I made that up, Sinking Stock Syndrome, from some interactions I have had recently with a couple of small business owners. Both owners suffered from this syndrome which had disastrously negative effects on their company, both in revenue and morale. Here is how I define my newly-minted syndrome – an irrational hope that a grossly underperforming salesperson will miraculously turn things around and become a sales superstar. It rarely happens. The problem stems from the business owner who has invested in this failing salesperson. Notice I used “business owners” – I do believe this syndrome is more prevalent among this group as they are closely tied to the business (i.e.… Read More
Continue ReadingThe Enormous Forecast
Shrinking revenue reports are the fear of most sales managers. This fear is further intensified during this economy. There are salespeople who are attempting to leverage this fear by submitting an inflated forecast. These salespeople provide forecasts that are filled with large deals that are welded to the 90 days out category. The sales managers who buy into this approach are trading accuracy for enormity as they submit the aggregate forecast from their team. I suppose the sales manager’s thought is that the salespeople will get shot before he or she is shot. Perhaps, but the business pays a tremendous price for this obfuscation. There are two antidotes to this… Read More
Continue ReadingCompanies Get It Wrong Too
I was recollecting about a job I took in which I felt I did everything right. It is doubtful I did, but it is my recollection so bear with me. I qualified the opportunity, the sale, the expectations and the ramp time. All of the responses were a good fit to my abilities. The ramp time was 6 mos. before getting to a steady revenue stream according to the hiring manager. I knew I could beat that and I did by cutting it in half. I had closed a handful of fairly sizeable deals within 3 mos. and was chasing a handful of large deals. And then I was laid… Read More
Continue ReadingBusting A Sales Slump
In all honesty, I am a streaky salesperson (at best). I have always been prone to peaks and valleys in my sales which speaks more to my abilities. Nonetheless, this ManageSmarter.com article addresses this problem with tips for breaking out of a slump. First, a great point: Besides, prospects can smell desperation in sales people. If you panic, your prospects will sense that you’re desperate, and they’ll avoid you. Oh that is so true. Prospects have an innate ability to detect a salesperson working a deal out of desperation. And, of course, that desperation typically plays out as a sizeable discount in the sale price. Then there is this: Third,… Read More
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