As a startup founder or SMB owner, you're always looking for ways to grow your business and increase revenue. But what if we told you that one of the biggest risks to your success is lurking right under your nose? We're talking about salespeople.
Imagine this, You are a salesperson. Only 3% of people you talk to trust you, there is a 70% chance you don’t follow up on leads, there is an 86% chance you don’t have the necessary soft skills to be successful at the job and you will spend ⅔ of your time doing everything except selling. There is a 50% chance you will find prospecting to be the hardest part of the job and there is a 71% chance you won’t hit your target. However, you will ask for a minimum salary of $60,000/year, commission, benefits, hardware and training. It will take roughly 8 months until you are 100% productive although your average tenure is only 1.5 years. After which it will cost your employer around $15,000 to replace you not to mention the lost revenue in your absence.
But everyone hires salespeople, surely they must be doing something right? This is an illusion at mass scale. In reality only 8% of sales people would be considered high performers as found by Forbes and The Bridge Group found that 71% of sales reps don’t meet their quota, and only 57% of salespeople hit 80% of their quota.
So what is the solution? Invest in specialists to increase the top of your funnel and customer success managers who can foster a long term relationship. How do we know this works? According to a survey conducted by Hubspot, companies that outsource their lead generation activities have a 43% higher ROI compared to those that handle lead generation in-house and 78% of companies that outsource lead generation report an increase in sales revenue. Combine this with the fact that 57% of a customer's buying process is completed before they even speak to a sales representative, 94% of B2B buyers conduct online research before making a purchase. "According to research by Forrester, 60% of B2B buyers prefer not to interact with a salesperson as the primary source of information.
It is time to take a good hard look at your return on capital and how just a couple of hard but fast decisions can change your business forever.
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Company Name: GoToRevenue
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Website: http://www.gotorevenue.com/
