2017 has been a strong year for the sales industry, and a fascinating year for sales studies. Below are the top 5 most fascinating sales stats - that you have probably never heard:
#5 - The hypotheses was that more frequent quotas would incentivize sales people to sell more - and therefore make the company more profit. However the study out of Harvard Business School, found that while productivity from underperforming reps was boosted 18% on average - frequent quotas brought profits down overall since reps focused on lower ticket products that were easier to sell quickly.
#4 - The study found that making sales rep compensation conditional on performance increased sales by an average of 24%. However, it also found that too much conditional compensation can backfire. In the weeks following a conditional bonus period, sales performance dropped by 8%.
#3 - Discovery is an essential - and under-appreciated - step in the sales process. The study by Gong Research Labs looked at what specific elements of discovery calls led to next steps. The study found when reps went beyond 3-4 problems, there was only a 69% chance of moving the deal on to next steps. But asking the customer 3 or 4 questions about their pain points resulted in +80% progressing to the next step.
#2 - Mindset matters, and language matters. A study by Chorus of 500,000 sales conversations found that top performers use inclusive language, while bottom performers single themselves - and the customer - out.
#1 - Sales Bootcamp, an immersive sales training program for those new to the sales industry, found that the better a rep’s score, the higher the sales performer they ultimately proved to be. Those who utilized the UPtick™ platform and had Selling Intelligence™ scores below 60 either dropped out of the program or went on to become underperforming reps. What’s your sales assessment score? Discover your Selling Intelligence™ score for free.