We have compiled a list of some of the most common reasons and scenarios that will affect you hitting your given sales target.
1. You think your target is WAY too high and in short, unattainable:
Now, here, listen to me. I know we have all been there. You get out of a meeting and realize you have agreed to a target that might be vital to your business growth, but at the same time, is attainable. This can be a great opportunity as high-seeming goals will force you to consider new channels and options, delve more into your untapped resources and overall take a bolder hit or miss approach.
Even if you don't hit those targets, you will definitely end up with better ideas to reach out to people. And hey! Even if some are lousy, they might just be the spark you need for your next great approach!
2. Follow up game not strong:
Follow up, follow up, FOLLOW UP. An effective follow-up strategy is the best tool at your disposal. It’s a great way to boost your revenue by upselling and cross-selling to existing customers and getting reliable referrals from them once they start trusting the company. Building relationships with existing customers might seem like a waste of time, but happy customers are loyal customers, and referrals from such customers provide an extra layer of credibility to the product for future prospects.
3. Not having a good tracking system and having no idea about your current metrics:
Having a proper sales tracking system gives you a visual into how your pipeline is progressing and equips you with their activities and pain points in the sales cycle. It even leads to better analysis as to which geography/location holds most of your customers, which products/services are bringing in the majority of business, etc. Without such a tracking system and insights, you will not be able to align yourself with the broader view of things which in turn will lead to not meeting your targets.
4. The current political scenario is not right and companies are unwilling to spend on sub-par technologies:
The current political scenario is affecting the buying potential of companies as they have less spending potential and only want to invest in technologies that have been proven and have credibility in the market. Companies are willing to invest in new technologies, but only when the price is considerably low or they get a host of new relevant features which will get them more business. Constantly developing your technology is a given, and only when you take feedback and work on improving your product according to the current market needs, will you have leverage.
5. Not addressing retention risks and ineffective account management:
When you lose a customer, always dive deep and trace your previous steps. Reflect on the conversations you had, and try to pinpoint where the process actually went awry and the customer made the decision to stop using your product/service.
Have internal account reviews, know what the issues and concerns are and address them on a real-time basis. Only by being upfront and honest about your problems will lead your customers to trust you.
While these points might sound simple to the sales managers and leads, all this is still new to a new Sales Rep, and you should be focusing more on what their skills are, what they are good at, and improving on those.
Teach your team to use the CRM as an enhancement and not as a daily task, as the more you use it, the more insights you will get into buying patterns that can help you achieve your targets.
Your actions now will determine your Q4 results. So start thinking and working towards your targets, however unattainable they might seem.