English
Sales Goal Persistence: Success Factors and Costs
1. Definition of productive stubbornness❓ in the Context of Achieving Sales Goals:
Stubbornness in this context is the deliberate and organized persistence in achieving a specific goal, with enough flexibility to adjust strategies and tactics based on changing circumstances. It is a combination of:
- Determination: A strong desire to achieve the goal.
- Perseverance: Continuing to work despite obstacles and temporary failures.
- Adaptation: The ability to change plans and strategies when necessary.
- focus❓: Keeping attention and effort directed towards the main goal.
It is closely related to positive psychology concepts such as Resilience and Self-efficacy.
2. Scientific Theories and Principles Supporting Productive Stubbornness:
- Goal-Setting Theory: Difficult and clearly defined goals lead to better performance than easy or vague goals. Stubbornness helps maintain focus and commitment to these difficult goals.
- Self-Determination Theory: Emphasizes the importance of Autonomy, Competence, and Relatedness in motivating behavior. Stubbornness helps develop competence through overcoming challenges, maintaining autonomy in managing work, and building strong relationships with clients and colleagues.
- Pareto Principle (80/20 Rule): 80% of the results come from 20% of the efforts. Stubbornness helps in identifying and focusing on these critical 20%.
Formula:
S = N * E
Where:
N= Number of sales effortsS= Number of closed deals (sales)E= effort efficiency❓ (number of closed deals per effort)
Increasing E (efficiency) through productive stubbornness leads to an increase in S (sales) even if N (number of efforts) remains constant.
3. Keys to Success in Productive Stubbornness to Achieve Sales Goals:
- Setting SMART goals: Specific, Measurable, Achievable, Relevant, and Time-bound.
- Developing a detailed action plan: Including specific steps, timelines, and key performance indicators (KPIs).
- Building a strong network of relationships: With potential clients, brokers, developers, and legal advisors.
- Continuous learning: Keeping up with market changes, developing negotiation and sales skills, and learning modern marketing techniques.
- Flexibility and adaptation: Being prepared to change plans and strategies when necessary, learning from mistakes, and not giving up on temporary failures.
- Focusing on added value: Focusing on providing real value to customers, not just closing the deal.
4. Costs of Stubbornness (Successful and Unsuccessful):
A. Costs of Success:
- Time and effort.
- Stress and fatigue.
- Sacrifice of personal life.
- Financial costs: Investment in marketing, training, and relationship building.
B. Costs of Failure:
- Financial losses.
- Loss of self-confidence.
- Deterioration of relationships.
- Burnout and depression.
Cost-Benefit Analysis:
Net Benefit = Total Revenue - (Direct Costs + Indirect Costs + Opportunity Costs)
If Net Benefit is positive, achieving the goals is considered beneficial.
5. Practical Applications and Related Experiences from the Book
- Focusing on Listings: Persisting in obtaining listings is one of the most important factors in a millionaire agent’s success.
- Commitment to Public Goals: Publicly announcing goals and committing to them in front of the team.
- Accountability and Appreciation: Holding the team accountable for performance and appreciating the efforts made.
- Analyzing the Cost of Potential Customers: Determining the cost of acquiring a potential customer through different channels.
7. Conclusion and Recommendations:
Productive stubbornness is an essential element for achieving sales goals in real estate. It should be deliberate and organized, with enough flexibility to adapt to changing circumstances.
Chapter Summary
Main Scientific Points:
-
Persistence is a key trait of successful real estate agents, crucial for achieving goals❓, especially obtaining seller listings.
-
Adopting a positive mindset focused on overcoming obstacles is essential, characterized by “no excuses, no escape, and no victim behavior” while learning❓ from mistakes.
-
Leaders play a vital role in instilling a goal-achieving mindset within the team, focusing on numbers, communicating about objectives, tracking progress, and celebrating wins.
-
When goals aren’t met, standards should be maintained, and employees held accountable. Leaders should intervene in daily operations to redirect the team, emphasizing accountability.
-
Public commitment to goals, enthusiasm, incentives, and holding others accountable are fundamental to achieving the necessary number of seller listings for the targeted net income.
-
Goals should be visible to the team, prominently displayed in the office.
-
The chapter provides a detailed❓ cost analysis of achieving goals based on dividing the database into a “Met Database” (contacts) and a “Haven’t Met Database” (non-contacts).
- “Met Database”: Intensive marketing (33 touches) to 12 people results in two sales (referral and repeat), with costs calculated based on the average cost per “touch.”
- “Haven’t Met Database”: Direct marketing (12 direct mail pieces) to 50 people results in one sale, with costs calculated based on the average cost per “touch.”
- Comparison: Acquiring a client from the “Met Database” is significantly less expensive than from the “Haven’t Met Database.”
-
The chapter presents a method for determining the number of leads needed in different databases based on sales goals.
Conclusions:
- Persistence is fundamental to real estate agent success.
- Creating a positive team culture is necessary for achieving goals.
- Clarity and transparency are essential in tracking objectives.
- Understanding the costs associated with achieving goals allows for effective resource allocation.
- Focusing on building and strengthening relationships in the “Met Database” is more cost-effective.
