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Miller Heiman Research Reveals Caution in Meeting Year End Sales Projections
RENO, NV -
August 10, 2006 -
The Miller Heiman Q3 Sales Confidence Index, released today, reported overall continued confidence by sales leaders in the next 90 days.While more than three quarters of survey respondents report more opportunities and leads for the coming quarter, most also fail to give high marks to the quality of leads compared to last year, suggesting that sales professionals may have a rough time closing sales and making their year-end numbers. The current Sales Confidence Index of 107.2 although down slightly from the previous quarter, continues within the upward trend from Q3 2005 (104). Once again the results follow current economic trends, which report high consumer confidence. However, after a booming first quarter, the U.S. appears to be headed toward an economic slowdown. For many sales pros, the slowdown is a hurdle in the race toward year-end, as customers grapple with rising energy costs, raw material prices, labor costs and high interest rates. The Index data suggests that sales professionals that are serious about making their year-end goals, while recognizing the value of continuing to prospect, should concentrate primarily on funnel management - reviewing accounts and deploying resources to the deals that are most likely to close in 2006 before final numbers are in. "Even though they're feeling a sense of urgency, sales teams need to avoid jamming deals at the expense of on-going long-term relationships," said Sam Reese, president and CEO, Miller Heiman. No deal is complete until it's signed and sealed, and every salesperson knows that some deals are riskier than others. With the Index pointing to shaky leads and the economy apparently cooling, top-performing sales professionals will understand that it is time to prioritize. In the coming weeks, Reese suggests prioritizing based on knowledge of the customers' business operations, sales cycles, projections and histories. "This is a time for deal review, for shepherding good deals through the funnel in a timely manner - not for chasing leads not likely to pan out." Read Bob Miller's "Taming the Volatile Sales Cycle" white paper for additional information for prioritizing and managing the funnel. Other Index findings point to strong confidence among sales leaders: Seventy percent of respondents say they are confident they'll sell more in the next 90 days than the last 90 days. Eighty four percent say they believe that new sales opportunities are numerous. And only about a third report that compared to last year, their customers are deferring their purchasing decisions, resulting in longer sales cycles.
About Miller Heiman: The Sales Performance Company
Miller Heiman is a global leader in sales performance solutions with more than 30 years of documented results. The company works with leading organizations to improve sales effectiveness through issue-based consulting and training. Headquartered in Reno, Nev., Miller Heiman has additional corporate offices in the United Kingdom and Australia and representation in more than 30 countries. For more information, contact 877.506.2973 or visit www.millerheiman.com.
