In “All That Glitters Is Not Gold: 2019 World-Class Sales Practices Study,” CSO Insights, the research division of Miller Heiman Group, found that seller quota attainment grew 7% and revenue plan attainment reached a three-year high of 101%.
Based on a global survey of more than 900 sales leaders, the study takes a closer look at the 12 best practices that correlate most strongly with sales performance. The report includes practical advice on how organizations can lessen the impact of economic changes on sales performance down the road.
But even though lagging indicators such as revenue and quota attainment show improvement, leading indicators including seller win rates, seller retention and customer relationships have remained the same or gone down.
Increased buyer expectations means that sellers need to reinvent their approach to selling—by investing more in aligning their people, processes and technology to position themselves to stand out in today’s crowded and complicated global market.
A World-Class Sales Framework
The best sales organizations have a sales system that aligns a range of components (processes and strategies) around building and growing relationships with their customers. The 2019 World-Class Sales Practices Study analyzed more than 50 sales practices to present the 12 best practices that correlate most strongly with sales performance.
Each of the practices falls under the three parts of the sales system, which are:
- Strategy Alignment: the strategies and decisions that ensure marketing, sales and service are moving in the right direction to fuel growth
- Customer Engagement: the processes, methodologies and skills you need to interact with customers and prospects
- Performance Support: the functions that provide the tools and guidance to help customer-facing professionals succeed
The Sales Performance Meter is a diagnostic tool designed to unearth critical insights about the state of your sales organization. It delivers immediate results to organizations to take it so that they can understand where they’re strong, where there’s room for improvement, and what they’ll need to do to future-proof their sales team— based on the 12 sales practices.
It takes 6 to 12 months for sales transformation initiatives to take hold, now is the time—while the economy is still strong—to plan for next year and make the budget requests necessary to support these investments.
The Future of Sales is Now
Join Seleste Lunsford, Chief Research Officer at CSO Insights, for a live webinar on Wednesday, Oct. 30 at 11 a.m. CST as she discusses sales transformation insights from the 2019 World-Class Sales Practices Study, along with actionable steps organizations can take to become a world-class organization.