Colleen’s Blog

I'm not ready to stop sharing the Wells Fargo fiasco and what it means for us as professional sellers. Today, we are hearing about sales targets. The average American has 3 accounts at their bank. Wells Fargo decided to set 8 accounts per person as their target. Why 8?

Smaller businesses sometimes don’t have the resources to dramatically increase the size of their sales teams in order to drive more revenue at an accelerated pace. So here is my tip for you.

Let's call a spade a spade. What Wells Fargo did was illegal. They used private customer information to create bogus accounts, forged signatures and authorized charges that customers were not made aware of.  I, for one, am sick of the media and the banks pussy-footing around with their language describing what happened. "Even U.S. Treasury Secretary Jack Lew weighed in on the Wells Fargo scandal, calling it a "wake-up call." "This is unacceptable behavior -- and it's the kind of behavior we need to be able to catch and stop," Lew said on Tuesday at the Delivering Alpha conference in New York." No Lew, it's not unacceptable.  It's illegal. The fines and firings are a good first step, but shouldn't someone be charged with forgery? You stop it by showing the bank that you are not afraid to press charges. Allowing the VP who oversaw the division that committed fraud to 2,000,000 customers to retire quietly with $125 million is not the right message to send.

Taking the occasional peek at the sales pipeline is not effective pipeline management. Managing and reviewing the sales pipeline helps salespeople prioritize what activities to complete each month, it also gives them an accurate indication of how healthy their sales pipeline truly is. Here are a few steps for you to consider and that you can pass on to your sales force so that they can efficiently manage their pipeline:

Did you just do a double take? Stop closing sales...isn't that counter-productive to our sales success? You heard me right. Salespeople should not be attempting to “close” sales with clients. It’s all in the definition. Closing is something you do to a person. While it may just be a term, the language is completely one-sided. It implies that you are going entirely for the win regardless of what’s right for the customer. Salespeople who approach prospects with this kind of self-benefiting mentality are almost never successful in their long-term endeavors. Depending on their abilities and experience, they may, in fact, convince the prospect to do business with them, but long-term, mutually beneficial relationships are rarely ever fostered. This breed of selling creates the "pushy" and "aggressive" stigma that clouds our entire industry. It puts everyone, including well-wishing, value-focused salespeople at a clear disadvantage with prospects. You want to instill a win-win mindset in your team. Your business hasn't truly won unless your clients are gaining incredible value by working with you. Sales closing techniques that have amusing terms or names are often methods that you should not be using. For example:

After the 2012 Olympics, Ryan Lochte stated he wanted to be a celebrity. He went on to "star" in a terrible and ill-fated reality show titled "What would Ryan Lochte Do." I think we all know now what he would do. Blame others, and lie about the facts. It goes without saying that you should be honest for honesty's sake. But if you can't muster those morals, at least be honest because you know that you will be caught. There are just too many cameras, too many eye-witnesses, and too much information for you not to be honest these days. You will be found out.