Tag Archives: How to increase sales

Sales Coaching

Using Sales Coaching to Increase Sales

Regardless of the economic environment we are operating in, it is critical to find a way to increase sales. In many cases, management will try to achieve this by throwing more resources at the challenge. This can work if they hire the right people and train them well, and then the people hired perform as expected. If this works, the return on investment is high with strong sales growth. If it does not work, the costs can be high as sales people can be expensive to higher, train, and keep on payroll.

Unfortunately, when you hire new employees, you never know how they are going to turn out and how they will perform day in and day out. One way to decrease the risk and uncertainty with staffing new sales people is to utilize a process of sales coaching. Sales coaching is effective at increasing sales and improving performance by working directly with the sales staff on a one-on-one basis to keep them focused, motivated, and on track.

The impact of being able to increase sales through something like sales coaching can be very advantageous. From a top line perspective, by improving the probability and amount of success for each sales person, the cumulative revenue increase can drive very significant revenue growth and improvements in profitability. This could be the determining factor in succeeding in a competitive marketplace and gaining market share.

Increase Sales to Increase Company Valuation

A bigger picture benefit is that this could improve the valuation of the company as a whole. By posting better growth and profitability figures, a public company could see an increase in its stock price. For private companies, this could make the company more attractive from an acquisition standpoint and enable it to be purchased at a higher price.

Increase Sales to Increase Employee Valuation

Utilizing sales coaching to increase sales, will also deliver strong benefits to the individual contributors as well. For the sales staff and sales management, this means an increase in quota attainment providing more commissions and money in their pockets. In the long-term, the benefits could be job security, job satisfaction, and being better positioned for any potential promotions.

Decrease Hard-dollar Costs

By effectively increasing sales, the company will not only see top line improvement, but can also stand to see strong improvements in the bottom line by controlling and decreasing costs. This is achieved by decreasing turnover through creating a happier and more successful staff. By decreasing turnover, the company will see hard-dollar savings in the area of hiring, training, and replacing sales staff.

Decrease Opportunity Cost

By improving the success of the sales staff and decreasing turnover, the company also stands to decrease opportunity cost. Consider the business that is lost or missed while a sales person is under-performing. Add to that any business that is lost or missed while a position is open from a resignation or termination. Finally, add to that any business that is lost or missed while a new hire is being trained and getting ramped up. All of this adds up to a tremendous amount of opportunity cost and that can be decreased by improving performance and tenure for the sales staff.

Michael Halper has a passion for coaching individuals toward personal and professional development. For more information about coaching and development visit Compass Coaching you can read more about Using Sales Coaching to Increase Sales or Sales Coaching.

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Sales Coaching

Why Sales Coaching Really Matters

You may recall that it was recently written about an international study which reported that if Sales Managers were more frequently and better trained and coached, their sales teams achieved higher performance and results. In no other type of sales training was a more positive correlation found between frequency of training and sales performance. This article is dedicated to the importance of sales coaching and what you need to do to be an effective sales coach.

Despite popular opinion, the sales profession is very skillful with many technical and interpersonal skills that need to be continuously honed and developed. Despite this, most sales people are given no formal training or coaching rather they are often left to work out for themselves how to be effective at sales.

Even if they are able to attend sales training, most sales people do not realise their full potential because nothing was done post the training session to get people adapting their behaviours, skills and performance to the new standards.

Why sales coaching matters

  • Without systematic, on-the-job coaching post a sales training program 87% of skills that were covered in the sales training program are lost within 30 days
  • With systematic, on-the-job coaching post a sales training program the return on the sales training program is four fold.

Lesson: Sales training without coaching is a cost liability rather than an investment. 

Is sales coaching just linked to sales training?

In a word, no. Whether or not coaching follows a formal training program, it is recommended that at least 40-60% of a sales manager’s job should be dedicated to coaching their sales people.

Yet, sales coaching still remains an area that is poorly executed and often ignored.

What is coaching?

Coaching is a process which allows for an individual to strive for excellence in any endeavour through personal insight and purposeful action. At a broad level, the process involves three key elements:

  • Feedback: without feedback a person is unaware of the opportunity for ‘change’
  • Reflection: relates to what a person thinks about the feedback received; as well as the range of actions they can undertake as a result of receiving the feedback
  • Purposeful action: those activities the person may undertake and either adopt the provided feedback or alternatively explain why they will not address the feedback provided.

Coaching usually focuses on two key areas of development to achieve excellence: skills and performance. Excellence in performance is knowing the right processes to apply in the right situation, coupled with the personal insight to know how to apply them wisely.

So, how do we get the best out of our sales coaches in order to be our best?

  1. Train your sales managers to be effective sales coaches
  2. Supply them with proven tools and frameworks to coach successfully
  3. Provide ongoing coaching to your sales managers to be better sales coaches (usually external coaching support works well here as it provides an agenda free focus on coaching only)
  4. Make sales coaching a necessary part of the sales manager’s job performance criteria
  5. Encourage a coaching culture in your business across all levels.

 

What do you need in your sales coaching tool box?

  • A coaching framework that guides you through the various coaching steps – this ensures that people are aware coaching is taking place
  • The ability to analyse or assess the development needs of an individual or team
  • Coaching communication tools and approaches that help you understand, communicate, and connect with the person you are coaching
  • Knowledge about the different types of coaching approaches you can use with people i.e. skills, performance, remedial, strategic, or transformational coaching
  • Ideally a sales competency based model and sales process framework that reflects the sales skills, behaviours, and attitudes you need to coach your sales people to.
  • Skillful and active communication skills
  • A positive, trust based, environment
  • Clear purpose and intent about what you are trying to achieve
  • Consistency

Coaching can happen in many ways. 

Here are some examples:

 

  • Joint sales visits: attending a client sales meeting with a salesperson – Set up the pre, during and post stages of your coaching session. Decide on what role you will take as a coach: observer, joint call participation, or role model. You need to decide on which role you will play before you enter the meeting so as not to confuse the salesperson or the client/prospect
  • One-on-one skills review and action plan: Ideally you would use a competency based model and framework to coach
  • Role playing sales activities such as prospecting, client calls, pitch presentations and so on
  • Team coaching sessions

4 important points to remember:

  1. There are a variety of coaching tools out there, however avoid the one-size-fits-all approach i.e. trying to stretch one tool to fit all situations. You need a blend of tools in your coaching tool box to be able to adapt to a variety of situations such as personal styles, needs etc.
  2. You are not a ‘life coach’ or counsellor either. This is a very dubious and potentially dangerous area to get into and should be left to qualified, skilled professionals who work specifically in this space.
  3. Make sure you make time to coach and let the person you are coaching know that it is a coaching session and nothing else
  4. Many of the case studies at the recent OSF2009 conference indicated that a blend of competent internal sales coaching by sales managers supported by external experts in sales coaching was very advantageous to their sales teams’ performance and productivity.

 

While many sales managers do not have the framework or tools in place to coach with purpose, skillful coaching can be incredibly rewarding and provide huge benefits for the individuals, team and organisation. It not only makes your sales people perform better, you can also become a better manager as a result.

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Sales Coaching

What Do Basketball Stars Have in Common With Your Sales Force?

Okay, you ask, what do basketball stars have in common with my sales force? The answer is simple. Both need coaching. Yes, an important element in the performance of a basketball superstar is good coaching. Guess what, likewise an all-important element in the performance of a sales superstar is good coaching.

The reason for needing a coach is fundamental. When one is caught up in the heat of the game it is impossible to see all that is going on around. The coach has a different stake in winning and sees a larger picture. The coach can see things that are hidden from the view of the player as he moves up and down the court. The coach can tell when it is beneficial to pass the ball so that a score can be made. So, you get it, you see the analogy.

What are the obstacles that prevent a coach and a basketball superstar from benefiting from the relationship they have with each other? Well, one of the biggest obstacles is ego. Who’s you ask? The answer is both. The ego of the coach and the ego of the superstar stand in the way of making the relationship beneficial. In fact, there are many instances where a perfectly good superstar is traded and the team suffers loss because of the conflict of egos between the player and the coach. How many thousands of companies have traded sales superstars for the same reason?

Five practical activities for building good relationships between coaches and salespeople are as follows:

 

  1. Affirm and acknowledge the need for coaching often
  2. Reassure the salesperson that coaching is not a criticism of skills but rather is a method for making the very skilful even better
  3. Affirm and acknolwedge the skill level that is already developed in the sales person.
  4. Carry on continual dialogue concerning the reason for coaching
  5. Save teasing and joking for other areas of the work place. Never belittle or embarrass the salesperson. Be sensitive to the ego of the salesperson.

 

It is a natural human tendency to get complacent. Familiarity with the job and the repetition of tasks and approaches over and over, tend to bring a person to a place of being mediocre or run of the mill. This is where affirming the need for coaching is critical. When a sales staff is accustomed to the coaching aspect of ongoing training and preparation, there is room made for real growth and the sales person can remain vital. The sales person must have internalized the idea, that no one gets to the point of knowing, past which, there is no additional learning. It has been said, “the enemy of learning is knowing.”

Being sensitive to the salespersons ego is paramount to a successful coaching relationship. This is why sales managers are not necessarily good candidates for sales coaches. The sales manager is in the position of authority and ultimately is responsible for discipline action all the way through termination of the salesperson. This is seen as a conflict of interest by the salesperson and stands in the way of allowing the sales manager to truly fulfill the role of coach. The coach must reassure the salesperson often that he/she believes in his/her worth as a sales professional. This opens the door to conversation that can focus on improving the selling skills, delivery and methods of the salesperson. The salesperson is much more open to accept coaching input if he/she realizes that they are valued by the coach. The best way to build this rapport is to concentrate on catching the salesperson doing something that is praiseworthy. Everyone likes to know that they are appreciated and recognized for their efforts. This step is an important part of coaching. This affirms their value as a salesperson and equips them with the ability to take correction from the coach.

Speak often about the need for ongoing coaching; Dialogue about the ways that coaching is improving production. Once the sales superstar can identify the benefit of coaching in his/her commission checks and added recognition, coaching will be an accepted part of their selling regimen. Coaching is especially profitable when the sales cycle is extended. The coach can help with strategizing in all aspects of communication with the prospective client. Remind the sales people that focus is an important factor and a good coach helps focus efforts with a closing sale in mind.

There is an age-old cliché that states, “You catch more flies with honey than with vinegar.” This is never truer than in the case of working with sales superstars. Embarrassment and teasing is a poor motivator. Sometimes it is easier to use this method than the tried and true method of having difficult discussions in a forthright manner. This is the job of the sales manager and the coach. The coach’s honest communication should be given in a non-threatening way with the purpose of changing unproductive behavior. It should be given in private so that the sales person is not put on the spot. The sales manager can save the tough dialogue for the disciplinary encounters that can be handled no other way. This is always after the individual has refused to be coached.

Winning teams are teams that have great superstars and great coaches. When they work together for a common goal they become unstoppable.

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Sales Coaching

Life Insurance Marketing Techniques – Use a Sales Marketing Advisor Or Sales Coach?

There is no argument that acquiring life insurance marketing techniques that improve your sales growth is a strategy of attaining success. At first it is hard to determine if the advice of an insurance sales marketing advisor or sales coach would be more beneficial. Looking at this report clarifies the advantages or disadvantages of each ones’ skilled techniques.

Both a sales marketing advisor and sales coach are experts at providing advice, tip, tricks, hints, and demonstrations to advancing quicker to achieving your goals. They are both honest about providing constructive criticism over methods insurance marketers, brokerage sales directors, and recruiters may currently be using. After having a ten to fifteen minute conversation with any marketer, I never encountered a conqueror implementing all the correct techniques. Extra wisdom with outside insight would be beneficial virtually every life insurance marketing firm.

The marketing strategies refer to a mastery of prospecting of a wide spectrum of talents. These include prospecting methods for acquiring new insurance brokers, increasing quality of lead response, converting interested brokers to signing a contract, and the prized result of ending up with producers consistent in writing valuable premium cases. Oh, add in improving performance procedures of providing unique broker service. This would not only include new brokers but also maximizing and improving sales from the existing broker force.

Start with the values of an insurance sales coach. Like a pro sports player often has a personal trainer, so will a marketing firm, insurance agency, or even an independent broker or general agent. The sales coach is very flexible as training can be one on one or to a group. Here we are not talking about a rah-rah motivational speaker who only has home office experience or no insurance knowledge whatsoever. The coach is a not only a guide, but a trainer, teacher, instructor, and tutor all in one. Expect to pay an hourly rate for individual services rendered. However if the coach is training your entire marketing staff, or group of brokers, a flat more economical fee can be determined. Do not forget one of the coach’s strongest abilities. That is as a speaker when you are giving a sales seminar. This is an excellent method of upping attendance, and strengthening recruiting.

Contacting an insurance sales marketing advisor, provides a different set of values. The advisor is viewed more as a mentor providing expert advice and suggestions. This is strictly one on one with clients that include the insurance company recruiting director, a brokerage managing general agent or independent marketing organization. There is usually not a face to face consultation, as it a big cost advantage to use the telephone or a conference call. The number of marketing advisors, especially those specializing in the facets of insurance brokerage, is very slim. Like a lawyer their fee could be an hourly rate, however a short introductory to answering briefly a few questions are on the house. Unlike a coach, there is improved willingness to give out some free advice. However, they are not going to instruct your staff, your brokers, or speak at your next recruiting seminar.

You may be surprised by how much knowledge insurance sales marketing advisors have locked up somewhere in their tiny crammed brains. This is not simply attained by reading well-written business sales books and inspirational materials. It is all acquired by talking many years with thousands of insurance marketers, and secondly by implementing a method few sales coaches have at their disposal. This is a personal analysis of hundreds of thousands of agent and broker data records spotting unique trends and characteristics that are constantly changing. An insurance advisor of authority status can rattle off personally researched facts and figures you will never see printed in any insurance magazine publication. You will often find out not just the pros of proceeding on your present path but also all the possible pitfalls of any directions taken.

Evaluate your needs and review the benefits a coach and advisor both provide. Before making a decision, remember that placing a phone call is free.

Well published author, Don Yerke likes to concentrate on what you don’t know or what no one else dares to print. Tell it like it is.

Watch for his new paperback book debuting on Amazon early this summer. It is loaded with great insurance marketing and recruiting information.

Come and get your FREE “Think and Grow Rich” Ebook by Napoleon Hill instantly. The website address is [http://www.agentsinsurancemarketing.com]

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Sales Coaching

The Impact of Sales Coaching on Sales Results and ROI

Introduction

The purpose of this study is to evaluate the impact of sales coaching on sales results and ROI.

Methods

We evaluated one region of the BDL Company. (9 sales representatives) and tracked sales results before and after coaching interventions.

The coaching interventions consisted of one to two days of field coaching. This coaching focused on observing a sales representative’s performance to a selling skills process in a doctor’s office. This coaching was conducted by Jim Price of TAP Consulting Company. Jim has over twenty years experience in medical and pharmaceutical sales and has logged over 500 hours of sales coaching. Sales representatives were sent out a sample presentation in order to set expectations for the visit.

The measurement of success was the number of referral cards sent in before and after coaching interventions. The referral card is a card the doctor faxes into a surgery center to refer a patient for surgery. We measured number of cards sent in by the group three months prior to training vs the number sent in three months after training. The referral card is an objective measurement of a successful sales call because it is what the representative closes for on each call.

Results

Before the coaching interventions the test group sent in a total of 8 cards. That same group sent in 367 cards after coaching. The average number of cards sent in per representatives was 1 per representative before coaching and 41 per representative after coaching.

The 367 referral cards sent in after coaching yielded 18 surgeries at $4,000 per surgery for a total increase in revenues of $72,000. The cost of the coaching interventions was $12,000 which resulted in a profit of $60,000 and a Return on Investment of 500%.

Conclusion

Coaching interventions conducted by a well trained sales coach impacts sales results and yields a Return on Investment (ROI) of up to 500%. Sales coaching is one of the best investments you can make in your sales team.

“When properly implemented, high ROI values can be achieved with programs on Leadership, Team Building, Management Development, Supervisor Training and Sales Training.” “An ROI of 100% to 700% is not uncommon with this type of training.”

Jack J. Phillips, Ph.D (Training Measurement Key Opinion Leader)

Bio Jim Price

Jim Price has been in the healthcare industry for over eighteen years. His experience encompasses numerous pharmaceutical and surgical sales positions As a practice management consultant, Jim has worked with physicians to improve a variety of practice issues from workflow to marketing. He has also advised hospitals on vendor consolidation and procedure efficiencies.

Most recently, Jim served as Director of North American Training and Development for Novartis Ophthalmics. In this position, he was responsible for the training and development of Sales Representatives and Area Sales Managers for the North American markets.

Currently, Jim provides contract training and consultation services for clients in the pharmaceutical, biotech and medical device industry, including: Novartis Ophthalmics, Pfizer Consumer Health, Alimera Sciences, Alliant Pharmaceuticals, Eisai, NovaVision and Ciba Vision.

As a presenter at The Society of Pharmaceutical and Biotech Trainers, Jim has been able to share his extensive experience with other sales training professionals.

TAP Consulting was created to leverage Jim’s extensive experience in physician/representative interactions. The courses offered by TAP Consulting have been designed specifically for the pharmaceutical and medical industry. Drawing on over 500 physician/rep role plays and feedback gathered from physician focus groups, Jim has been able to translate this knowledge into courses which are real time, actionable and drive results.

TAP offers courses in understanding your physician customer, basic and advanced selling skills, selling with clinical reprints and leadership training. Contact Jim Price for more information on TAP services.

TAP Consulting

Pharmaceutical Sales Training And Performance Consulting

770-596-1498

price56@comcast.net

[http://www.tapconsultingcompany.com]

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