More than half of salespeople say that selling is getting tougher with each passing year, says Sales Insight Labs. The stiffer competition and changing consumer needs mean salespeople and businesses must stay on their toes to meet targets.
7 Interesting Facts About Sales You Should Know
1. Asking for referrals can boost your sales
In a study by Sales Insights Lab, only 18.6% of sales personnel said they ask for referrals from their existing customers. 57.9% ask for only one referral each month, while 40.4% seldom ask. These statistics show how much value salespeople are leaving on the table.
The best sales training programs recommend asking your existing customers to refer you to other customers. Asking for referrals helps because 92% of customers trust referrals, according to Review 42 statistics.
2. Customers don’t readily trust sales reps
According to research by HubSpot, only 3% of customers say they trust salespeople. So, before you pitch, work to gain your prospects’ trust. For instance, you can:
- Research your prospects and personalize your pitch. A personalized pitch speaks directly to the prospective buyer, which can improve confidence.
- Show customers how your offering can help. When you show the customer how you’re out to help them solve their problems, they may be more inclined to trust you.
- Listen more than you talk. Training programs suggest avoiding talking too much during pitches. Instead, practice active listening to show the buyer you’re putting their needs ahead of pushing them a product or service.
3. Prospecting is often the hardest part of sales
More than 40% of reps say prospecting is the most challenging task they face in sales, according to data from HubSpot.
To get ahead of prospecting challenges, consider allocating a set amount of time for prospecting before you get on to other tasks.
By setting aside time, you avoid procrastinating. After all, without a steady stream of prospects, you may get caught in a feast or famine sales process—plenty of sales in one month and nothing in the next.
Also, invest in software that builds profiles and reduces the time it takes to compile data and sieve through prospects.
4. Salespeople spend less time actually selling
Data from Marketing MO suggests that salespeople only spend 23% of their time selling. That’s close to only 10 hours per week. A study by Forbes puts the time spent selling at 35.2%. These statistics show how little time salespeople have to generate revenue.
So, how can you jump over the hurdles of time constraints to ensure maximum productivity? Consider using CRM tools to streamline tasks. Companies can also play a more significant role in sales enablement through relevant training programs to increase productivity.
5. It helps to make several follow-ups to close sales
According to Invesp, more than two-thirds of customers will respond “no” before saying “yes,” and 80% of the time, you have to follow up at least five times to get that yes. Sadly, 44% of salespeople won’t try again after the first call.
To close more deals, stay consistent with following up on your leads. Plus, it helps to train yourself to overcome sales objections so you can nail more closes.
6. Email average open rates are generally low
Campaign Monitor statistics show that, on average, emails have an open rate of 18%. Data from Gartner says the email open rate is 24%. This means that for all the emails you send out, only two out of every 10 are likely to be opened.
To gain ground and increase your open rates:
- Keep your emails brief, relevant, and to the point.
- Use captivating subject lines.
- Chew over the performance of your email marketing programs periodically to look for ways to improve.
7. Social media plays a significant role in sales
Small Biz Genius data shows that over half of the revenue generated in 14 different industries came through social selling. Plus, social media influences 75% of B2B buyers when making decisions. These statistics show how social media can be a tool for making more sales.
So consider jumping onto social media to engage with and pull more customers to your business.
The above facts and data show how salespeople and business owners can use insights to fine-tune their sales programs and achieve more success. Managers can also take a cue from these statistics to improve training and maximize sales.