Monday Mojo: The Reality Bin

Some stats to ponder

It is the mark of a truly intelligent person to be moved by statistics.
– George Bernard Shaw

Happy Monday! If you follow me, you know that I love statistics, especially in sales, because numbers just don’t lie. They give you a broader market perspective and help you focus on work that drives results. They are also a great source of self reflection and a dose of reality. Here are some eye opening statistics for your Monday:

• 60% of sales reps don't follow up with leads after their first interaction: Many sales professionals miss out on potential opportunities by not nurturing leads and following up with them after the initial contact. Ensuring regular follow-ups can significantly increase the chances of converting a lead into a customer. Do you have a solid follow up plan?

• 80% of sales require at least 5 follow-ups: Persistence is key in sales. On average, it takes at least five follow-up attempts to close a deal. This highlights the importance of having a robust follow-up strategy and staying patient in the sales process. Try another channel to get an answer: LinkedIn, Twitter, and yes, pickup the phone.

• Sales reps spend only 34% of their time actually selling: A study by InsideSales.com found that sales reps spend the majority of their time on administrative tasks, leaving only about a third of their time for actively engaging in sales. Streamlining processes and utilizing tools to minimize time spent on non-sales tasks can help reps maximize their selling time and increase productivity. Resist the rabbit hole.

• 92% of salespeople give up after 4 "no's", but 60% of customers say "no" four times before saying "yes": This statistic emphasizes the importance of resilience and persistence in sales. Sales reps who can stay motivated and continue pursuing potential customers after multiple rejections are more likely to close deals. Embrace the No.

• The top 20% of salespeople close 80% of all deals: This is an example of the Pareto principle, or the 80/20 rule, which states that 80% of the results often come from 20% of the efforts. It highlights the importance of focusing on the most promising leads and investing in training and development to bring the performance of the entire sales team up to the level of the top performers. Are you a 20%er?

Where do you land on the statistics, the right side or the wrong side? Plan your week and get that pipeline pumping!