Do you or someone you know make more than $450k/y? Congrats. If you're in the US, you're a 1%er. If you're outside the US, you're a 0.5% or 0.1%er. But if you're still not making that kind of cash, there's still hope. Learn how these elite sales professionals separate themselves from the rest. What skills, strategies, and practices do they employ to consistently outperform their peers? In this article, we will delve into the unique characteristics that enable certain salespeople to make big bank.
1- Years of Experience
First and foremost, it's essential to recognize the role of experience. Salespeople making $500k per year are rarely fresh faces in the industry. Typically, these high earners have at least 8 to 10 years of experience carrying a quota. The years provide not just technical skills but also the emotional intelligence and resilience required to navigate complicated sales cycles.
2- Industry Matters
A salesperson's earning potential is also influenced by the industry in which they operate. Those making $500k or more often sell complex products with multiple stakeholders, influencers, and barriers to entry. They tend to work in crowded and competitive industries like cloud computing, ERP solutions, manufacturing, and fintech. In these sectors, products often require significant investment and long-term commitment, leading to higher commissions and bonuses for the sales professionals.
3- Executive Presence
High-earning salespeople have more than just product knowledge; they possess an impeccable executive presence. These professionals rapidly establish their credibility in front of sophisticated buyers. They are articulate, persuasive, and know how to navigate boardrooms as comfortably as they do sales calls. Their ability to speak the language of C-suite execs can often be the tipping point in closing a high-value deal.
4- In-Depth Knowledge
One cannot underestimate the value of deep product and industry knowledge. Salespeople earning top dollar are experts in their domain. They engage with prospects not just to push a product but to challenge the prospects' existing perspectives. This consultative approach sets them apart, making them trusted advisors rather than just sales reps.
5- Industry Specialization
Most high-earning salespeople have a 'flavor' or specialization to their profile. They often stick to the same industry throughout their careers, reaping the benefits of notoriety, specific industry knowledge, and a robust network. This focus allows them to shorten sales cycles and improve the quality of their interactions with prospects.
6- Job Selection Skills
Interestingly, the most crucial skill for these salespeople may not even be selling; it's their ability to pick the right job. They are adept at sniffing out companies that will set them up for success. During interviews, they ask hard-hitting, precise questions and expect compelling answers. They avoid companies with inflated OTEs (On-Target Earnings) and instead look for organizations where they can genuinely excel.
7- Teamwork
Finally, top-earning salespeople understand the power of teamwork. They rally their colleagues and coordinate efforts to achieve collective goals. They are experts at advertising their deals internally to ensure that it's "all hands on deck." By holding everyone accountable and ensuring alignment, they significantly increase the chances of closing substantial deals.
Conclusion
Reaching a $500k per year salary in sales is no small feat. It requires a blend of experience, industry expertise, exceptional soft skills, and strategic career choices. Go get them!
