I have to admit being consumed with CSO Insights latest Sales Performance Report. If you haven’t had the opportunity to read it, make sure you take the time to download and study it. It’s filled with fascinating analysis, each chart presents huge opportunities for performance improvement.
I had an interesting conversation with the founder of a sales technology company recently. Their technology was designed to provide greater transparency into the inner workings of sales departments, sales managers, and individual salespeople, in order to equip sales directors to provide better leadership for more effective sales execution.
In July, German grocery chain Lidl announced that it was calling it quits on a massive project to upgrade their inventory management system, a project they had spent around $500 million on.
I hate to be doom and gloom, but many sales departments are failing to perform. Year after year after year the data coming out of organizations like CSO Insights shows decreasing sales effectiveness on nearly every measure in nearly every industry.
What is sales effectiveness? If you ask a room of 100 sales professionals, you’ll likely get 100 different answers. Some will talk about performance against goals, while others may refer to revenue or profit. Many say effectiveness has to do with making better use of one’s time.
I have a two-part question for you: Last year, how much money did your company spend/invest in attempting to win new business? Prospecting? And now the second part: How much money did your company spend/invest in endeavouring to retain your existing clients/customers?
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