How to build a 7-figure sales team to grow your business?
Busy with those endless sales calls because business is good?
But is it good enough or do you want more?
Then get off the phone and do what you do best. Strategize and expand.
Delegate the sales calls to the salespeople.
Can’t find the right salespeople?
Coaching Sales, a sales consultancy, has been helping businesses hit million-dollar run rates with the help of its blueprint for attracting training and managing multi-million dollar sales teams consistently and successfully.
2 steps to building your 7-figure sales team
1. Finding the right salespeople
Where do you find them?
Are you searching for your dream sales team in the right place? Don’t expect top-performing salespeople to mail you their resumes. They are already taken. But if you are offering a better opportunity, you can discover these aces through referrals in warm networks and personal connections. Their reputation will precede them, and you will know you have hit the jackpot. Be assured that a good salesperson will never be on the market for too long. You’ve gotta catch them before your competition does.
The shortcut will always fail
An entrepreneur overwhelmed by sales calls is likely to hire under pressure and in a rush. This hiring based on a few referrals and hoping it will work out can cost you a quarter of unproductivity. A quick solution doesn’t work.
The right fit must also be a fair fit
If you struggle to manage your sales calls because your marketing team is bringing a steady stream of quality leads, the right salesperson will send your revenues shooting through the roof. But if you are a business that is still working out its marketing, the right salesperson will still not be enough. And this situation of poor leads is not the salesperson's fault.
Salespeople with a drive
Salespeople who have worked in high-ticket sales for the coaching, course creator, and consulting spaces for a long time, tend to consider a sales position a stepping stone. If they are already looking down at this position, there will be no drive, no hunger, no zest to achieve. So it would help if you looked for salespeople with relevant sales experience but who will be excited about the opportunity to work with you. These salespeople will show up committed and make every call count.
2. How to hire the right people
Don’t overlook potential problems
Entrepreneurs who have been looking for a good salesperson for a while usually overlook red flags. They are eager to find the right fit so much that obvious issues become blind spots. When interviewing a potential salesperson, actively look for subtle inconsistencies and be ready to pull the cord.
Trial period
Did you just put a new salesperson on a 30-day trial period? Sometimes this trial period is just a formality, and your salesperson may start closing deals from the word go. But what, you must watch out for a new hire’s responsiveness to coaching and criticism, accountability, and real-time performance during this trial period. Moreover, when the initial success rate dips, will the salesperson sustain and stick through?
Who to hire?
Found 3 to 4 sales rock stars who are too good to let go? Keep them. Expand and build your team. Grow your business by leveraging this human capital. It may seem like a substantial unexpected investment, but it will be worthwhile in the long run.
Payments
This is a tricky aspect, mainly because it is misunderstood. Salespeople are paid on a commission basis, but how does an entrepreneur calculate this commission amount? On-target earnings are the more accurate and fair payment basis. What does it mean?
Here’s an example: You should ideally be looking at a 7-to-1 or 10-to-1 return on investment. So, if the sales rep wants to make $120,000 a year, they need to make you $840,000 to $1,200,000. The commission structure may vary slightly depending on the offer; on-target earnings are what you need to look at, not the commission percentage.
Now that you have hired the team you dreamt of, get ready for new challenges! It takes a whole new level of management skills to lead a team of salespeople toward that big ticket. In our next article, find out how you can best leverage your 7-figure sales team.
Why Coaching Sales?
It’s simple: we’ve solved the problem of attracting, training, and managing 7-figure sales reps necessary for a successfully growing business.
Whether you’re looking to hire your first salesperson or scale up your sales operation, our team can help you get the results you want. We’ve helped over 150 businesses (and counting) go from 6- to 7-figure run rates by scaling their sales. We can help you do the same.
