With Halloween right around the corner we've had scary movies, haunted houses and spooky costumes on our minds here at OpsPanda. So we thought it would be fun to take a look at the things that keep sales executives up at night; what we found is even scarier than what we originally imagined...
Here's a look at a few terrifying realities that vex sales leaders. Check out our infographic to view all 5 of the scary statistics.
A Frightening 69% of companies are not meeting or exceeding 100% of their revenue targets
Hitting a company's bookings and revenue goal should be one of the top concerns of a sales leader, so it's no surprise that sales executives frequently want to know where deals stand and how close they are to hitting their projected goals. Although the torment of achieving or missing targets haunts sales leaders daily, what makes this statistic particularly frightening is that often times, missing your bookings target is an indicator that there might be something else wrong within your sales organization and/or the way in which it operates. It's important to understand exactly why goals aren't being met and what you should do about it. The ability to hit your targets is so much more than just opportunity and pipeline management... and the factors that influence your success (like attrition, ramp and quota over-assignment) can be the monsters that are hiding in plain sight.
Your Time to Hire is Hocus-Pocus: It Takes an Average of 40 Days to Fill a Sales Position in the U.S.
If you're a sales leader who needs to hire, you have reason to worry. Sure, sometimes it can take a while to find the right candidate for your open sales roles, and considering the cost of hiring a bad sales rep, it might seem worth it to wait around for the perfect person to fill the position. After all, 40 days doesn't seem THAT long, but time is money and when you are dealing with reps who aren't fully ramped, and booking targets that are impossible to meet given your current headcount, then you can understand what makes this statistic so terrifying. Hiring too early or too late can have a severely negative impact on your business, so don't be deceived by the 40 day average. Be proactive, sit with your HR and recruiting teams to see how long hiring typically takes at your organization, understand the time it takes reps to become fully ramped, and brainstorm ideas on how to make sure you don't unexpectedly lose your best sales rep.
Attrition is Not a Friendly Ghost: Annual Turnover Among Salespeople is 2X the Rate of the Overall Labor Force
Speaking of losing your best sales rep (a nightmare in and of itself), the rate at which sale reps are turning over rivals that of trick-or-treat candy flying off the shelves this month. When taking into account the 40 day average that it takes to hire a rep, sales leaders can leave themselves vulnerable to unexpected costs and missed booking targets. Attrition can be detrimental to both your bottom line and the morale of your sales organization. Look for early indicators of attrition in your data and make sure you are as prepared as you can be to ensure coverage if an employee does leave suddenly.
Our advice to end this real-life sales nightmare is to check the warning signs within your data. Dig into the impact that things like attrition, ramp time, and quota achievement have on your ability to hit your sales targets, and understand ways in which you can take corrective action to mitigate difficult situations. With greater visibility and awareness of your business drivers, you'll uncover opportunities for growth and improvement and you'll be prepared for any other hair-raising obstacle that might arise unexpectedly.
See ALL of the scary statistics that spook sales leaders here.