Executive Summary
A Handheld Test Equipment Company, in business for sixty-five years, had a Sales Leader in place that intended to retire in the near term. The rest of the company had gone through significant changes in the last two years, and it was time to reassess their sales organization. They needed to fill process gaps as well as identify a new Sales Leader within the organization or find the right person to fill the role.
The Big Win
$2 million increase in revenue and hit the sales forecast for the first time in over two years
Challenges
- Unattainable sales forecast based on faulty logic.
- None of the salespeople were aware of their goals.
- Compensation plans were base pay only.
- All three account managers (with the company for 32, 18, and 13 years) lacked sales training. Used Independent Sales Rep organizations (many >30 years with the client) across the country with minimal management, training, or accountability. Market dominance had been diminishing for the last 7 years.
- Used Independent Sales Rep organizations (many >30 years with the client) across the country with minimal management, training, or accountability. Market dominance had been diminishing for the last 7 years.
- Market dominance had been diminishing for the last 7 years.
Solutions
- Started with 4.0 Assessment to identify/verify “gaps” and bring everyone on Management & Sales teams into alignment of reality and perceptions.
- Instituted standard best practices: weekly Sales Meeting; 1:1’s; Sales Score Card for entire company, etc.
- Revised existing forecast and future forecast with input from salespeople and account managers along with historical month to month data.
- Developed and implemented Variable Comp Plan (VCP) for AM’s/New Sales Leader and set goals for Sales Reps based upon significant customers and other important metrics at specific branch locations.
- Worked with Marketing to start messaging to end-user contractors via LinkedIn and Facebook to communicate scheduling of counter day events, collaboration discounts, contests, branded swag, etc.
Testimonial
Our Sales Consultant was a man with vision. He had the ability to walk into a company regardless of its position and quickly ascertain its overall health. He helped guide, teach, and train while providing direction for our company, allowing staff to move forward with purpose. If you want to take your company to the next level, achieve sustainable growth, realize your full potential, and insure the people you have in place are the very best, I would highly recommend using an Outsourced VP of Sales.
— Jim Dufault, Director of Sales
Results
- Hit sales forecast in one quarter.
- Hired a new Sales Leader after a significant hiring process.
- Created and implemented full-year on-boarding process.
- Account Managers attained their goals.
- Implemented a new 60/40 Variable Compensation Plan (VCP).
- Increased sales rep contact, training, and accountability.
- Started a weekly news-blast from company to reps.
- Set metrics for travel with sales reps, rep visits to branches, new product introduction (NPI) goals, etc.
- Revenue growth is anticipated to be 18% year-over-year and is currently exceeding monthly forecast by 1.8%.
Ready to achieve your sales and revenue goals? Take our 10-question Sales Agility Assessment to see where you may have sales gaps.
