The Secrets of Top Salespeople Earning a 7-Figure Income

As the founder and CEO of a large private company that owns 100% of the stock in 30 private companies, I have observed firsthand that it is entirely possible to earn a substantial income working for someone else. In the early 1960s, a great salesman under my tutelage was making around 60-70k annually, which is approximately 600-700 thousand dollars in today's currency. This clearly dispels the myth that you cannot earn a significant income without operating as an independent sales professional.

Core Principles of Top Salespeople

While many of the top salespeople I have worked with have unique approaches, they all share certain core principles:

Nothing Happens Until Something Is Sold

To put it simply, the primary objective of a successful salesperson is to make a sale. Nothing happens until you hand over a product or service to a customer. This emphasis on selling is the cornerstone of the sales process.

Work Your Ass Off and Know Your Product

Top salespeople leave no stone unturned when it comes to working hard and deeply understanding their products or services. This dedication also includes knowing their customers and building relationships based on mutual respect and friendship.

Main Strategies for Success

Here are the key strategies that top salespeople have consistently employed to earn significant incomes:

1. Run-Rate/Repeat Business as a Base

It is essential to focus on establishing a steady stream of income from repeat business. Building long-term relationships with customers is the backbone of a sustainable sales strategy. This involves maintaining a consistent presence in the customer's mind.

2. Prospecting/Cold Calling

Intensive prospecting and cold calling strategies are crucial for finding new business opportunities. Consistently reaching out to potential customers, even those who might appear uninterested at first, can lead to significant conversions.

3. Managing Qualified Leads

Only qualified leads should be nurtured, as unqualified leads are a waste of time. Utilizing efficient tools and processes to manage leads is a hallmark of successful sales. Inside sales teams play a pivotal role in qualifying leads to ensure that time and resources are utilized effectively.

4. Attending Conferences and Trade Shows

Industry events offer valuable opportunities to network and meet potential clients. These gatherings are excellent platforms to showcase your product or service and to understand the needs and challenges of your potential customers.

5. Constant Creation and Management of New Contacts

Establishing and maintaining a robust database of contacts is critical. Regularly gathering new contacts ensures that you remain relevant and visible in the market. This involves actively seeking out new business opportunities and stakeholder connections.

6. Frequent Contact/Contact Massaging

Regular communication with existing contacts is essential for maintaining relationships and ensuring that your product or service remains top of mind. This involves reaching out to clients and prospects at regular intervals to discuss their needs and to provide updates and support.

7. Golfing

In certain industries, golfing can be a powerful way to establish and maintain relationships. In my industry, the saying 'being able to golf is as good as having an MBA; being able to play good golf is as good as having an MBA from Harvard' holds true. Socializing and networking over a game of golf can lead to valuable business opportunities.

8. Closing Deals

The greatest salespeople consistently close deals. As Zig Ziglar famously said, the key differentiator between good and great salespeople is the ability to ask for the order. Timid salespeople often fail to do so, and thus miss out on closing deals.

9. Leverage a Strong Brand

Working with reputable brands can provide an automatic advantage in the market. For example, no one hangs up on a Salesperson from IBM or Cisco. Leveraging a strong brand can simplify the buying process and reduce resistance from potential clients.

10. Involving All Needed Players

Engaging key stakeholders from both sides of a potential deal is essential. This often requires involving decision-makers at both companies to ensure that all aspects of the deal are covered.

11. Seeking Authority

Identify and work with the individuals who have the authority to make decisions. Bypassing gatekeepers who only say "no" and seeking out those who can say "yes" can significantly speed up the sales process.

12. Meeting Buyers/Approvers

Finding ways to meet and engage with the people who can actually make purchases or approvals is crucial. This involves research, initiative, and sometimes creative approaches to ensure that these key players are involved.

13. Positive Attitude and Boldness

A positive and confident attitude defines successful salespeople. They are bold, ask for what they want, and maintain direct eye contact while being truthful. This helps in building trust and closing deals.

14. Personal Information Filming

Keeping a record of important but trivial details about key contacts, such as birthdays and anniversaries, can significantly impact the personal connection you establish with them. This helps in building and maintaining strong relationships.

15. Selling Solutions, Not Products

Top salespeople focus on selling solutions and addressing customer needs, rather than just pushing products. Discussing price alone is a sign you are not a top salesperson; instead, highlight the value and benefits of your product or service.

16. Avoid Selling Commodities

Avoid selling commodities unless you are in a niche market where volume is king. In a commodity market, price is usually the only differentiator, which leaves little room for selling value.

17. Staying on Top of Competition

Stay ahead of the competition by continuously monitoring market trends. Integrate complementary solutions and products to create a superior offering that addresses customer needs in a more comprehensive way.

18. Handling Objections

Properly handling objections is crucial. Use the "ABC" method: Acknowledge the viewpoint, bridge the gap between their position and your own, and ultimately convince the prospect to consider an alternative to their objection.

19. Combining Product with Service

Sell the service with the product. Products are a one-time sale, but ongoing service is a continual revenue stream. This strategy helps in maintaining long-term customer relationships and driving repeat business.

20. Negotiation

Negotiate win-win solutions rather than lose-lose outcomes. Always have an acceptable fallback position and be prepared to bundle or aggregate sales to make the prospect feel like they are getting something valuable.

21. Continuous Learning

Stay updated with the latest sales techniques by attending seminars, reading books, and listening to podcasts. Learn from successful salespeople and continuously refine your skills and strategies.

22. Honesty and Transparency

Telling the truth is always the best policy. Admit mistakes and shortcomings, and be prepared to make concessions. However, if a lie is unavoidable, create a strategy that minimizes the impact and maintains credibility.

23. Understanding the Customer

Know your product and understand your customer's needs. Sell the benefits and solutions, not just the product. This approach often means that the product being sold is not the main focus but the solution it provides to a problem.

These strategies and principles are a starting point for aspiring top salespeople. While there are many other techniques, these are foundational steps to achieving and maintaining a 7-figure income in sales.