Unlocking the power of sales might seem like a Herculean task, but with the right approach, it can become an achievable goal. Sales goes beyond merely selling products or services; it involves comprehending the desires of your customers and providing tailored solutions that meet their individual needs.
My most famous line as an influencer and that was used in the movie “The Story of Sales” was: “Sales is the Art of Helping.” That sums up the profession in six words!
What is Sales?
Sales can be defined as the activities related to the exchange of a product or service, such as a courier service, for a monetary value from a seller to a consumer or business. Sales are essentially the result of a mutually beneficial agreement between a seller offering a specific product or service, and a buyer who is eager to invest in said product or service. To finalize a sale, both parties must agree on the particulars of the transaction, such as price, quantity, delivery method, and delivery time.
The purpose of sales is to provide solutions for the customer which solve for a particular need or want. Successful sellers focus on understanding the customer’s needs and offering tailored solutions, rather than simply trying to convince them to buy. In this way, selling is about building trust and fostering long-term relationships with customers, ultimately leading to increased revenue and business growth.
How to Get Into a Sales Role?
To get into a sales role, one must have the right skills, experience, and attitude. In a B2B sales role, usually a Bachelor’s degree in business, marketing, or a related field, along with relevant sales experience, strong communication and interpersonal skills, and proficiency in MS Office and CRM practices are generally required. However, the same requirement doesn’t usually apply to direct sales roles or for outside sales representatives for product companies (i.e. door-to-door solar companies). Aspiring sales professionals should gain relevant experience and interpersonal skills while pursuing a Master’s degree in business administration or a related field to enhance their expertise and marketability.
Sales roles can be broadly categorized into two groups: inside sales and outside sales (also referred to as field sales). Additionally, there are roles such as business development, sales development, business-to-business (B2B) sales, business-to-consumer (B2C) sales, eCommerce sales, and direct selling.
Consultative selling and account-based sales are essential strategies for sales success, as they entail understanding a customer’s needs and providing solutions that fulfill them.
An interesting statistic is 50% of all college graduates go into a sales role straight out of college!
If your goal is to land a selling opportunity here are some ways you can get into a sales role:
- Check online job boards such as Indeed and Glassdoor.
- Attend job fairs and networking events.
- Contact recruitment agencies that specialize in sales positions.
- Search for sales job openings on company websites.
- Utilize social media platforms like LinkedIn to connect with recruiters and companies.
- Ask for referrals from employees at the target company, or friends, family, and colleagues in the sales industry.
- Check with professional sales organizations for job postings and resources.
- Attend industry conferences and events to network and learn about job opportunities.
- Reach out to sales managers directly through email or phone to inquire about job openings.
- Sign up for LinkedIn Premium and source the selling roles from the jobs board.
- Optimize your LinkedIn Profile so you can be found by someone using a LinkedIn recruiter.
Is Sales Hard?
a frustrated salesman on his desk with his hands on his face in front of his laptopSales can be a complex and challenging field, as professionals may encounter a variety of challenges, including competition, limited time for selling (aka admin time), lack of response from prospects, extended sales cycles, inadequate qualified inbound sales leads, and rejection. There is no doubt, whether you’re selling to consumers or businesses, salespeople take on the toughest roles out there.
Consider this: The success of a salesperson in meeting their quotas and selling a product not only affects their income, but also has an impact on crucial aspects of their life such as their mortgage payments, car loans and expenses, any sudden accident expenses, health benefits, and even necessities like food. This is irrespective of outside influences like pricing pressure, buyer interest, purchase requirements, etc.
However, with the right training and support, sales can also be the most rewarding career guide that offers the satisfaction of helping customers, the potential for high earnings, the opportunity to build relationships, and the ability to work independently.
Ultimately, the key to success in sales lies in perseverance, resilience, and adapting to ever-changing market conditions, company changes and customer needs.
How are Sales Representatives Paid?
Sales representatives may be compensated through commission-based, salary-based, or a combination of both payment structures. The most common form of payment structure for sales compensation is the base salary plus commission plan. This plan ensures that sales representatives receive a stable base salary and extra financial motivation to encourage them to achieve or surpass their sales targets.
This compensation model ensures that sales representatives are rewarded for their performance, thus motivating them to excel in their roles and contribute to the company’s overall success. Additionally, some may be provided with business credit cards to cover expenses related to client meetings and travel, further supporting their sales efforts.
However, there are many outside sales representatives that are commission-based only. This means you only get paid money for goods sold! I should also state that this is the payment model of a small business owner as well. I, too, have been on this plan when I first started my small business here at Vengreso. In other words, you eat what you kill.
Which Sales Jobs Pay the Most?
The highest paying sales jobs are often found in industries such as technology, pharmaceuticals, and consulting. Factors such as industry, experience, and location can all have an impact on a salesperson’s salary.
Other lucrative sales positions include consumer packaged goods sales, solar sales representative, and pre-sales systems engineer. It is essential for professionals seeking high-paying sales roles to continually develop their skills, network, and industry knowledge to stay competitive in the job market.
Types of Sales Functions
sales people gathered in a business meetingIn the world of sales, there are several different approaches and techniques, each tailored to suit specific business needs and customer preferences. Understanding the various types of sales areas helps sales professionals determine which area is most suitable for them. It also helps companies identify which go-to-market motion they should take for marketing and selling their product or service to buyers. This ultimately leads to better results for both sellers and the company they represent.
Some of the most common types of sales include inside sales, outside sales, B2B, B2C, eCommerce, and direct selling. Each of these sales approaches has its unique characteristics,
advantages, and challenges, which we will explore in more detail in the following sections.
Inside Sales vs. Outside Sales (aka Field Sales)
Inside sales is a remote sales approach in which virtual sales teams interact with prospects and customers from a remote office environment, working collaboratively with their team members. This can also be called virtual selling.
Outside sales, on the other hand, is a face-to-face sales approach where salespeople facilitate agreements with potential customers outside their organization.
Inside sales offers the benefit of time and cost savings, as well as more effective customer service and improved customer relationships, while outside sales allows for the establishment of personal connections with customers, fostering trust and loyalty, and providing direct customer feedback which can be used to refine the sales process.
Given that these two worlds blended during COVID, both of these roles in my opinion are now just part of the sales department and the salesperson focuses are often the same.
The Difference Between B2B Sales & Direct Selling
B2B sales typically involve larger transactions and extended sales cycles, while direct selling is commonly a transaction conducted on a smaller scale and entails selling directly to customers through a network of independent sales representatives. Direct selling is a commission-based, one-on-one selling approach, often used in industries such as cosmetics, nutrition, and household products.
Although B2B sales and direct selling share the fundamental aim of generating revenue, their individual strategies and techniques vary considerably. As a result, it is critical for sales experts to comprehend and adjust to the distinct needs of their particular sales setting.
What are the Different Sales Roles?
cut outs of gears and buildings and pie graphs set around a notebook with the words roles and responsibilities written on itIn sales, there are various roles and responsibilities, each requiring a unique set of skills and expertise to excel. Understanding the nuances of each sales role is essential for both employers looking to build a successful sales team and individuals seeking to advance their careers in sales.
Some of the most common roles include account executive, account manager, account director, client partner, sales development and business development representative. Each of these roles has specific responsibilities and focuses within the sales process, which we will explore further in the following subsections.
Business Development vs. Sales Development
Business development emphasizes long-term growth and strategy, whereas sales development focuses on generating short-term revenue. Brand development representatives prioritize outbound leads and exploring new markets, while sales development representatives prioritize qualifying inbound leads and creating revenue for the organization. It should be stated that I have seen the exact opposite at many companies whereby the BDR manages inbound and the SDR manages outbound. Regardless of what the marketing or sales department may call the role, the skills don’t change – one focuses on inbound and one on outbound.
While both roles are essential for driving business growth, they require different skill sets and strategies to be successful. Business development involves activities such as market research, identifying potential customers, and creating partnerships, while sales development involves lead qualification, cold calling, and producing sales presentations.
Account Executive vs. Account Manager
Account executives are responsible for generating new business and managing existing accounts, while account managers focus on maintaining and growing existing accounts. Although both roles involve working closely with customers and providing tailored solutions, account executives typically possess more experience or education than account managers, and often have higher salaries. Compared to their account manager counterparts, solution sales representatives usually have a higher TTC or total target compensation and typically have a higher quota for selling new business.
By understanding the differences between these two roles, sales professionals can better align their skills and career goals with the right position.
Account Director vs. Client Partner
Account directors and client partners both play crucial roles in managing customer relationships and promoting sales. An account director oversees the account and ensures client satisfaction. A client partner guides and assists clients in achieving their business goals and increasing revenue.
Both roles involve understanding customer requirements and providing tailored solutions, but a client partner typically focuses more on providing counsel and assistance, whereas an account director focuses on managing the overall relationship and ensuring the client’s needs are met.
However, it should be noted that in many companies the account director is the same role as the client partner and oftentimes there is no difference in the function or role.
Essential Sales Strategies for Insane Results
a man with a headset on holding a pencil and two other women in the background in a sales office setting
In today’s competitive sales landscape, it is vital for sales professionals to have a well-rounded arsenal of strategies to achieve success. By mastering essential sales strategies, individuals can increase their efficiency, close deals more effectively, and ultimately contribute to the growth and success of their organization.
Two essential sales strategies for success are consultative selling and account-based sales. Both of these strategies emphasize the importance of understanding the customer’s needs, building trust, and providing tailored solutions to achieve the desired outcome.
Consultative Selling
Consultative selling is a sales approach that emphasizes understanding the customer’s requirements and providing solutions that address those needs. It involves developing relationships with customers and providing them with tailored advice and assistance, rather than simply trying to persuade them to buy.
Consultative selling allows sales professionals to satisfy their customers’ specific needs by prioritizing the establishment of trust and long-term relationships, leading to higher customer satisfaction and loyalty.
During my time as a manager at a Fortune 16 company, I successfully handled numerous contracts and achieved over $100 million in closures, effectively managing and expanding the company’s accounts. I still vividly remember a moment when a CIO described the concept of “consultative selling.” He said, “It is when the salesperson can tell me what is happening with my competitors in the industry and identify what I must do to stay ahead of the competition to drive business growth.”
Account-Based Sales
Account-based prospecting is an approach to sales that concentrates on targeting particular accounts and cultivating relationships with key decision makers within those accounts. It necessitates comprehending the customer’s requirements and providing solutions that address those needs. By focusing on high-value accounts and formulating more customized sales strategies, account-based sales can lead to enhanced efficiency, improved customer relationships, and higher delivery and conversion rates. Account based sales should not be confused with account based marketing. While they go hand in hand, they are different.
This targeted and strategic approach to sales can help salespeople close deals more effectively and contribute to the overall success of their organization.
8 Common Sales Terms Defined
There are numerous terms and phrases that are commonly used by salespeople. Understanding these terms is essential for effective communication, collaboration, and overall success within the selling industry.
To help demystify the language of sales, we will define and explain nine common sales terms: prospect, deal, sales pipeline, sales plan, sales forecasting, sales mindset, sales cycle, sales pitch, and social selling. By familiarizing yourself with these terms, you can enhance your sales vocabulary, create more effective selling techniques, stronger sales etiquette and gain a deeper understanding of the sales process.
Prospect
A prospect is an individual or organization (buyer) that a salesperson has identified as a potential customer for their products or services. Prospects are typically identified through various methods, such as sales referrals, networking, or marketing campaigns, and are considered a crucial part of the sales pipeline. They can come as an inbound lead or as an outbound targeted campaign.
Salespeople can increase revenue and growth for their organization by finding and connecting with potential customers, then converting them into actual buyers.
I created this prospecting guide for your review. It is the longest blog on our website and takes you through every phase of how to prospect.
Deal
In sales, a deal is a mutually beneficial agreement between a buyer and seller to exchange goods or services for a specified price. The stages of a deal include lead nurturing, first contact, assessing the prospect’s requirements, presenting solutions, addressing objections, and requesting the sale.
Closing the deal is a pivotal step in the sales process, as it determines the success of the transaction and ultimately contributes to the overall revenue and growth of the company.
Sales Pipeline
A sales pipeline is a visual representation of the steps taken to guide a prospective buyer through the sales funnel. It displays each stage from lead prospecting to the final sale and is a useful tool for converting leads into sales. Sales leadership can use this visual representation to monitor the various stages of the sales process, ensuring that leads are progressing efficiently and effectively through the pipeline.
By effectively managing the sales pipeline, sales professionals can optimize their sales process and achieve greater success in their roles. There is no doubt that this is the role of sales effectiveness teams or also known as a sales enablement function.
Sales Mindset
A sales mindset is a powerful tool for achieving success in the world of business. It is a mindset that is focused on achieving sales goals, generating revenue, and building strong relationships with customers. A top salesperson’s mindset is characterized by a positive attitude, persistence, and a strong belief in the value of the products or services being sold. It is about being proactive, taking initiative, and constantly seeking out new opportunities to sell. With a sales mindset, one is always looking for ways to improve, learn, and grow in order to become a more effective salesperson. So, if you want to excel in sales, embrace a sales mindset and watch your success soar.
Sales Cycle
The sales cycle is a crucial process in any business. It refers to the series of steps that a potential customer goes through before making a purchase. It starts with awareness, where the prospective customer first becomes familiar with the product or service. Then comes consideration, where the customer evaluates different options. Finally, there is the decision stage, where the customer makes the purchase. Understanding the sales cycle is essential for businesses to effectively target and convert customers. If you want to boost your sales, make sure to optimize each stage of the sales cycle and provide a seamless customer experience. Moreover, if you own an eCommerce company, you can leverage 3PL services to streamline logistics and fulfillment, ensuring a smooth customer experience.
Every sales organization describes the selling process in different phases. For the sake of argument, consider the spectrum to be from pre-hello to hello and hello to close. Whether your sales teams are outside sales representatives, direct sales, sales associates in consumer product goods, inside sales or a small business salesperson needs to understand the sales cycle of how a buyer will make a purchase. In this way, you’ll understand when to take interest and how to drive that into a purchase!
Sales Pitch
A sales pitch is the art of persuading potential customers to buy a product or service. It involves effectively communicating the value and benefits of the offering in a concise and compelling manner. A well-crafted sales pitch captures attention, addresses customer needs, and creates a sense of urgency to take action. It is a powerful tool for driving business growth and building customer relationships.
Ready to master the art of the sales pitch? Let’s get started by reviewing this guide on the perfect sales pitch.
closeup of a baseball crashing through glass
Social Selling
a woman in front of plants holding up a plant taking a photo of it with her phone
Social selling is a powerful technique that every salesperson should master. It involves leveraging social media platforms to build relationships with consumers, engage with potential customers, and ultimately drive sales.
In today’s digital age, social selling is essential for staying competitive and reaching a wider audience, and it gives marketing a huge competitive advantage. By understanding how to effectively use social media marketing for selling, sales people can tap into the vast potential of online networks, connect with prospects, and establish trust and credibility. It allows for personalized and targeted interactions, enabling sales professionals to provide value and address customer needs in a more meaningful way. So, if you want to boost your sales game and stay ahead of the curve, it’s time to embrace social selling and unlock its tremendous benefits. Use tools like Loomly to help you level up your social selling game.
Summary
In conclusion, the world of consumer or business sales is vast and complex, with numerous roles, strategies, and techniques for success. By understanding the different types of sales, mastering essential sales strategies, and leveraging technology, sellers can achieve greater results and contribute to the overall growth of their organization.
As you embark on your journey toward sales success, remember that the key to unlocking the power of sales lies in understanding your customers, building trust, and providing tailored solutions that cater to their specific needs. With perseverance, resilience, and a willingness to adapt, you can conquer the challenges of the sales world and reap the rewards of a fulfilling and lucrative career.
