Only 6% of newly hired sales representatives exceed their employers’ expectations.
According to a study by the Bridge Group, 48% of newly hired sales representatives will fail. There is a 20%-34% annual turnover in sales.
The pressure to meet numbers is named as one of the reasons why salespeople fail to meet employers’ requirements. However, managers need to understand the real reasons why salespeople’s turnover is so high and do something about it.
In one of her popular articles on Forbes, Christine Comaford mentions four main reasons why salespeople quit and suggests certain tools and techniques that can improve their retention:
1. They don’t have coaches and mentors. New salespeople need strong coaches and mentors to find long-term success. When they’re left on their own without adequate support, they’re likely to hit a roadblock after a period of initial success.
2. They don’t have the latest sales tools. Millennial salespeople are typically tech savvy and eager to embrace modern sales technology. When they don’t have the latest tools and modern platforms, that can hurt morale and impede productivity.
3. They don’t understand that data and insights are their secret weapons. Salespeople need to embrace the advanced analytics that can give them an edge. Various Sales Engagement Platforms allow sellers to track genuine customer interactions across channels, giving them the insights they need to accelerate sales cycles.
4. They don’t have a playbook. Salespeople should have a clear playbook to navigate the selling process. A sales playbook must contain profiles of buyers, sample messages for each individual, tools and resources per sales stage as well as industry executive summaries, trends, vocabulary and case studies.
Since the industry grows very fast, it is necessary for salespeople to follow the trends to use the most effective tools that can help them simplify the selling process. Continuous professional training is therefore a must in this field of business management.
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