One of the more interesting stats I’ve seen recently shows that nearly half of all companies do not have a sales playbook. What is a sales playbook? A sales playbook is essentially a road map for your organization outlining the entire process of creating revenue. This includes marketing efforts, lead qualification, value propositions, overcoming objections, executing contracts, and retaining clients once an agreement is executed.
Without a sales playbook, you’re leaving the company and sales staff at a huge disadvantage from day one. When there is not a standard plan to follow for sales and marketing, the processes can be chaotic at best. Professional sports coaches and teams always have a strategy, or set of plays, they believe will bring success to their team. A successful sales organization is a team, and should have the same cohesive approach for success.
Studies have shown that the companies who have a well-established sales playbook are 33% more likely to have top sales performers on their staff. It’s important to note, this is not because they are hiring top performers. Rather they are able to cultivate top performers because the sales staff has a well-established plan for success. Creating and applying the processes from a sales playbook can help you increase the effectiveness of your current sales staff, which has a positive result for both the salespeople and company bottom line.
Another amazing stat shows the win ratio for two thirds of the organizations who have a sales playbook in place exceeds 50%. For many companies, it is not uncommon to be considered successful with a 33% win ratio. This means that a typical company who does not have a sales playbook may be leaving 17% more revenue on the table. What would the implications be for your sales organization if you could increase your win ratio by an additional 17%?
With these stats in mind, it seems a no-brainer for any company to create a sales playbook. However, it can take a lot of time, energy, and expertise to create an effective sales playbook. If you have someone in your organization who can dedicate their time to this project, I would recommend they start immediately. If you do not have anyone at your company who is familiar with this process, it would be very beneficial to look outside your company for someone who can assist.
If you’re interested in learning more about the creation and application of an effective sales playbook, Trained by Tyler would love to speak to you. You can reach Tyler at Tyler@TrainedByTyler.com or 303.775.9022