The 2019 CSO Insights World Class Sales Practices Report is out – and it’s good news for sales organizations. Average sales quota attainment, which had been in freefall for most of the 2010’s is on a serious upswing, 56.9% of sales reps now make their goal. And those increased sales are also impacting revenue attainment for sales orgs overall, with an average sales revenue increase of 101%.
But the report’s authors warn that these stats are heavily influenced by the thriving economy overall – and that adherence to sales best practices remains low, which leaves the sales industry vulnerable to future economic downturns.
This vulnerability is summed up perfectly in the graph below. If reps aren’t skilled at developing and maintaining customer relationships – what will happen when the economy slows and the pipeline of new business goes from gushing to a drip?
Win Rates Up 2%? Your Sales Org May Be Coasting…
The first step is assessing your company’s overall sales performance against industry averages. If your current year-over-year sales revenue growth is inline with the 101% overall average for the sales industry as a whole – you are still leaving revenue on the table.
But overall revenue isn’t an outlier. As detailed in the Report, win rates for top sales orgs are up significantly more than the overall sales industry average of +2% year-over-year growth. The top 9% of sales orgs had a 23% increase in win rates – and a 23% increase in quota attainment.
So if your company’s revenue and win rate is up 101% and 2% respectively – you still have significant room for growth.
Fix the Roof Over Your Sales Team While the Sun is Shining
Right now, sales are strong. Don’t make the mistake of waiting for a drop in your organization’s overall sales revenue to optimize your on-boarding process, assess your existing sales team, and invest in building on their hidden strengths.
When revenue is strong, budgets for top sales training platforms, sales assessment tools, and cutting-edge sales software can evaporate. Making the investment now can also ensure your sales organization capitalizes on the strong economy to maximize revenue during this, and future lucrative sales periods.
So invest today while the good times are rolling. Helping your sales reps hone their customer interaction skills, and learn how to develop lasting customer relationships that will help them close more sales more often – and future-proof your organization against economic downturns.