Sales is all just a game of statistics. The more people you contact, the higher your probability you will find someone looking for your product/service and be able to close. Right? At my company, we have developed a system that works quite well, and although sometimes our reps drift away from the plan due to other commitments, shows, etc, the ones that are truly dedicated, and follow this system are consistent closers. Our growth rate over the past years can be directly attributed to the system, and we have averaged right around 70% growth per year. So what is the secret sauce? Something we call the 10 – 5 – 3 Rule. Although we are a Business-to-Business company, you can easily morph this into any type of Go to Market Strategy.
In the Business to Business realm, there are typically 3 target areas reps should have in their daily routine:
- New - In our business, it is new resellers/distributors we go after. Trying to gather and find businesses that can take our product, and sell into their market.
- Partnerships – Finding business partners that are not necessarily ones that will sell our product directly, but can help drive leads, share possible prospects or provide the opportunity for joint presentation/lining of products.
- Existing – Working with current partners to evaluate new opportunities, provide training on features or product specifics or plan for events.
So, on a daily basis, our reps go after 10 New, 5 Partnerships, and work with 3 existing partners in some way. Note, we have a fairly mature reseller base, and our Channel Reps spend quite a bit of time on their daily tasks associated with managing the channel and all that goes along with that. obviously a new company, working to build a channel or customer base would multiply the “New” by some factor and change the ratio, say 20-x-x.
So what do the numbers represent?? What we like to call “touches”. For the “New”, it may be 10 email messages, 10 phone calls, or maybe even ten notes to prospects on LinkedIn. 10 would be an absolute minimum, and companies with proper marketing plans may be able to touch far more per rep. I will do some follow on Blog posts to share ideas, and some techniques to drive quality “touches”, and up conversion rates.