Hello and welcome again to SAM Moments! This week’s theme is something that we developed over the last 24 years and it is called THE 80/10/10 THEORY.
THE 80/10/10 THEORY is something that we developed over the last 24 years; or more accurately, it’s a trend that we’ve seen repeated time and time again. Here it is:
Out of the potential of 100% of all producers that come into this industry, which is sales in general but the financial services industry specifically, it is our experience that about ten percent (10%) are going to succeed with or without management. As a matter of fact, many of them aren’t even going to listen to management anyway. They are successful largely on their own through personality and persistence and many of them get pushed up to management.
Then, there are about ten percent (10%) that are going to fail no matter what management does. You have to manage them in the business; they gave it the old college try, but then you have to manage them out of the business to help them follow their own dreams and play to their own strengths.
That leaves eighty percent (80%) that have the potential to succeed if they are given the right tools, leadership and do the right things. Some people say it is only sixty percent (60%), and that works, too, but the bottom line is that most producers have the potential to succeed.
In short, that’s why we are such big believers in having a formula, strategy and system for success, whatever form that takes. If you’re in management, you will need a consistent system to help transfer your skills to help the producers succeed. And if you’re in sales, you’ll need one to stay more focused, organized and disciplined.
Sales Activity Management is one such strategy that we hope you embrace to manage the activity and metrics that drive your business. Why is that important? Because most sales people don’t succeed because of what they know; they succeed because of what they do.