You're all familiar with the idea of the sales funnel, right? You go out and cold call, prospect and generate as many leads as you can. You put all these leads into your sales funnel and then hope and pray that some of them come out of the funnel and turn into clients.
That's the basic idea and that's how virtually every inside sales company I've ever worked with or have read about currently run their telesales departments.
And there are even ratios and numbers that they assign to measure this. Out of 10 leads they might close one deal, or out of 15 leads close one or two deals, and so on.
Again, this is how 80 to 90% of salespeople and inside sales companies run their business.
But not the Top 20%.
You see, there are problems with the sales funnel idea. The biggest problem is that 80% of salespeople are more focused on putting prospects into their funnel than they are on really qualifying who goes in it.
Their motto is, "If I throw enough crap on the wall, some of it will stick." Well, excuse the pun, but that method stinks. And top closers know this
The Top 20% have thrown their sales funnel away and instead they use a sales cylinder. They spend most of their time disqualifying prospects and only let in a select few who are highly qualified and likely to buy.
They know they don't need practice pitching unqualified leads, rather they need practice finding real buyers.
Because of this, the Top 20% usually generate the lowest number of leads but have the highest closing rates in the office. In other words the same number of leads that go into their cylinder usually come out.
What can you do to exchange your sales funnel for a sales cylinder? Follow this five-step process:
Number 1: look at all the leads currenlty in your sales funnel and assign a #1 to the ones you know will buy, a #2 to those that might buy, and a #3 to those you have no idea about or probably won't.
Number 2: throw your #3 leads away! (Or at least close them hard and seek an immediate decision)
Number 3: determine what your current closing ratio is.
Number 4: from now on reduce the number of leads you send out by half. Either qualify harder or trial close potential #1's and 2's before turning them into leads.
Number 5: repeat the process.
Bottom line -- if you want to become a Top 20% closer then you have to stop spending time with unqualified leads and start spending time finding, qualifying and closing real buyers.
Now go out and have a great week and throw your sales funnel away!
Copyright @ 2006 Mike Brooks
Mike Brooks, Mr. Inside Sales, has been a top 20% producer for over 20 years. He works with business owners and inside sales reps nationwide teaching them the skills, strategies and techniques of top 20% performance. Sign Up for free to the award winning FREE Ezine, "Inside Sales Secrets of the Top 20%" http://www.mrinsidesales.com/ezine.htm To read more about Mike Brooks click here. Mike Brooks, Mr. Inside Sales, offers FREE Teleseminars, FREE Closing Scripts and a FREE audio program designed to help you double your income selling over the phone. If you want to Close Business like a Top 20% producer, then learn how at: http://www.MrInsideSales.com Mike Brooks, Mr. Inside Sales, has been a top 20% producer for over 20 years. He works with business owners and inside sales reps nationwide teaching them the skills, strategies and techniques of top 20% performance. To read more about Mike Brooks click here |
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