In the fast-paced world of sales, there has been a notable shift from the mantra of "growth at all costs'' to prioritizing quality revenue and profitability. In the latest episode of Sales Hacks with Xactly, Corporate Bro and a ‘Lead with Sales’ Mindset, guest star Ross Pomerantz (A.K.A. Corporate Bro) joined Xactly’s Founder and CEO, Chris Cabrera, and VP of Sales, Ryan Maggio, to discuss this shift in sales, and what it means for salespeople and executives alike. Read on for the full episode recap.
Unicorns are Going Extinct
Chris kicked off the episode by calling out the obsession with exponential growth and unicorn valuations, and how that has overshadowed the importance of building a sustainable and profitable business. It's ironic, Chris said, that unicorns, which are supposed to be rare, have become so prevalent.
However, in recent years, many of these unicorns have faced an existential threat or are on the verge of it. This has led to a realization that focusing solely on growth without considering the quality of the business is unsustainable.
Key takeaway: Embrace a sales strategy that emphasizes quality, intelligent revenue.
A Paradigm Shift in Sales: Focusing on Profitability
One aspect of this business strategy shift is recognizing the significance of profitability. Chris said it's not just about selling more; it's about selling more profitable products and services. But how do you accomplish this? Re-evaluating pricing and discounting strategies and emphasizing the value of the offerings were a few examples given.
Key takeaway: By focusing on profitability, businesses can ensure long-term sustainability and avoid the pitfalls of short-sighted growth.
Embracing Sales Technology
To navigate this changing sales landscape successfully, Sales teams must embrace technology. Forecasting tools, data analytics, and revenue intelligent software can provide valuable insights and aid in strategic planning.
Key takeaway: Technology enables Sales teams to make informed decisions and adapt quickly to market changes, ensuring sustainable growth.
According to Corporate Bro, in the world of sales, this saying holds true, "Sales Are Dope, Never Ever Stop Selling." His saying captures the essence of what sales is all about—that constant selling and closing deals are crucial for success.
Key takeaway: While sales professionals may encounter more losses over wins, it's important to celebrate those victories and learn from those experiences.
A New Generation of Sellers
We all know that rejection is a significant challenge for sales, but the guys agreed that building a supportive team environment can help overcome this hurdle. They emphasized the importance of going into the office, as learning from experienced colleagues can be invaluable. The camaraderie and shared experiences within a physical workspace can boost morale and provide crucial mentorship (it did for all of them).
Key takeaway: With the emergence of remote work preferences in the latest generation of sellers, fostering a strong team culture is now more important than ever for sales success.
A Note to Sales Leaders
Sales leadership plays a vital role in driving quality growth. Incentive structures and compensation plans should prioritize quality metrics over top-line revenue growth.
Key takeaway: By aligning incentives with the desired outcomes, leaders can encourage their teams to focus on closing larger deals and delivering value to customers.
The Unicorn Fallacy
Chris is set to release his book, "The Unicorn Fallacy," in the near future. This timely publication offers practical advice on how to navigate the changing sales landscape successfully. It provides tactical guidance on driving revenue, adapting to industry changes, and evolving sales strategies.
Key takeaway: Sales remains the most critical role in driving revenue for businesses. It is vital to recognize the need for change and seek advice to stay ahead of the curve.
Leading with a Sales Mindset
Leading with a sales mindset now requires prioritizing quality and profitability. The obsession with growth at all costs is giving way to a more sustainable approach that focuses on long-term success. By embracing technology, fostering a supportive team environment, and incentivizing quality metrics, businesses can thrive in this new era of sales.
Watch the full episode of Corporate Bro and a ‘Lead with Sales’ Mindset