ACTG Sales Management Blog

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Tony Cole

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Achieving Sales Team Excellence – No Micro Managing!

Posted by Tony Cole on Thu, Feb 15, 2024

Most organizations and sales managers think of accountability or performance management as “micro-managing.”  Jim Collins has been quoted as saying “There is no such thing as 'micro-managing.' There is either managing or not managing.” There is a lot that a manager must bring to the table to be effective at setting standards and gaining accountability with their team. And it is a difficult job to gain that fine balance of supporting and guiding your team without crossing over the line, providing your recommended solution. This ultimately does not allow your salespeople to navigate the sales situation and figure it out. Helping them self-discover is how salespeople become more skilled and effective sales leaders can achieve sales team excellence.

What are the competencies and behaviors of those leaders who seem so talented at helping others achieve their very best? We rely on the pioneer and #1 sales management evaluation by Objective Management Group to help understand exactly what it takes to create effective accountability with your sales team. The Accountability Competency measures if a manager holds their salespeople accountable to measurable, forward-looking metrics. By using forward-looking indicators rather than lagging indicators, especially with longer sales cycles, you can make adjustments and mid-course corrections.

Here are the Accountability Competencies below.

  • Manages Behavior
    You can improve your ability to hold your salespeople accountable by measuring their success based on KPI's related to daily behaviors, as opposed to lagging activities such as sales.
  • Doesn't Accept Mediocrity
    You are not willing to accept mediocrity, even if that means salespeople may be unhappy with you.
  • Takes Responsibility
    Your tendency to take responsibility when you don't achieve results helps you hold your salespeople accountable when they don't meet expectations.
  • No Need for Approval from Salespeople
    You are able to hold your salespeople accountable without worrying about how that might affect whether they like you.
  • Beliefs Support Accountability
    Your beliefs related to sales management tend to be strongly aligned with the role and importance of holding salespeople accountable.
  • Asks Enough Questions
    You have good listening skills, which encourages your salespeople to share their concerns, frustrations, expectations, problems, and feelings with you, and in turn helps you hold them more accountable.
  • Manages Pipeline
    Your strengths in the Pipeline Management Competency support your ability to hold your salespeople accountable

Performance management and accountability are all about setting higher standards for success, holding people accountable to the effort and execution to hitting those standards and changing the definition of ‘good’ in an organization. Take a few minutes to evaluate your effectiveness on these accountability competencies listed above.  The path to achieving sales team excellence includes your ability to become better at and ultimately master these skills.

Request Free  Sales Force Performance  Evaluation Samples

 

Topics: Sales Training, motivating sales people, achieving sales success, sales training tips, Fractional Sales Management, fractional sales manager

Strong Sales Performance Management Begins with Setting Standards

Posted by Tony Cole on Fri, Jan 12, 2024

The sales performance management activities that we are performing today are creating the results we are achieving today. Many or few, consistent or irregular, planned or impromptu, the sales performance management activities that we, as sales managers, use to motivate, train and hold our sales team accountable are at least partly responsible for the success or lack of success of those we manage. You must ask yourself, what activities are you, or your sales manager, doing now that are creating your current unsatisfactory results?

The old adage, “If you do what you’ve always done, you will get what you’ve always gotten” comes to mind. It is up to you as sales leader to set higher standards for the behaviors and activities and hold people accountable so that you get better results.

A characteristic of truly successful individuals is that they welcome the opportunity to explore and implement new ideas and practices. Even if some of the territory that we will explore does not seem to apply directly to what is going on in your company, recognize that you cannot achieve different results until you are receptive and welcoming of analysis. You may find some unexpected value in the following information that will positively affect your team’s sales as we focus on the most common issues. We will show you how to build a framework that will help you make a most dramatic difference in your business results.

Step One: Strong Performance Management begins with Setting Standards

Most companies set annual standards for sales teams and salespeople. Certainly goals are established and communicated and are probably tracked and inspected on a somewhat regular basis. Typically the process for setting goals is part of an annual business planning process, usually an arduous ordeal in which the sales team has little say. Thus, it is neither enjoyed nor embraced by those who are actually responsible for the goals and the activities that support the goals. 

However, if this process is approached with the right attitude and the goal of helping the relationship manager make more money, this annual business and goal planning process can be a positive experience that will truly motivate individual salespeople (See The Dream Manager by Matthew Kelly) and bring sales teams together. See how this can happen for your company. 

The following exercise will help you develop an effective process for setting standards and upgrade your sales performance management. In this case you will use the table below to analyze and set standards for your entire team’s Annual Gross Sales Number, but you should use this exercise with individual sales people as well.

 5 

Step 1: Write your team’s current Annual Gross Sales Number goal in the box next to GOOD. This is what is expected this year. Achieving any number less than this will be considered poor performance. 

Step 2: Now pick the Annual Gross Sales number of an okay year from the past, but choose one when your team did not achieve its assigned goal. Choose a year when your team worked hard and put forth great effort, but did not quite reach the assigned number. Write the actual number achieved in the box next to POOR. Understand that this number is poor because your team did not reach goal. If you frame the year as pretty good, i.e. “we almost made it”, you have communicated that you will accept less than GOOD. You will have accepted mediocrity, thus eroding the new standards you are trying to set.

Step 3: Select a number that would be completely unacceptable for your team and write this in the FAILING box.

Step 4: Select a number that would make an extremely good year, one in which your team exceeded goal. Write this number next to the EXCELLENT box. 

Step 5: Select a number that would make a truly amazing year, a year that would go beyond expectations, far surpassing the current sales goal. Write this number in the box beside EXTRAORDINARY. 

As you can see, you have clearly identified and raised the standards. This newly defined level of standards will become your communication platform for setting extraordinary expectations with your team, one by one. Next step, take each of your salespeople through this exercise to establish their extraordinary sales goal, then have regular accountability meetings to keep them on track.

 

Download Tony Cole's eBook:  The Extraordinary Sales Manager

 

 

Topics: Sales Training, motivating sales people, achieving sales success, banking sales training, sales training tips, sales coaching best practices

Are Your Salespeople ATMs?

Posted by Tony Cole on Fri, Jan 05, 2024

Bank ATMs (Automatic Teller Machines) have been around for a while. According to Investopedia, Barclays Bank of London in 1967 was the first to have an ATM in use. I remember using my first ATM – Jeanie Machine – in Cincinnati in 1979. But the ‘ATMs’ I’m referring to have been around, well a long, long, long time.

I’m talking about ‘Automatic Talking Machines’ – also known as salespeople. This bothersome but necessary part of every economy has been in use since trade began over 15,000 years ago. You may remember a cartoon of a general with a sword telling his staff that he doesn’t have time to talk to a “pesky salesperson” (who was selling a gatling gun). He had a battle to fight. And so, that is the story of salespeople and selling. Salespeople are defined as being pesky, and potential buyers are always too busy. But to my point…

So why do I call them ATMs? Well, because they operate in pretty much the same way. When using a banking ATM, you provide a code, and the ATM gives you money. 

A suspect, prospect, or potential buyer provides one of many codes to get salespeople to give them information, and salespeople just start talking. Automatic Talking Machines. Don’t believe me? Give it a try with your sales team in your next one-on-one coaching session or sales meeting. Here are some of the codes that prospects use and you can use them to test your ATMS:

  • Why should I do business with you?
  • What makes your company different?
  • How much does it cost?
  • Your competitor is cheaper, I can get it for less?
  • What happens if I want to exchange for a different…?
  • How long have you been in business?
  • Do you have any references I can call?
  • Tell me about your product and how it could help me?
  • What is the service model? Does it have a guarantee?
  • What is your unfair advantage against your competitors?
  • Why should I change companies?

I promise you most of your sales team will start talking with an answer to the question. You can expect perhaps 10% to 15% of your salespeople to not give up the information. So, with a team of 40 or so about 5 of your people will respond ‘better.’

‘Better’ is anything that is like: “That’s a great question. Before I get into that can I ask you something?” If your salespeople are not taking control of the conversation by asking a question, then you have ATMs.

Give a shot!

Need Help?  Check Out Our Sales Growth  Coaching Program for Managers!

 

 

Topics: Sales Training, motivating sales people, achieving sales success, banking sales training, sales training tips, sales coaching best practices

What to Keep Doing, Start Doing, and Stop Doing in 2024

Posted by Tony Cole on Tue, Jan 02, 2024

As we begin the New Year of 2024, with volatile world events all around us, it is a perfect time to think about and focus on what you can affect and act on, in your personal and professional life to improve your relationships and results. This idea of reviewing what you should keep doing, start doing, and stop doing is borrowed from a past client of ours so we must give them credit. The process is worthy of your time to consider so please read on…

Keep Doing
An important distinction in the financial advisory world is that when you “sell” something to your clients, you are, in fact, helping them reach their financial goals and financial security. This is a motivating and positive mindset that helps advisors do the necessary sales activities on a consistent basis, and in turn, helps them grow their business. But we need to make sure our salespeople stay on top of their priorities and activities. This is not always easy, and it sometimes takes courage.  To execute as sales managers, we must be keep having fierce conversations with our reps when activities aren't being performed. We must continue to manage our own activities and yet be strong and flexible enough to function as a team. We must keep encouraging each other when we have fallen behind. We must have the endurance to do this day in and day out. 

It’s easy to get discouraged and frustrated when sales activities don't lead to results immediately.  But, if your business plan is solid, your sales activity success formula is based on real data, and you review and manage these sales behaviors regularly, these good business practices will lead to the accomplishment of your goals. Keep doing them!

Start Doing
As a sales manager, you need to help your people start doing what they must do to be more successful at selling. Here are some activities that can lead to success in selling and to which you should start doing if you are not already:

  • Determine specific goals and include personal as well as professional goals. Start with 100 goals, boil that down to the top 10 and then filter out the top 3 non-negotiable goals.  Remember, people achieve sales goals to reach personal aims, not company targets. Download our 100 Personal Goals Worksheet Here
  • Advisors should have a specific plan to reach their goals. If they don’t have a plan, help them create one. The plan should include specific activities required for success and set “standards” for each of these activities and you must keep them accountable to those standards.
  • Have a process of reporting activities and results; we suggest a weekly sales huddle as the venue. There is nothing as powerful as being part of a group. Peer pressure is hugely motivating.
  • Be a life-long learner. Being in the business 20 years is not good enough. You and your advisors have to be better and more knowledgeable today than you were last year.
  • Adjust to the marketplace. This goes beyond dealing with the volatile economic climate.  Today technology has changed how many people receive information and buy. There was a time when consumers relied on the salesperson to provide virtually all the information to make a decision. Now, most of the information (as well as the ability to make a purchase) is available online. Today’s manager role is to help clients identify their financial goals, make the right choices to reach them, and then implement the appropriate steps.

If you take the time to help your advisors analyze their business practices to identify what they need to do in order to be successful, you will have taken an important step toward accomplishing your goals.  So, start now. 

Stop Doing
Several years ago, I heard Verne Harnish, author of Mastering the Rockefeller Habits, speak. As part of his presentation on the “1-Page Business Plan”, he challenged the crowd with the following question: “What will you stop doing?” Typically, when companies (or individuals) create a business plan, they focus on the things they are going to start doing when what they really need is to focus on what they will stop doing. 

I know that you can relate to this. We have worked with thousands of sales managers over the last 30 years, and the number one reason given for not spending sufficient time coaching their people is time. Their time is eaten up with other priorities, such as operations, paperwork, or meetings.  However, you have to rise above this. You must determine what you will stop doing.

To help you get started, here are some potential “stop doing” activities you should consider:

  • Stop allowing your salespeople to make excuses for their lack of activity. Discontinue those lengthy conversations and refocus them on getting the activity done.
  • Stop getting so immersed in operations and finance. Find the right people in your organization with the perspective to understand what they must do and what you must do to get the whole job done.
  • Stop dropping and doing everything for your salespeople. Schedule a specific time for discussions with your reps and avoid those interruptive drop-ins. By doing that, you will help them to solve many of their own issues. Your door cannot always be open.

It’s your turn now to determine what you need to “Keep Doing, Start Doing and Stop Doing” in 2024!

 

Need Help?  Check Out Our Sales Growth  Coaching Program for Managers!

 

 

Topics: Sales Training, motivating sales people, achieving sales success, banking sales training, sales training tips, sales coaching best practices

Are Your Salespeople Committed to Sales Success?

Posted by Tony Cole on Thu, Dec 14, 2023

Achieving commitment towards sales goals and success is crucial for cultivating a successful sales team. It requires a concentrated effort and the growth of each team member. Dave Kurlan, the founder of Objective Management Group, defines commitment to sales success as “The willingness to do whatever is required to succeed in sales, at reaching quota, achieving goals and closing a particular deal or account- whatever it takes (ethically).”  It's important to note that It’s not whatever it takes as long as it’s comfortable or as long as it’s not too difficult.

How many of your people are really committed to sales success as it is defined above? Commitment requires strong personal desire to achieve personal goals. Companies continue to set sales goals for producers without ever knowing if these people are motivated to reach their own personal goals. This is a big mistake.

We must get commitment from salespeople, even top producers, to execute at the high levels necessary. And more importantly, we must get each individual’s commitment to perform the activities required to reach his/her specific personal goals. Without this customized goal plan, your company sales goals are destined to fall short.

Salespeople commit to what is important to them.  While they may understand the benefit of shareholder value increasing, this is not what will drive them to do the activities. What will motivate a salesperson is his/her own set of nonnegotiable personal objectives, goals and ambitions. As a sales coach, your job is to help each individual uncover these personal goals and help him/her understand that, if committed, how he/she will reach these goals.  

Next, we must help each salesperson discover his/her “current state,” or where they stand relative to these goals. When there is a gap, as when the personal income forecast from current sales pipeline and closing ratio will not be sufficient to buy the dream house, we must help the salesperson discover the pain and disappointment that will occur if he/she does not achieve this goal.

To do this, we must use a series of probing questions, questions that will illuminate what his/her future looks like based upon current production. This process is an important part of helping a salesperson stay committed to sales success and achieving their goals.

Once we have gone through this initial discovery and questioning process, we arrive at the salesperson’s ultimate desired outcome. In the case of a salesperson who is underperforming or failing to execute effort or skills, we must get him/her to agree, voluntarily, that failure to achieve the desired outcome is not an acceptable option. 

It is important that the salesperson desires and verbalizes this. It is not effective for him/her to answer a leading question that you might pose such as “You don’t want that to happen, do you?”  Instead, you must ask “Is that a problem? Are you sure that’s a problem? And is it compelling enough for you to make changes?”  Only after the salesperson verbally acknowledges that he/she wants to change and needs to change, can we move to the next step. Only then can we get the salesperson to agree to some form of disciplined structure around the necessary sales activity.

Once we have a salesperson’s commitment to fix a problem, we must get them to commit - to agree to do everything possible to succeed. At this point, we can implement a sales development program that will help him/her move toward their goals.

A disciplined sales development program will probably be harder on you than it is on the salesperson because you will need to inspect along the way. Example: If the disciplined program for filling the pipeline includes making phone calls every Thursday morning at ten o’clock, you will need to be there to hold the salesperson accountable. Or if you expect the individual to ask for introductions daily, you must inspect these reports at the end of each day. That is your commitment to their sales success.  

Do not ask for a salesperson’s commitment and fail to do your part. If you are to be an effective sales coach, helping your people to achieve their goals, you must make your own commitment to do whatever is necessary. A lack of consistent performance in sales coaching and management on your part will translate into a lack of commitment in your salespeople.

 

Need Help?  Check Out Our Sales Growth  Coaching Program for Managers!

 

 

Topics: Sales Training, motivating sales people, achieving sales success, banking sales training, sales training tips, sales coaching best practices


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    About our Blog

    Anthony Cole Training Group has been working with financial firms for close to 30 years helping them become more effective in their markets and closing their sales opportunity gap.  ACTG has mastered the art of using science-based data and finely honed coaching strategies to help build effective sales teams.  Don’t miss our weekly sales management blog insights from our team of expert contributors.

     

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