Lemon #112. Stay in your if you want to sell
While reading ‘Outbound Sales, No Fluff’ from Rex Biberston & Ryan Reisert, we learned why everybody hates salespeople. They say:
The Pareto principle states that 80% of your output comes from 20% of your input. This means that the vast majority of the sales you close will come from very few companies you engage with.
We can find different kinds of prospects:
- Prospects who are too small
- Your swimlane (Right prospects)
- Prospects who are too big
- Prospects in the wrong industry
Most people think too broadly here. They want to include everyone who might benefit from their product. They’ll still watch a demo. But they will close at a much lower rate than your target buyers, which results in a ton of wasted effort.
Remember, only 20% of your sales effort is going to create 80% of your sales output. Don’t try to be all thing to all companies.
Here’s a list of characteristics that we can use to define your swimlane:
- Size: Could incluye employees, revenue or locations.
- Geography: Especially for teams divided in territories.
- Industry: Be as specific as is reasonable (manufacturers vs custom car part manufacturers)
- Related technologies: Either technical requirement (must use Technology X) or buying signal (currently uses a competitor)
The more desperate your are yo hit quota, the more likely you are to target the wrong prospects. In fact, you shouldn’t even call them prospects. You should call them victims. If you stay in your swimlane, the results will come.
Rex Biberston & Ryan Reisert @ Outbound Sales, No Fluff.