20 Shocking Sales Stats That Will Change How You Sell

Businessman talking on cell phone and writing in office

I came across this post years ago on LinkedIn. I found that it really helped me to get a sense of where I was going and how I could make better sales. This was definitely something I needed during my brokering years, when I was only making commissions as my source of income.

Those were the good old days.  Nothing makes you a better sales person than when you’re forced to sell or not eat.  It’s a hard knock life out there and honestly most jobs require that you know how to sell, at least in some capacity.  The key is to be persistent, use follow-up, be creative and use all avenues to generate income.

So whether you are a novice, or are a seasoned sales person, this is a good cheat sheet to help you keep your priorities in line.

I’m leaving the link at the bottom, but here it is summed up:

  • 92% of all customer interactions happen over the phone.
    • Yes, making phone calls is probably the best and most efficient way to get new business.  I make an effort to call all my clients.
    • If I have bad news or if I have something urgent, I’ll make sure to do it over the phone.
    • I’m not sure if this includes text messages, but I’ve found text messages to be highly efficient for an immediate response.
  • It takes an average of 8 cold call attempts to reach a prospect.
    • Follow up, follow-up, follow up.
    • I take it a step further and follow-up via text, phone and email.
    • If someone isn’t ready to buy now, I always ask, “when will you foresee that you’ll be ready.”  I don’t let people go without a timeline of when to call next.
  • The best time to cold call is between 4:00 and 5:00 pm.
    • I personally find, 5:00pm-7:00pm is also pretty productive.  People are done with work or are finishing up and are more likely available to take calls.
  • 35-50% of sales go to the vendor that responds first
    • OMG, yes! This is probably the most annoying thing about sales.  When people are shopping to buy something, it’s usually very urgent, so they call everyone who sells what they’re looking for.  Being the first person contacted and responding WILL help your closing ratio.
    • My issue is that you always have to be available to cater to clients that need immediate attention.  Don’t forget about work-life balance.
  • 80% of sales require 5 follow-up calls after the meeting 44% of sales reps give up after 1 follow up.
    • If you were able to get a meeting, you should be able to do 5 follow ups minimum.  The effort to get a meeting is hard enough, quitting after 1 followup makes the meeting wasteful.
  • Thursday is the best day to prospect, Wednesday is the second best day.

 

  • Nearly 13% of all the jobs in the U.S are full-time sales positions.
    • Pretty much all the work I’ve ever done has been sales. Perfume sales, product sales, real estate sales.  Sales isn’t for the faint of heart.
  • Over one trillion dollars are spent annually on sales forces.

 

  • In a typical firm with 100-500 employees, an average of 7 people are involved in most buying decisions

 

  • 78% of salespeople using social media outsell their peers.

 

  • Email is almost 40X better at acquiring new customers than Facebook and Twitter.
    • Email is king in terms of converting sales.
    • Don’t forget the power of an email newsletter or subscription list.  I’ve gotten some really great clients from my subscription list.
    • Just remember you need a large email list before you can see it work its magic.  I think I had 1000 emails before I started getting people reaching out from the list.
  • Salespeople who actively seek out and exploit referrals earn 4 to 5 times more than those who don’t.
    • Hell, some of my best opportunities have been from referrals.
    • Don’t underestimate the power of “word of mouth”
  • 91% of customers say they’d give referrals.  Only 11% of sales people ask for referrals.
    • Referral clients are king!  It’s a free way to grow your business, I say why not!\
  • Only 13% of customers believe a sales person can understand their needs.
    • The client always thinks they know better. It’s our job to manage expectations and explain what we are selling.
  • 55% of the people making their living in sales don’t have the right skills to be successful
    • A lot of people do it part-time!  A lot of people don’t treat it like a job or assume they have the right personality.  You have to learn the skills first!
  • Continuous training gives 50% higher net sales per employee

 

  • The average company spending $10K-$15K hiring an individual and only $2K a year in sales training

 

  • It takes 10 months or more for a new sales rep to be fully productive.
    • So don’t change companies every time you go through a downturn, it just hinders you from being productive.  You need to work through it and find out how to make your business work for you.
  • Retaining current customers is 6-7X less costly than acquiring new ones.
    • Maybe you’re current customers are needy and time-consuming.  Giving them up, would mean putting 6-7X more effort to finding new ones.  Stay the course!
  • The average company loses between 10% and $30% of its customers each year.
    • Losing customers is normal.  That’s why it’s important to keep building your customer base through different avenues.
  • After a presentation, 63% of attendees remember stories. Only 5% remember statistics.

Here’s the link to the original website I found.  The general gist is that you have to be persistent as hell when you’re in sales.  Your sole job is to sell people products or services that they need or might not even realize they need yet.

Happy Selling!

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Check out my other posts:

My Favorite Motivational

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