The shit show known as 2020. Many of us have heard that term used to describe this uniquely strange year. Despite everything unusual about 2020, there have been some normalcies too. We celebrated births, birthdays, anniversaries, Mother's and Father's Days, and we will all celebrate the upcoming holidays. The gatherings might be smaller and more localized, but the holiday won't pass by without us. These are all Milestones.
Objective Management Group (OMG) celebrated some milestones this year too. In January we celebrated our 30th Anniversary, in August we processed our 2 millionth sales assessment and in September we updated the industry standard 21 Sales Core Competencies. Milestones are important. How are they important to sales success?
Milestones are also the most important components of a strong, reliable, predictive sales process.
Without specific milestones that must be reached in each stage of the sales process, there is no sales process!
Back in the early 90's, in the very early days of OMG, only 9% of all salespeople had and/or followed a sales process. While that has improved dramatically in the last 30 years, to 45%, it is still way too low. Check out these findings.
Sales Process is only one of twenty-one Sales Core Competencies yet it correlates perfectly with sales percentile. As you can see, the best salespeople are 94% more likely to have and follow a sales process while 83% of weak salespeople, the bottom half of all salespeople, are out there winging it! And when it comes to all salespeople, 55% are winging it. Hmmm. That's pretty close to the 57% who don't hit quota, isn't it?
Consider that salespeople who are just winging it usually have milestones. For example, most lousy salespeople have conceptual milestones for things like:
- Getting on an approved vendor list
- Submitting a Proposal
- Scheduling a Demo
- Getting a Prospect to Agree to a Trial
There is nothing wrong with these milestones unless they are the only milestones in a company's or salesperson's sales process. Unfortunately, that's what we usually see, with salespeople looking to achieve late stage milestones without meeting the ten to fifteen crucial milestones that must be achieved PRIOR to the five listed above. A best-practices sales process has at least four stages (think in terms of stages like suspect, prospect, qualified, closable) with each stage having between three and eight measurable milestones.
Skipping a single milestone can have devastating consequences. Imagine what can happen when salespeople skip ten to fifteen milestones!
Very often, companies lacking the appropriate milestones in its sales process have win rates below 15%. Companies that get their sales processes customized and optimized with predictive scorecards get their win rates up to near 80%! If yours isn't that high, there's a good chance that sales process is at the top of the list of root causes.
To get a better sense for what a sales process should look like, and how popular sales processes compare, check out this 11--minute video that I recorded four years ago.
Milestones are important. One of your milestones should be to make your sales process as structured and predictive as your accounting, operations, manufacturing, programming, legal, shipping or engineering processes. It is irresponsible for your sales process to not be as solid and well-thought out as each of your other processes. Sales success drives revenue and profit. Why would you allow the single process that drives revenue and profit to suffer from lack of professional attention.
Sales is not some fluffy art-form that can be molded to the whims of each salesperson! Sales is more like a software application where the science lies under the hood in its code and the art or personality is infused into the look, feel and easy-to-navigate user interface. Sales science lies in the sales process and methodology and the art or personality is infused by the salesperson to have a friendly, easy and enticing conversation with the prospect.
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