Sales Slump? There’s Ways to Overcome It
From beginning as an entry level rep seven years ago to his current role as the Director of Sales and Operations at Tip Top Capital, Sergio Zamudio has gained a deep appreciation for the importance of maintaining motivation, especially during slower weeks. A slump can get even a good salesperson down so he encourages a shift in perspective. Instead of focusing on the number of contacts made in a day, one should evaluate how many of those contacts can become qualified prospects.
“It’s kind of like the marble theory,” Zamudio said, “if I throw a certain amount of marbles in a jar, how often do I come across a blue marble? Well, as long as I keep digging, and I keep looking, I’m going to get something.”
To inspire the team, Tip Top offers various incentives. The top producers in the office are recognized with a monthly trophy. And weekly rewards are given out, which can range from tickets to a Giants game or seats at a Broadway show. The underlying idea is to encourage the team to focus on what they can control, such as striving for another sale, rather than dwelling on tough days beyond their control.
“What we do to try to get people motivated and going is that we like to do bonus incentives,” said Zamudio, “We do this thing called a monthly trophy. Everybody’s very goal oriented and tries to beat one another to try to win the trophy, which goes to the top producers in the office.”
For Gerald Watson, CEO of the Watson Group, 25 years of experience has taught him a few things. When a week is slow, sales reps should “look at their existing book of business, whether it’s people they’ve done fundings for or even prospects,” he said. His advice is that reps should engage them in discussions about other financing products they might require. “Same customer, new products, that’s a real fundamental business strategy,” Watson said.
If all else fails, get accustomed to asking for referrals. Ending an interaction with something as simple as, “’Oh by the way, do you know anyone that…’” can go a long way,” Watson explained. “If there’s no opportunities with existing clients, you always want to get into the habit of asking for referrals.”
Will Murphy, COO at Everlasting Capital, is no stranger to a slump. The company started with one back in 2012 when his partner was making 400 calls a day for three months with no success. Finally, after all that, a deal got funded and it encouraged them to keep at it. While maintaining determination is certainly woven in to the fabric of their sales culture, Murphy also cited the importance of checking in on clients constantly. “We have a lot of trade secrets that we’ve learned over the years that we’ve implemented into play to (1) stay in front of the client, (2) stay in front of renewals, and (3) provide the best customer service that we possibly can because you got to stay relevant in this industry, or you’ll pretty much be forgotten,” said Murphy.Last modified: October 9, 2023
Anaya Vance is a reporter for deBanked. Connect with me on LinkedIn.