MHI Research Institute releases 2014 Sales Best Practices Study, revealing what it takes to be a world-class sales organization
World’s largest annual B2B study shares insider pointers on how to succeed
Littleton, Colo. – November 19, 2014 – The MHI Research Institute, an organization dedicated to improving the sales performance and productivity of complex, business-to-business sales organizations, has released its much-anticipated annual survey, 2014 MHI Sales Best Practices Study. The study, which is the largest of its kind, outlines and measures the behaviors that drive world-class sales performance in business-to-business selling. Now in its 11th year, the report analyzes customer management activities and organizational efforts, pinpointing the activities that most significantly contribute to growth.
The 2014 MHI Sales Best Practices Study surveyed a range of more than 1,000 respondents, from account managers to high-level executives, and the data on which the report is based was collected in the fall of 2013. The questions asked in the study were derived from the best practices MHI Research Institute’s analysts have observed in the field, as well as analysis of emerging trends in global B2B sales. Through the answers, the report seeks to explore how sales organizations create opportunities, manage opportunities, manage relationships, provide infrastructure and align management. MHI Research Institute is currently seeking responses for its 2015 study. To participate, click here.
Joe Galvin, chief research officer and executive vice president with the MHI Research Institute, says that this report offers unique insights into winning strategies, as shared by the leading organizations themselves. Galvin offered a sports analogy to further explain: “Sales, like sports, is filled with winners and losers, adversaries and advocates, strategy and planning. Just as world-class athletes are heroes with lessons to share, these leading sales organizations have fought a long, hard battle to come out on top. In sharing their insights, they can help others forge a similar path. By conducting this annual study, MHI Research is providing the foundation for benchmarking organizations against top performers, based on industries, geographies, sales roles and more.”
Topics addressed in the study include:
- The importance of customer relationships and understanding customer needs in the sales process.
- How collaboration drives performance.
- The concept of performance accountability in driving success.
- The impact of sales and marketing alignment in increasing qualified opportunities.
- The role of sales managers in driving success.
- How world-class sales performers leverage technology.
MHI Research Institute’s findings also reveal that the leading sales organizations share similar behaviors in their business practices, including monitoring critical customer metrics, while analyzing year-over-year customer growth, quota achievement and forecast accuracy. These practices have allowed top organizations outperform others by an average of 20 percent over the last four years.
In addition, the 2014 report found that world-class sales organizations outranked other respondents by more than 22 percent in key metrics, including:
- Number of qualified opportunities
- New account acquisition
- Average account billing
- Year over year existing customer growth
- Quota achievement
- Forecast accuracy
To learn more about the study’s findings, check out this on-demand presentation by Galvin, or read the executive summary of the study. Join the conversation on Twitter at #MHIGlobal. Follow us @MHIGlobal.
About the MHI Research Institute
The MHI Research Institute is a research organization dedicated to improving the performance and productivity of complex B2B sales organizations. Through extensive research into the best practices, strategies and decision frameworks that drive World-Class Sales Performance, they help sales leaders develop and hone sales strategies to improve sales performance. To provide strategic support for their clients, they publish thought-leading research, conduct World-Class Performance Studies, and offer members customized insight into their strategic issues.
Lauren Russ at 773.868.0966 or firstname.lastname@example.org