their success.

Failure to Grow Share of Wallet: A strategic account managers role must grow your unfair share of the customers wallet in your product or service category. If your share of wallet has not increased in the last 12 months your relationship is too familiar.

Resistance to Feedback or Criticism: Complacency breeds defensiveness. If you find yourself resistant to feedback or dismissive of constructive criticism from clients, it’s a sign that you may have become too comfortable in your position. Embrace feedback as an opportunity for growth and improvement. Actively seek input from key accounts to identify areas where you can enhance your offerings and better meet their needs.

Decline in Customer Satisfaction or Retention: Ultimately, the litmus test for whether you’ve become too familiar with key accounts lies in their satisfaction and loyalty. Monitor indicators such as customer satisfaction scores, retention rates, and feedback to gauge the health of your relationships. A decline in these metrics suggests that your approach may be falling short and warrants a reassessment of your strategies.

Decline in Net Profit by Customer: As key account managers your role is to grow your share of wallet and uncover challenges and problems your key accounts have and help them solve them. You must challenge how you serve the account and strive to be more effective and efficient. When done consistently and correctly your key account net profit by customer will increase. If your net profit by customer is declining you have grown too familiar with the account and you risk your terms of trade are adding too much to the cost of sale and your customer is not experiencing the value, you expected for the investment.

While fostering strong relationships with key accounts is essential for business success, it’s imperative to guard against complacency. Being too familiar with large customers can lead to stagnation, resulting in a decline in sales and lost revenue. By remaining vigilant for signs of complacency and continuously striving to innovate and add value, you can ensure that your relationships with key accounts remain dynamic, fruitful, and mutually beneficial in the long run.

Have your key account managers grown too familiar with their accounts?

Do your Strategic Account Managers have the consultative sales skills to uncover unresolved key account problems?

Do your key account managers have a relationship matrix or just one or two relationships?

Let’s schedule a call and discuss how we can help your key account managers drive explosive growth at strategic accounts.

Unlocking Consistent Sales Growth: The Flywheel vs. The Roulette Wheel

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The number of salespeople hitting their goals has steadily declined since 2016. Why? What could be the cause this sales problem and how can we help salespeople strategically grow revenue and profits? The difference between sustained growth through sales effectiveness and sporadic sales success that I refer to as “random acts of sales” often boils down to the strategy driving your sales efforts. At the heart of this distinction lies two fundamental approaches: the sales flywheel and the sales roulette wheel. Understanding which one your business operates on can make all the difference in achieving consistent and scalable sales growth and rollercoaster revenue.

The Sales Flywheel: Momentum in Motion, Creating Sales Velocity

Working with CEOs we often here something that sounds like this…”Why can’t sales run like my manufacturing facility? We adjust and have predictable outcomes? Sales feels more like some dark art than a science.” Imagine your sales process as a well-oiled machine, where every action feeds into the next, creating a perpetual motion of growth truly building sales velocity. This is the essence of the sales flywheel. Coined by Jim Collins in his book “Good to Great,” the flywheel represents a strategic approach focused on building momentum through continuous improvement and customer-centricity.

Do you have a sales Flywheel or a Roulette wheel?

Here’s how to recognize if you have a sales Flywheel in Motion creating Sales Velocity

Customer-Centricity

Your sales efforts prioritize understanding and meeting the needs of your customers. Every interaction aims to add value and build lasting relationships, leading to repeat business and referrals. Your team has done voice of customer research and you know how customers buy, what they need to buy and their buying process. You know current market challenges your customers face, and we have trained your salespeople to have value-based messaging to sell based on the value you deliver and not the cost to produce.

Feedback Loop

Your sales process incorporates feedback from customers, sales representatives, and market trends. This loop of continuous improvement allows you to adapt quickly to changing circumstances and refine your approach over time. You have a CRM, and your team is logging insightful data and next steps. You reach out to your customers frequently with satisfaction interviews and address the issues that arise.

Scalability

As your business grows, so does the efficiency of your sales process. Scalability is built into the core of your strategy, enabling you to handle increased demand without sacrificing quality or customer experience. Each department understands the strategic plan, they discuss it with a regular meeting cadence, and you have identified key performance indicators to track leading and lagging activities.

For example, I am often asked to help manufacturers grow more than 20% year over year. Fixing sales problems , training, and coaching the team will often produce the sales and increased profits, but can your operations meet the demand? Growth takes cash. Do you have access to cash to support your growth? Do you have the right people in the right roles to execute best in class customer service as you grow?

Data-Driven Decision Making

Analytics and data play a central role in guiding your sales efforts. By leveraging insights from metrics such as conversion rates, customer lifetime value, and sales cycle length, you can make informed decisions to optimize performance. We no longer can lead teams based on how we have always done things around here or just gut and intuition. Most teams are swimming in an ocean of data so we must determine the data we need and deliver real time actionable insights with data dashboards.

Team Alignment

Your sales team is aligned around a shared vision and strategy. Everyone understands their role in the larger process and collaborates seamlessly to drive results. Your sales team is aligned, they know their value drivers and have been trained to communicate value to the various decision-making personas they help each day. Marketing, Accounting, Purchasing, Operations, Human Resources, IT are all aligned and there is no interdepartmental drama because everyone is focused on the same end goal, and they work together. You have a team that trusts each other all the way up to the senior leadership team and when a constraint occurs, they focus on the problem not people.

The sales flywheel is obviously what high growth teams strive for, but what are signs you have a sales roulette wheel?

The Sales Roulette Wheel: Relying on Chance, Luck and Random Acts of Sales

Contrastingly, the sales roulette wheel represents a haphazard approach characterized by short-term thinking, inconsistency, and reliance on luck rather than strategy. While occasional wins may occur, sustained growth is elusive, unpredictable, and quite frankly frustrating and emotionally draining.

Here are ten signs that your sales process resembles a roulette wheel:

1.Reactive Approach: Rather than proactively engaging with customers and prospects, your sales team reacts to opportunities as they arise, often without a clear strategy or direction.

2.Inconsistent Performance: Sales results fluctuate wildly from month to month, with no discernible pattern or trend. Success feels more like luck than the result of a deliberate effort.

3.Lack of Customer Focus: Customer needs and preferences are an afterthought, leading to churn and missed opportunities for upselling or cross-selling.

4.Limited Feedback Loop: There is little emphasis on gathering and acting upon feedback. As a result, mistakes are repeated, and opportunities for improvement are overlooked.

5.Short-Term Thinking: The focus is on closing deals at any cost, rather than nurturing long-term relationships or building a sustainable sales ecosystem.

6.Transactional experience: Salespeople wait for and take orders without having any discovery, qualifying, and exploring ways to upsell and cross sell.

7.Lower Than Industry Average Gross Margin: Salespeople are completing transactions based on price and not selling value.

8.CFO Discounts Sales Projections for Board Meetings: The sales team has consistently missed the sales they promised would come in. This has happened so frequently your CFO discounts the future months sales projects by as much as 50%.

9.Low customer Satisfaction Scores: Customers feel buying from your team is a transaction and they are willing to buy from others based on service time or a slightly lower price.

10.You have lost one or more of Your Top Performing Salespeople in the Last 12 months: Top performing salespeople leave roulette wheel environments.

OK, so you have discovered you may have a sales roulette wheel when you thought you had a sales flywheel building sales velocity each month?

How can your team Transition from Roulette to Flywheel and make the Strategic Shift Selling Based on Value and Science and not some Dark Art?

If your sales process resembles more of a roulette wheel than a flywheel, fear not.

Transforming your approach requires a deliberate shift in mindset and strategy skills of salespeople and skills of sales leaders.

How to start improving your results?

Focus on Customer Value

Make customer-centricity a priority at every stage of the sales process. Listen to feedback, anticipate needs, and deliver exceptional value to build trust and loyalty.

Assess your Sales Skills, Processes Motivations and Beliefs

Understand the current state of your sales teams’ skills, beliefs, and motivations.

Invest in Training and Development

Equip your sales team with the skills and resources they need to succeed. Provide ongoing training and support to foster a culture of continuous learning and improvement.

Embrace Technology

Leverage sales automation tools, CRM software, and data analytics to streamline processes, gain insights, and drive informed decision-making.

Set Clear Goals and Metrics

Establish clear, measurable objectives for your sales team and track progress against key performance indicators. Regularly review results and adjust strategies as needed to stay on course.

Cultivate a Growth Mindset

Encourage experimentation, innovation, and calculated risk-taking within your sales team. Celebrate successes, learn from failures, and continuously iterate to drive growth.

In conclusion, the distinction between a sales flywheel and a sales roulette wheel lies in the strategic approach underlying your sales efforts.

By embracing the principles of the flywheel—customer-centricity, continuous improvement, and scalability—you can unlock the secret to consistent and sustainable sales growth. So, take a step back, evaluate your current approach, and make the strategic shifts necessary to propel your sales engine forward on the path to success.

If you want to have great board meetings focused on how will we support sales and profit growth and not about why did we miss your sales plan…again, we recommend developing your sales flywheel.

Avoiding a Sales Eclipse: Recognizing the Signs and Protecting Your Revenue

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Here in Cleveland Ohio everyone is excited about the eclipse. As luck would have it the Cleveland and surrounding areas will be perfect to experience a total eclipse. Hotels are hosting visitors from around the world. Local cites have organized Eclipse events and parties and even our children have a day off from school. My wife even bought me a shirt to wear that says..”hello darkness my old friend” From what I understand, it will take an hour to have a full eclipse and we will have darkness for three to four minutes then another hour for the eclipse to disappear.

I was speaking with a business owner this week and I shared his sales problems, and I called it a “sales eclipse”.

His revenue has declined for the last few years and his gross profit margins have decreased as well. He shared he has lost a few large customers over the past twenty-four months and his team has not closed a new customer in some time. To me that’s a sales eclipse. I wrote this short post to help others who may be experiencing the signs of a sales eclipse.

In sales, staying attuned to the needs and challenges of your customers is paramount. Failure to do so can result in a phenomenon known as a “sales eclipse,” where your competitors outshine you by understanding and addressing customer needs better. This can lead to a decline in revenue, diminishing profit margins, and missed opportunities.

Recognizing the signs of a potential sales eclipse is crucial for businesses to pivot and adapt effectively.

Here are six signs to predict if you’re at risk of experiencing a sales eclipse: Stagnant or Declining Revenue:

Decrease in Revenue

One of the most obvious signs of a looming sales eclipse is a consistent decline in revenue over time. If your sales figures are plateauing or decreasing year over year, it’s essential to investigate the root cause. Are your competitors capturing a larger share of the market? Are customer preferences shifting? Understanding the reasons behind revenue trends can help you proactively address any impending challenges.

Decreasing Gross Profit Margins:

A decline in gross profit margins indicates that your pricing strategy may be losing its effectiveness. If your competitors are offering more value for a similar or lower price, customers may be inclined to switch loyalties. Analyze your cost structure, pricing models, and value proposition to ensure that you remain competitive in the market without compromising profitability.

Loss of Key Accounts:

Losing key accounts to competitors is a clear indicator that your team may be out of touch with customer needs. When clients choose to take their business elsewhere, it’s essential to conduct thorough post-mortem analyses to understand why they made the switch. Gathering feedback directly from departing customers in win loss interviews can provide valuable insights into areas where your organization may be falling short. Decreased Customer Satisfaction Scores: Monitoring customer satisfaction scores and feedback is crucial for gauging the effectiveness of your sales efforts.

A decline in Customer Satisfaction:

Indicates that your products or services no longer align with their evolving needs or expectations. Regularly interviewing customers and soliciting feedback can help you identify areas for improvement and make necessary adjustments to prevent a sales eclipse.

Lack of Innovation or Adaptation:

In today’s marketplace, businesses must continuously innovate and adapt to stay ahead of the competition. If your organization is resistant to change or fails to embrace emerging trends, you risk falling behind and experiencing a sales eclipse. Encourage a culture of innovation within your company, foster collaboration across departments, and invest in ongoing training and development for your sales team to ensure they remain agile and responsive to market shifts.

Wrong Sales Mindset :

Are your salespeople focused on helping and serving their customers or hitting their sales goals and commission targets? One of the quickest ways to break a relationship with a customer is for the salesperson to let their needs over shadow the needs and challenges of their customers. Decision- makers can smell commission breath a mile away. Do your salespeople lead with the intent to serve? I challenge you to listen how they speak with their customers and about their customers. We can quickly assess the beliefs and mindsets of your sales team with a sales assessment.

Recognizing the signs of a potential sales eclipse is the first step towards safeguarding your revenue and market position. By staying vigilant, actively engaging with customers, and remaining adaptable in the face of change, you can mitigate the risk of being eclipsed by competitors and sustain long-term success in the marketplace. Providing your team with clear expectations about helping customers consultatively and not “selling them” to hit their commission targets is key.

Remember, understanding and addressing your customers’ current needs and challenges is the key to avoiding a sales eclipse and staying ahead of the curve.

Is your team experiencing a sales eclipse?

Staring at it in hopes it just goes away will only damage your vision for the future.

Putting on dark glasses and hoping things will return to normal soon is not a strategy.

Let’s schedule a call to discuss how your team got to this point and how to quickly drive explosive growth in the future.

The Top 10 Sales Problems and How to Fix Them

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The role of sales is critical to the success of the organization and challenges are inevitable. From generating leads to closing deals, sales professionals encounter a myriad of obstacles that can hinder their success. Identifying these issues and implementing effective solutions is crucial for maintaining a thriving sales operation. Having helped teams fix sales problems for over 37 years I wanted to share what I have observed as common sales problems and how to fix them.

Here are the top 10 sales problems and strategies to overcome them:

1.Lack of Qualified Leads: Without quality leads, sales efforts are often wasted. As I share in my training on identifying your ideal customer, we do not want salespeople contacting anyone who can fog a mirror. We want to spend our time focused on reaching out to current customers and prospects that have a high probability of having problems and challenges we can solve. To address this, we must focus on refining your target audience and implementing robust omnichannel lead generation strategies such as content marketing, social media outreach, and networking events. Additionally, invest in lead scoring to prioritize prospects most likely to convert.

2.Ineffective Sales Communication: Poor communication can result in misunderstandings and missed opportunities. Can your salespeople clearly and succinctly share your companies’ value proposition? As we work with sales teams it is not unusual to assess the team and find as high as 70% of the team cannot share a strong value proposition. Provide comprehensive sales training to your team, emphasizing active listening, effective discovery and qualifying questioning techniques, and clear articulation of value propositions. Encourage regular communication and feedback within the team to foster collaboration and alignment.

3.Difficulty Differentiating from Competitors: In crowded markets, standing out from competitors is essential. Here we want your sales team to understand your distinctive competence. We want to answer the question: Why do customers buy from us? Conduct thorough market research to understand your competition and identify unique selling points. We highly encourage the teams we work with to conduct voice of customer research. In this research our team will ask what your product or service does well? What competitors do you buy from? Why don’t you buy those products or services from your company? In these critical customer and prospect interviews we quickly gather answers to the questions we need to answer. Keep in mind as well the reason someone bought from you five years ago is often much different than why they buy from you today. We must capture the “why” for today. Tailor your messaging to highlight what sets your product or service apart and emphasize the value it delivers to customers today. Work with your salespeople and help them be able to share your value statement conversationally. Equip your salespeople with success stories and case studies that support your value statement.

4.Long Sales Cycles: Lengthy sales cycles can drain resources and impede revenue generation. Long sales cycles also impact the mindset of your salespeople, and we must address this quickly when it occurs. Do you have a formal sales process? Are your salespeople using it or are they skipping steps. For example, it is not unusual to see salespeople act transactionally since the pandemic, skipping rapport, discovery and qualifying. When they skip these steps, the sales cycle becomes long, and close rates decrease. Build a formal sales process and train your salespeople how to use it. Update your CRM to follow the formal sales process and hold salespeople accountable to following the process in your weekly coaching sessions. Streamline the sales process by identifying and addressing common bottlenecks. In an earlier post I referred to places in the sales process where sales stall as roundabouts, the sales spins and spins but does not go anywhere. Implement sales automation tools to expedite administrative tasks and nurture leads more efficiently. Additionally, focus on building strong relationships with prospects to accelerate decision-making.

5.Lack of Sales Alignment with Marketing: When sales and marketing teams aren’t aligned, it can lead to disjointed messaging and missed opportunities. You can quickly determine this is happening when your marketing tea says something like we delivered 123 leads last week and sales shares none of the names we were given were leads. Often, we find what marketing believes is a qualified lead is not a sales qualified lead. Foster collaboration between sales and marketing departments by establishing shared goals and KPIs. Encourage regular communication and feedback to ensure both teams are working towards common objectives. When I led a team that trained the world’s largest companies in product management, we highly encouraged marketing to interview customers and make customer visits. Marketing time with customers helps marketing deliver leads to sales and not just lists.

6.Failure to Adapt to Changing Market Dynamics: Markets are constantly evolving, and sales strategies must evolve accordingly. Do you have an outdated value proposition? Is what your salespeople are saying to customers and prospects no longer resonating with your customers of today? Stay abreast of industry trends, customer preferences, and competitive developments. As mentioned earlier we recommend our clients conduct voice of customer research and make at least two customer interviews per week. Continuously assess and adjust your sales approach to remain agile and responsive to market shifts. For example, today over 75% of the sale process is over before a buyer speaks with a salesperson. We must have a strong web presence and digital marketing strategy that leverages the key words and phrases to help customers and prospects find our site. Sales teams also must be updates with new sales tools, processes, and training.

7.Inadequate Sales Training and Development: Continuous learning is essential for sales success and improving sales effectiveness, yet many organizations overlook training and development initiatives. It is not unusual for a prospect to call me and ask if I can attend a meeting and train their team. Can I attend and deliver content that will help their team? Yes. Is this the best way to train salespeople? NO! I encourage each client to first assess the skills of their salespeople, sales managers, and sales leaders. Then collaboratively we work together and design a spaced stacked learning experience that is designed for retention and deliver the maximum ROI on your training dollars invested. In our training we offer interactive virtual training with application exercises for each skill. We recommend investing in ongoing sales training programs that cover product knowledge, sales techniques, and industry trends. Provide opportunities for skill development and career advancement to keep your sales team engaged and motivated. If this feels daunting it does not need to be. It starts with understanding the skills of your team and delivering training to close skills gaps we discover. We must deliver training that is retained and applied in their daily activity. Once we have created a strong sales skill foundation, we can deliver specific training based on needs sales managers observe. For example, one client I trained a year ago has asked I deliver key account planning and business acumen training. Another client prefers to use sales books. We have the sales team read books like SPIN Selling, Trusted Advisor, and many more. One client asked I share monthly You tube videos that reinforce and refresh sales skills. Other clients ask we create sales scenarios for sales managers to use in their sales meetings for salespeople to practice specific skills. Top preforming salespeople are trained and confidently drive explosive growth in revenue and gross margins, ( if you would like to learn more about sales training you can download a white paper here)

8.Resistance to Embracing Technology: Technology can enhance sales efficiency and effectiveness, but some sales professionals may be resistant to adopting new tools and processes. Offer comprehensive training and support to help your team embrace technology solutions such as CRM systems, sales automation software, and analytics platforms. Highlight the benefits of these tools in streamlining workflows and driving results. The quickest way to help your sales team embrace and use new tools is to clearly articulate the benefits to them. Salespeople , from my experience often resist new tools because they feel it is one more way for ‘big brother” to watch me. Help them see the new technology to improve their results and compensation.

9.Inconsistent Sales Performance: Inconsistency in sales performance can be demoralizing and detrimental to overall success. We refer to it as roller coaster revenue or random acts of sales. One very strong sales month or quarter then one or two quarter with sales results struggling. Implement a performance management system that sets clear expectations, tracks progress, and rewards top performers. Provide coaching and support to underperforming team members, identifying areas for improvement, and offering targeted training and development opportunities. As buyers have become must more sophisticated, the old days of random acts of sales do not work. We must have a formal sales process with specific leading indicator KPI’s.

10.Lack of Customer Focus: Ultimately, sales success hinges on understanding and meeting customer needs. Do your salespeople have commission breath? Buyers can smell commission breath from a mile away. What is the salesperson’s intent in speaking with the decisionmaker? Are your salespeople reaching out to ideal customers and trying to help the customer solve common problems or are they selling to hit their goals and commission? Salespeople who take a consultative approach, build business relationships, and collaboratively suggest solutions become top performers. Salespeople with commission breath take a transactional approach and decisionmakers can feel it. Cultivate a customer-centric culture within your organization, emphasizing empathy, responsiveness, and a commitment to delivering value. Encourage active listening and solicitation of feedback to continuously refine your products and services to better serve your customers.

Addressing these top sales problems requires a combination of strategic planning, effective communication, and continuous improvement.

By proactively identifying and resolving these challenges, organizations can empower their sales teams to achieve greater success and drive sustainable explosive growth.

A few questions for you to consider….

Do your salespeople have the skills to meet their goals?

Are your customers satisfied or unhappy with how your sales communicates with them?

Do sales and marketing in your organization have the same definition of a lead, opportunity, and prospect?

Can your sales team clearly share your value proposition and is it still resonating today?

Are your salespeople trained and equipped to sell consultatively or do they have a bad case of commission breath?

What impact would it have on your revenue and gross margins to have a trained sales team that grows organic revenue by more than 20%?

What impact would it have on your net income if your salespeople improved their skills selling based on value and not just a transaction based on price?

Let’s schedule a call if you would like to assess your sales teams’ skills today and develop a plan to close any sales skills gaps, we discover.

Key Considerations When Improving Sales Effectiveness: Sales Skill, Mindset Coaching, Sales Process, Systems, and Sales Manager Training

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Improving sales effectiveness is a multifaceted endeavor that requires attention to various aspects of the sales process, from individual skill development to organizational strategies. In today’s competitive marketplace, companies must continuously refine their approach to sales to stay ahead of the curve. Market-leading organizations are investing in sales enablement and improving sales effectiveness. Think about how much your business has changed in the last few years. We must understand our customers and adapt how our teams serve customers in the future. It is not a one-and-done exercise but a continuous process.

Here are key considerations to keep in mind when aiming to enhance sales performance:

Understanding your customers and markets today: Market-leading organizations continuously research to understand their customers and markets better. As I shared in my books, Driving Explosive Growth and Voice of Customer, knowing your customers is crucial in driving increases in revenue and profits.

Why do customers buy from you?
Why do they also buy from competitors?
What share of your wallet do you have?
What is their buying process for solving new challenges today?
What criteria do they need to make buying decisions?
Are your customers satisfied or preparing to defect soon?
Do you know if your customers refer others to you?
What are the top challenges your customers are facing today?

These questions and more will help your team meet your customers’ needs today and improve your sales effectiveness.

Sales Skill Development:

Invest in ongoing training programs to develop and enhance the core selling skills of your sales team, including professional prospecting, discovery and qualifying skills, consultative selling, objection handling, negotiation, and closing techniques. As we assess sales teams to prescribe the training and coaching, they require, closing skills continue to rank very high as needed training.
Tailor training sessions to address specific areas of improvement identified through sales effectiveness assessments, performance evaluations, customer feedback, and sales metrics analysis.
Provide opportunities for role-playing exercises, real-world simulations, and continuous learning to reinforce skill development and promote a culture of continuous improvement.
Foster peer-to-peer learning.

Mindset Coaching:

Recognize mindset’s critical role in sales success and incorporate mindset coaching into your sales training programs.
Help sales professionals cultivate a positive attitude, resilience, and confidence to overcome challenges and persevere in the face of rejection.
Encourage a growth mindset that fosters a belief in one’s ability to learn, adapt, and improve over time rather than a fixed mindset that limits potential.

As we assess teams today, we often find limiting beliefs like the need to be liked more significant than their need to be respected, or they have a fear of talking about money, or they believe asking for the order is manipulative when asking for the order will help salespeople better serve their customers.

Sales Process Optimization: Evaluate and streamline your sales process to remove unnecessary steps, reduce friction, and improve efficiency. Map out the customer journey from initial contact to conversion and identify areas where bottlenecks or inefficiencies occur. When a sales team designs and incorporates a formal sales process, it often sees a lift in revenue of 15% in the next six to twelve months. Following a formal sales process helps salespeople understand their customers’ needs and challenges and collaboratively design solutions with their customers. We have seen close rates increase by 30% or double in some cases.

Implement technology: Solutions such as customer relationship management (CRM) systems to automate repetitive tasks, track interactions, and provide insights for informed decision-making. CRMs help salespeople give better service to their customers and prospects while empowering sales enablement to identify key insights to improve overall sales effectiveness.

Sales Systems Integration: Integrate your sales systems with other departments and functions within the organization, such as marketing, customer service, and finance, to ensure alignment and collaboration. Leverage data analytics and reporting tools to gain visibility into sales performance metrics, revenue forecasts, and customer insights. Enable seamless communication and data sharing across platforms to facilitate a unified customer engagement and support approach. Power BI dashboards give salespeople actionable insights, help remove random acts of sales, make sales more of a science, and drive more predictable results.

Sales Manager Training:

Equip sales managers with the skills, knowledge, and resources they need to lead and support their teams effectively.
Provide training on coaching and mentoring techniques to help managers develop the talents and capabilities of their sales representatives.
Foster a culture of accountability and performance excellence by setting clear expectations, providing regular feedback, and recognizing and rewarding achievements.

Our data reinforces salespeople today want to be coached led and valued not micromanaged. Training your sales managers will improve your sales results and employee engagement and retention.

Next steps?

Improving sales effectiveness requires a holistic approach encompassing sales skill development, mindset coaching, process optimization, systems integration, and sales manager training. By addressing these fundamental considerations, organizations can empower their sales teams to achieve peak performance and drive sustainable growth in today’s dynamic business environment.

Do you desire to improve sales effectiveness in your sales organization?

We recommend the following ten steps to improve sales effectiveness:

Voice of customer research – understand customer satisfaction, net promotor score, and the current challenges your customers, prospects, and markets face.
Conduct Sales Effectiveness and Improvement Analysis – what sales skills and beliefs support your strategic growth, and what ones must improve so your sales team can execute the sales and profit growth plan?
Deliver training
Deliver coaching
Establish KPIs to measure what matters
Develop a regular meeting cadence of talking about things that matter to the business
Develop your managers and leaders
Update your strategic growth plan based on market conditions today
Frequently monitor transaction data
Make continuous learning part of your culture.

Let’s schedule a call if you would like to explore how to improve the sales effectiveness of your sales organization.

Entrepreneurship vs. Employment: Navigating the Jungle or Living in the Zoo

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In your professional life, we often find ourselves at a crossroads: Should we embrace the wild and unpredictable terrain of entrepreneurship, or opt for the structured and secure environment of traditional employment? As I work with teams and clients in various industries, at some point we have this conversation. To shed light on this dilemma, let’s draw an analogy between living in the jungle and residing in a zoo, illuminating the challenges and rewards of each path. I heard this analogy in a recent show I watched and thought it was a great explanation since I have lived in a zoo and I currently live in the jungle.

The Jungle: Entrepreneurship

Entering the jungle of entrepreneurship is akin to venturing into the untamed wilderness, where survival depends on adaptability, resourcefulness, and resilience. Here, you are the master of your destiny, charting your own course through uncharted territory. To put it another way …you eat what you kill. Every day presents new obstacles and opportunities, requiring a blend of creativity and courage to thrive. You will have incredible highs helping others achieve their goals and dreams. You will also have periods of stress and even doubt, and you will need to constantly adapt or fall prey to the dangers of the jungle.

What is it like to live in the Jungle?

Freedom and Independence: In the jungle, you are free from the constraints of hierarchy and bureaucracy. You have the autonomy to pursue your passions, innovate without limits, and shape your business according to your vision.

Risk and Uncertainty: However, this freedom comes at a price. The jungle is fraught with risks – economic fluctuations, market competition, and unforeseen challenges lurk around every corner. Success is not guaranteed, and failure is a possibility that looms large.

Growth and Adaptation: Yet it is within the chaos of the jungle that true growth occurs. Entrepreneurs must constantly adapt to survive, honing their skills, pivoting their strategies, and learning from both triumphs and setbacks.

The Zoo: Employment

Contrastingly, the zoo represents the structured environment of traditional employment, where individuals inhabit a controlled habitat with defined roles and responsibilities. While lacking the inherent freedom of the jungle, the zoo offers stability, security, and a sense of belonging.

Stability and Security:In the zoo, employees enjoy the comfort of a regular paycheck, benefits, vacation time, sick leave and a predictable routine. There is a safety net provided by the organization, shielding individuals from the uncertainties of the outside world. Assuming your zookeeper has a strong vision, mission and plan you will grow along with the zoo as it grows.

Limitations and Constraints: However, this security often comes with limitations. Employees may find themselves confined within the boundaries of their job descriptions, with limited room for creativity or autonomy. When I was employees with one very large company, I often received advice that sounded like…”Stay in your swim lane, that’s a great idea but not something you should share here, it will cause you political challenges.” Progression may be governed by hierarchy, stifling individual ambition and innovation. Or you could work for an amazing company with visionary leader coaches who encourage out of the box innovative thought. I served a CEO like this for 13 years and we grew that company from $4 million to over $300 million. However, from my experience the larger the company the greater the constraints and most organizations fall somewhere in-between entrepreneurial and hierarchical.

Comfort and Routine: Despite these constraints, the zoo offers a sense of comfort and familiarity. Employees can focus on their specific tasks without the burden of overarching responsibility, allowing them to achieve work-life balance and pursue personal interests outside of work.

If you have followed my content, you know I am a huge fan of DISC, a personality assessment instrument I use when helping teams. A high S and C personality style often thrive in a zoo with defined systems and processes.

Choosing Your Habitat

Ultimately, the decision to embrace entrepreneurship or seek employment depends on individual temperament, aspirations, and risk tolerance. Just as some thrive in the jungle, relishing the freedom and challenge it offers, others may prefer the structured environment of the zoo, finding fulfillment within its confines. The key is to understand both environments and you and decide to commit.

I suggest before embarking on either path, it is essential to assess your strengths, weaknesses, and long-term goals. Are you prepared to weather the storms of entrepreneurship, navigating through uncertainty with unwavering determination? Or do you seek the security and stability of traditional employment, content within the boundaries of the zoo?

In DISC terms are you a high D, driven, entrepreneurial and want to set your own course? Have you weighed the challenges and rewards?

Whichever habitat you choose, remember that success is not defined solely by external metrics such as wealth or status, but by the fulfillment and purpose you derive from your endeavors. Whether you roam the jungle as a daring entrepreneur or thrive in the comfort of the zoo as a dedicated employee, embrace your chosen path with passion, integrity, and a spirit of adventure.

The key is to strategically chose the right environment for you at this time of your life.

As I work with teams of leaders, I often find some members on leadership teams not aligned, frustrated, and considering dabbling in the jungle. The trouble is you are either in the zoo or the jungle. Reaching out beyond your bars does not give you a true feeling on being an entrepreneur. Sadly, several once successful executives find once they are free from the bars of the zoon they struggle. They must now learn all those other business functions they may have been aware of in the past but did not have a full appreciation for until they had to do them themselves.

If you work in a zoo and you are receiving new challenges and continuous development, you are blessed. You have nothing to prove. You will have an amazing career and a strong life balance in most cases. Be grateful to the zoo , loyal to the zoon that feeds and protects you.

If you chose to run in the jungle, I applaud your courage. Please make sure before you break out of the zoo you clearly understand the jungle environment for once you have lived in the jungle, many zoos will not welcome you back.

We are seeing employee engagement at an all-time low in our workforce today. Depending on the study you read over 60% of employees are not engaged. Some reports indicate as high as 30% of employees are disengaged. They sit in their cage and wait for their food. They may be dreaming of a life in the jungle, and this is distracting them from engaging where they are. Or you have roamed the jungle for some time. You have taken your bumps and bruises and now you are considering living your days in a zoo. My advice is before you break out of the zoo or enter one you speak to a coach to help frame and guide your decision-making.

Let’s schedule call if you are in a zoo and feel frustrated. Let’s schedule a call if you are considering breaking free of the zoo and roaming the jungle. If you have a zoo but want employees acting more like they are in the jungle we can accomplish this as well.

Understanding the Distinction: Voice of Customer Research vs. Sales Discovery and Qualifying

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In my recent book, I share how Voice of the Customer research gives teams the key insights to drive strategic business growth. Salespeople understanding customer needs and preferences is paramount for success. While both Voice of Customer (VoC) research and sales discovery and qualifying serve to gather insights about customers, they differ significantly in their approach, focus, skills and objectives.

Lately, I have contributed content on LinkedIn that needs clarification about salespeople conducting voice-of-customer research. In this article, we’ll explore the distinction between VoC research and sales discovery and qualifying and why salespeople should prioritize selling over conducting research.

Voice of Customer Research: Understanding Market Dynamics

Voice of Customer (VoC) research involves gathering feedback, insights, and opinions directly from customers to understand their preferences, expectations, and pain points. This research typically takes the form of surveys, interviews, focus groups, and observation methods and aims to provide a holistic understanding of the market landscape, customer needs, and competitive dynamics. We recommend that trained researchers conduct these interviews to gain unbiased insights into customers’ satisfaction, struggles, and why they buy from you.( and why they buy from your competitors)

Sales Discovery and Qualifying: Uncovering Specific Customer Needs

On the other hand, sales discovery and qualifying are integral components of the sales process that focus on uncovering specific customer needs, challenges, and priorities to tailor solutions and drive sales growth. Through targeted questioning, active listening, and needs analysis, sales professionals engage prospects in meaningful conversations to identify pain points, assess fit, build relationships and qualify leads based on their likelihood to purchase.

When a team has conducted VOC, we often discover three to five insight pillars and better understand current customer and market challenges. With these insights, we can develop strategic growth plans and marketing materials in the Voice of your customers and deliver the best buying experience.

As best-selling author Vern Harnish shares…

“ Developing strategy without customer insights is Criminal”

However I hear some skeptics saying why can’t sales do research and selling activities?

Why Salespeople Should Sell, Not Conduct Research:

1. Time Efficiency:

Salespeople are tasked with driving revenue and closing deals, making their time valuable. While VoC research is essential for informing broader marketing strategies and product development initiatives, salespeople should prioritize selling activities directly contributing to revenue generation.

Studies indicate salespeople are spending less than 25% of their sellable time selling today as it is.

We want salespeople to speak with customers and prospects, understand the problems they face today, and help them fix their issues with a consultative approach, selling outcomes, not products or solutions.

2. Expertise and Focus:

Sales professionals possess expertise in building relationships, overcoming objections, and closing deals, making them valuable assets in the sales process. By leveraging their skills and focusing on engaging prospects, salespeople can add unique value and drive meaningful outcomes for both the customer and the organization.

As I share in my new book, Voice of Customer, we want salespeople to refrain from conducting market research.

3. Customer-Centric Approach:

Sales discovery and qualifying are inherently customer-centric activities that prioritize understanding and addressing individual prospects’ specific needs and challenges. Salespeople demonstrate their commitment to delivering value and building customer trust by engaging in personalized conversations and providing tailored solutions.

We train and coach salespeople never to assume a current or new prospect has a problem. Through research, we may have learned common problems customers and prospects face today. In the sales training and coaching programs, we help sales teams take these market insights and turn them into strong discovery and qualifying questions that demonstrate competence, build trust, and help salespeople understand the need to be solved completely.

4. Alignment with Sales Goals:

Ultimately, salespeople’s primary goal is to drive revenue and achieve sales targets. While VoC research informs broader strategic initiatives, sales discovery and qualifying directly contribute to the bottom line by identifying qualified leads and closing deals. Salespeople should focus on activities that align with their sales goals and priorities.

As Scaling-up coaches, we often help teams with an interactive exercise called the functional accountability exercise to ensure which role owns what task.
Marketing and product management understand the market and customer problems from a strategic point of view. They help organizations understand how customers want to be served and the criteria they need to make buying decisions.

Marketing and product management will gather insights to determine customer satisfaction and Net Promotor score.

Sales take the insights, tools, and content marketing develops, meets with ideal customers, and asks strong discovery questions to confirm that the customer or prospect has problems they can solve.

In addition, we train salespeople how to qualify the customer.

Do they have a budget?

Do you know if the person you are speaking with has the authority to make a purchase?

Do we clearly understand the need?

Do we know the customer’s timeline?

Next steps…

With marketing insights and persona-based messaging, salespeople increase sales and drive explosive growth in revenue and profits.

With robust discovery and qualifying skills, salespeople find more opportunities to quote and significantly increase their close rates.

While Voice of Customer (VoC) research, sales discovery, and qualifying are essential components of writing a strategic sales and marketing plan, the sales and marketing teams have distinct purposes and require different approaches.

Salespeople should prioritize selling activities that leverage their expertise, training, and coaching, as well as focus on understanding customer needs and driving revenue generation.

Marketing and product management often hire industry-leading trained market researchers to gather actionable unbiased insights to serve their customers and markets today.

By understanding the distinction between VoC research and sales discovery and qualifying, sales professionals can optimize their efforts and maximize their impact in driving sales success.

Let’s schedule a call if you would like to gather actionable customer insights and train your salespeople in discovery and qualifying skills.

Overcoming Limiting Beliefs in Sales: Top 10 Challenges and Solutions

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As we discussed in a recent post, the right sales mindset matters when looking at key drivers of sales success. Sales success often hinges on practical skills and overcoming limiting beliefs that hinder performance. Recognizing and addressing these beliefs is crucial for salespeople to reach their full potential and achieve outstanding results.

Here are the top 10 limiting beliefs we commonly encounter working with sales teams and strategies to overcome them through training, coaching processes, and systems.

Fear of Rejection

Limiting Belief: “Rejection is personal, which means I’m not good enough.”
Solution: Train salespeople to reframe rejection as a natural part of the sales process. Provide coaching on resilience and mindset techniques to handle rejection constructively, emphasizing that each “no” brings them closer to a “yes.” Implement a formal sales process to reduce sales friction and help coach salespeople to the next step to closing the sale.

Self-Doubt

Limiting Belief: “I’m not confident in my abilities, and I doubt whether I can succeed.”
Solution: Offer training programs focused on skill development, product knowledge, and sales techniques to boost confidence. Implement coaching processes that provide constructive feedback and encouragement, helping salespeople build self-assurance over time. Over 50% of sales teams have yet to be trained in sales skills. No wonder they have self-doubt. With the proper sales training and coaching over time, we can correct this limiting Belief and give them skills and confidence.

Fear of Failure

Limiting Belief: “Failure is inevitable, and I’ll never achieve my sales targets.”
Solution: Implement a performance-driven culture that views failure as an opportunity for growth. Offer training on goal setting, time management, and resilience to help salespeople overcome setbacks and stay focused on long-term success.

Have a sales playbook.

Develop sales plans for each salesperson, have them collaborate on how they will achieve their key deliverables this year, and share the assistance they might value.

Negative Self-Talk

Limiting Belief: “I’m not good enough, and I’ll never be successful.”
Solution: Introduce mindfulness and mindset training to help salespeople recognize and challenge negative self-talk. Incorporate affirmations and visualization exercises into daily routines to foster a positive mindset and build self-belief. We also have successfully shared data and customer insights from the voice of customer research. Salespeople are often too hard on themselves because they need more situational awareness and building business relationship skills. Often, salespeople who might give themselves low scores on customer trust and overall satisfaction have customers sharing the opposite when we interview them in the voice of customer interviews.

Limited Belief in Product Value

Limiting Belief: “My product isn’t superior, and customers won’t see its value.”
Solution: Provide comprehensive product training and knowledge-sharing sessions to deepen salespeople’s understanding of the product’s features, benefits, and competitive advantages. Please encourage them to share success stories and testimonials with potential customers to reinforce product value.

Buyers have been trained in negotiation skills and tactics( heck, I train buyers and salespeople in negotiation skills), and one of the first things we train buyers to do is commoditize the salesperson’s offering.

Salespeople speak with buyers every day, throughout the day, and start believing what they have heard if they have yet to receive sales skills training, such as determining the customer’s value and creating a business case.

Fear of Cold Calling or Prospecting

Limiting Belief: “Cold calling is ineffective, and I hate prospecting.”
Solution: Offer training on effective prospecting techniques, including cold calling value messaging, cadence, email templates, and social selling strategies. Role-play scenarios and provide constructive feedback to help salespeople overcome their fears and master the art of prospecting.

Lack of Confidence in Closing

Limiting Belief: “I’m not skilled at closing deals and often miss opportunities.” “ if I ask for the order, it will feel manipulative and hurt my relationship.”
Solution: Implement sales skills training and coaching processes focused on closing techniques, objection handling, and negotiation skills. Provide salespeople with proven frameworks and strategies for confidently guiding prospects through the buying process and securing commitments.

Comparison with Peers

Limiting Belief: “I’m not as successful as my colleagues, and I’ll never measure up.”
Solution: Foster a collaborative environment where salespeople support and learn from each other. Offer peer-to-peer learning opportunities, coaching, and a formal mentorship program to share best practices, celebrate successes, and build camaraderie within the sales team.

Fear of Asking for Referrals

Limiting Belief: “Asking for referrals is awkward, and customers will say no.”
Solution: Provide training on referral generation strategies and leveraging existing relationships to expand the customer network. Coach salespeople on how to confidently ask for referrals, emphasizing the value they provide and the benefits for the customer.

Again, we share data. Studies have found, and we have validated the findings in voice-of-customer interviews, that over 90% of customers would provide referrals, but sadly, less than 20% ask for them.

Limited Time Management Skills

Limiting Belief: “I don’t have enough time to prospect, follow up, enter updates in CRM, do reports, and close deals.”
Solution: Offer time management training and productivity tools to help salespeople prioritize tasks, set goals, and maximize efficiency. Implement systems for tracking and managing leads, automating routine tasks, and streamlining administrative processes to free up more time for revenue-generating activities.

For most sales teams today, we find they spend less than 25% of their sellable time selling. The biggest cause is a lack of time management training and coaching from their sales manager.

Next Steps

Overcoming limiting beliefs is essential for salespeople to unlock their full potential and achieve outstanding results. First, we must identify the limiting beliefs by leveraging a sales assessment instrument and sales manager observation.

Then, we implement training, coaching processes, and systems tailored to address these challenges. Organizations can empower their sales teams to thrive in competitive markets and drive sustained growth.

What limiting beliefs have you observed in your sales team today?

What have you heard a salesperson or sales manager say that demonstrates they have limiting beliefs?

Are your salespeople consistently achieving their sales objectives, or could limiting beliefs hurt their results?

Let’s schedule a call if you would like to discuss how to identify and correct limiting beliefs your salespeople may have.

Growing Sales and Profits in Uncertain Economic Times.

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Many business leaders are concerned about scaling revenue and profits in 2024 so Mark delivered a webinar to help them increase revenue and profits in uncertain times.

We share four mindset myths from a recent McKinsey article about growth to help people understand you can scale your business profitably.

We discussed key steps to growing revenue in uncertain economic times as shared below.

1. Know your Markets and current trends
2. Right people right seats right skills
3. Understand your customers today
4. Leadership team aligned and built based on foundation of trust
5. Have a strategic plan
6. Aligned and execute the plan
7. Measure what matters
8. Communication
9. Coach and train
10. Pivot don’t Panic

Please share this link with others in your organization and networks who may want a proven process to grow in uncertain economic times.

If you would like to connect with Mark various links are below.

LinkedIn: https://www.linkedin.com/in/markaroberts/

Driving Explosive Growth Book: https://a.co/d/6x386OS

Email: markroberts@nosmokeandmirrors.com

Kind regards,

No Smoke and Mirrors Marketing Support Team

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