How to get the most optimization and efficiency from your sales team.
In the last five weeks, I have attended three National Trade Shows in the US and Canada, during which I spoke with at least 200 Managed Service Providers (MSPs) and found one common thread.
Companies struggle to keep good help and acquire new talent. The main problem facing them all has been keeping a good strong pipeline that is constantly and organically growing. The current strategy for achieving this is to look at new products or vertical markets of opportunity. This has merit but still isn’t sustainable.
After analyzing their problem, we started looking at the day to day routines and approaches of their best sales people. What we found in almost every case was a double-edged sword. Good sales people find good prospects and close deals. However, the in between follow up takes them away from what they do best.
The average sales rep spends 76% of their day nurturing deals through the sales process. This involves collecting details for the project (i.e. demos, proposals, SOWs), scheduling and project management. They may close 30% of these projects, so essentially three quarters of their day is tied up with nurturing failed opportunities.
Now let’s look at the benefit of having a Master Solution Provider on your team. Opportunities are now handled by the Master Solution Provider in conjunction with your sales reps, thus freeing your most valuable revenue generating talents to do what they do best: find potential new customers!
Studies have shown that this method increases closing ratios from 30% to 67%. Finally, case studies of MSP working with the Master Solutions Provider show that up to 72% of a sales rep’s day is now spent doing valuable prospecting and nurturing new opportunities.
It’s just a little something for you to think about!