The Melting Pot Newsletter | #54
HOW MEASURING SALES VELOCITY WILL ACCELERATE GROWTH
‘I don’t have enough leads’. Sound familiar? How often do you hear this excuse from your salespeople? It’s pretty common for sales strategies to fixate on the number of opportunities won or lost. But what if I told you that your team could do 30% better than they are today with their existing pipeline? How? By focusing on the four elements of the sales velocity equation.
The Journey to Midlife Awakening with Sue Hollis
f you’ve ever wondered if this is all there is, then you need to listen to this week’s podcast with Sue Hollis, the 60 year old who, having built the multi million dollar company TravelEdge, stepped down as CEO when she had a ‘midlife awakening’, and rode a motorbike around North America for 4 months.
Sue is not just an inspirational leader and adventurepreneur, she’s an example to us all. She’s proved that when you think you’ve achieved all there is to achieve, you can still strike out in a new direction. Let her be your motivator and guide to empower you on your own journey.
When Dom spoke to Sue it was 4am in Washington state and she was about to go and race superbikes around the Ridge in Seattle. That might be where she is now, but she started out in a very different place – as a corporate heavy hitter with British Airways and Qantas, before braving the wild world of entrepreneurship and starting her own business, TravelEdge. And it’s TravelEdge that Sue talks about today and how it led her to explore a different kind of life – the one she’s living currently.
From Pitcher & Piano to Monica Vinader, Piper has been helping to build and support brands for more than 30 years. ‘7, 17, 70’ refers to the three critical stages it believes businesses will encounter where a step change is required to fuel sustainable growth. The figures relate most often to sales levels and site numbers, where Piper has frequently witnessed the requirement for a change in management approach.
Knowledge@Wharton is the online business analysis journal of the Wharton School of the University of Pennsylvania. The site, which is free, captures relevant knowledge generated at Wharton and beyond by offering articles and videos based on research, conferences, speakers, books and interviews with faculty and other experts on global business topics.
The classic amusement park “auto ride” lets riders drive a car — or at least “think” they are driving a car. The controlled car, mounted on rails, travels along a trough-like track and is powered by electrical currents. The driver can’t stop, accelerate or change direction — they can steer just enough to feel like they have some control over the car’s direction. Many companies also operate under a similar “command and control” model: A few company leaders hold all the power, specific company details (financials and salaries, for example) are closely guarded, and workers are expected to stay “on track.” Success is about following the rules. Compliance is valued more than trust.
Last year I was in a meeting with a very upset client of mine. Walking into their brand new office, with woodgrain finish, brand new coffee machine and views of the Grand Prix track was daunting. The size of his work desk was the size of his ego. His business partner walked into the room with his slicked back hair, Armani Suit and two buttons undone to give that relaxed look. The topic of the meeting was sales leads (don’t let that bore you, though).
A few years ago, the executives at banking giant Wells Fargo issued a new strategy for their business: the overall goal was to create long-term banking relationships with their customers. And to measure how well the company was executing on that strategy, they began tracking “cross-selling.” In other words, employees would be measured, and rewarded, based on the number of different accounts—from deposits and credit cards to auto loans and mortgages—a customer opened with the bank. The CEO at the time even coined a slogan: “eight is great” to illustrate the optimum number of accounts a customer might have with the bank.
In this widely popular book, David Horsager presents the ultimate guide to earning, maintaining, and even rebuilding the most critical factor of every business relationship – trust.
The revolutionary book that teaches you how to use the cutting edge of human psychology to build high performing workplace cultures.