Anyone with a modicum of management skill knows the importance of managing one’s time. A sales rep’s time, especially, is very expensive but the bitter truth is sales reps spend about 65% of their time just doing research on their prospects.
Obviously, researching a prospect isn’t a waste of time in and of itself – sales reps should know something about their prospect before making a sales call. But one fact holds: every moment spent by a sales rep researching a prospect is a moment that they are not using to close a deal. In this sense, 65% of their time seems like a lot. Looking at it another way, they are only spending 35% of their time actually selling. According to US News & World Report, the average salary of a sales rep in the U.S. is $56,970.
That means, on average, an organization is spending around $36,917 per year, per salesperson, solely on prospect research.
Honestly, that’s an expensive way to do business.
The real problem–no access to accurate data
A sales rep’s job is to sell!
Their success is measured by the number of deals they close, the number of sales leads they convert, and the amount of revenue they generate – not only for the short-term but over the lifetime of their accounts.
There is no arguing with the fact that the more a sales rep knows about his prospect before cold calling, the easier it is for him to close a deal.
It’s the dream of every sales rep to be able to connect with the right decision-maker every time a sales call is made. Sadly, the obstacle in front of them is the fact that 25% of all the information in a database is inaccurate or incorrect. Prospect details are in a constant state of change. Among other things email addresses change, job roles change, company names change. On top of this, the prospect data in your database contains missing fields and duplicate data.
Prospect data is not immune to change and 66% of a database’s contact information expires each year.
The goal of any organization should be to get all relevant information in front of sales reps every time a sales call is made. In order to do this, organizations need experts who can continuously update expired data and purge irrelevant data from the system so that the sales rep use can maximize their time doing the job they are actually meant to do.
Focus on Buyer’s journey
When an organization has a sales and marketing strategy in place and working, then sales success ready to be executed. Conversely, without a Sales strategy plan companies are just shooting blindly.
A lot of companies struggle to sell because their message does not fit their target audience. When marketing, sales, and even customer service have a good understanding of who your prospects are, what they need and how to communicate with them, then rifts and finger-pointing are reduced and you’re able to more effectively craft messaging that your audience finds valuable.
In addition, organizations need to decide on the time that needs to be dedicated to each task – as well as the tools that need to be put in use for maximizing productivity.
Productivity tools and training can help sales reps make the most out of their time.
However, simply allocating more time for selling is one of the greatest opportunities to increase activity and help the sales reps in lead generation and to make their quotas.
Prospect Data Monitoring with 99% Accuracy
Flobile provides an AI-powered prospect data monitoring solution developed by data scientists.
The innovative system starts by checking the validity of a current prospect database, looking for costly errors, and updating information as needed with up to 99% accuracy. Once a new prospect enters the system, the data is verified and corrected to ensure database accuracy.
Inside sales data is updated continuously and CRM data is reviewed every 60 days with automatically generated accuracy reports.
The result? 70% more sales calls and a 30% better follow-up rate.