The coronavirus 2019, or COVID-19, has impacted global sales. As consumers and businesses re-evaluate their spending and tighten their budgets, global sales teams are struggling to close deals and meet quota.
Not having enough opportunities in the sales pipeline
As COVID-19 spreads, sales teams are struggling to find new leads. Sellers struggle to find motivated buyers as consumers and businesses are less willing to pay for products and services.
In response to the coronavirus, salespeople are changing their expectations. LinkedIn recently surveyed 500 buyers and 500 sellers in the United States and found that 55% of respondents anticipated a decrease in their pipeline, with 14% expecting a significant decrease.
In the world of COVID-19, buyers are changing their buying behaviors. ValueSelling Associates recently surveyed 300 sales professionals (sales representatives and sales leaders) in the United States. The study showed that 69% of salespeople do not have enough opportunities in the pipeline to meet the sales quota.
Working with an inefficient sales process
There is a perception gap between the team's sales leaders and sales reps. According to ValueSelling Associates, 70% of companies have established sales processes, yet only 49% of sales teams believe these sales processes are effective.
Salespeople spend the majority of their day performing non-critical sales tasks. According to Hubspot, salespeople spend 21% of their day writing emails, 17% entering data, 17% prospecting and researching leads, 12% going to internal meetings, and 12% scheduling calls, which can be easily be automated. Salespeople only spend 34% of their time selling. These critical sales tasks are not easily automated.
Failing to communicate value to the prospect
Sales reps focus on the product or service, not the value. Salespeople often pitch the solution and forget about the value proposition or the impact of the solution. According to ValueSelling Associates, 29% of sales reps fail to communicate value in sales conversations with their prospects, customers, or clients.
Here's a simple sales strategy that will double or triple your close rate:
Use sales signals to crush your sales quota!
What are sales signals?
Sales signals, also known as sales triggers, are events that signal sales opportunities. These event-driven opportunities indicate buying intentions. Hiring a new person is an example of a sales signal. Raising capital is another example. Sales signals also give reasons for salespeople to reach out.
Who are motivated leads?
Motivated leads are individuals who are more likely to buy what you have to sell. Their motivation is driven by the desire to make a change within their new role. If you want to find a way to sell faster, you need to focus on motivated individuals or the portion of the total market that is motivated to make an impact.
Most salespeople focus their time on finding reachable leads, not motivated leads. Reachable leads have an online presence and are easy to find. Motivated leads, on the other hand, are a subset of reachable leads. Motivated leads are harder to find.
Where do you find motivated leads?
As a sales practitioner, focus your time on finding motivated leads or new hires. Your goal is to pitch to people new to their position or role. New hires are eager to make an impact within their company and are more likely to buy what you have to sell.
What happens if there are not enough motivated leads?
If you run out of motivated leads, focus your prospecting on reachable leads.
How can you use sales signals to close more deals?
Modern salespeople close more deals by finding and establishing relationships with motivated leads. They do not waste time on manual prospecting. Modern sales teams use sales signals to automate prospecting. They use signals-based campaigns to automate outreach.
COVID-19 is the ultimate stress test of sales processes. Sales workflows and processes are tested against the worst-case scenarios. Companies must change their sales strategies in response to COVID-19. Modern sales teams must use sales signals to crush sales quota.
Modern teams use sales signals to crush quota.
Interested to learn how to use sales triggers in your team or organization? Contact me.