{"id":12897,"date":"2022-05-12T19:20:05","date_gmt":"2022-05-12T19:20:05","guid":{"rendered":"https:\/\/jboitnott.com\/?p=12897"},"modified":"2022-05-20T17:10:55","modified_gmt":"2022-05-20T17:10:55","slug":"whats-a-sales-lab-and-how-can-it-help-your-business","status":"publish","type":"post","link":"https:\/\/jboitnott.com\/zh\/whats-a-sales-lab-and-how-can-it-help-your-business\/","title":{"rendered":"What’s a Sales Lab, and How Can It Help Your Business?"},"content":{"rendered":"

If you\u2019re familiar with the concept of a sales lab, chances are you might\u2019ve heard about it in the context of a university or college. In those cases it\u2019s usually a purely educational endeavor that helps train students in sales skills<\/a>.<\/p>\n

In fact, there\u2019s another version that can more directly benefit your company. Beyond potentially creating stronger revenue streams, it can also future-proof your business<\/a>.<\/p>\n

Whether you\u2019re a B2B<\/a> or B2C<\/a> company, a sales lab can be a true game-changer for your organization\u2019s revenue and sales. This in-house endeavor provides a practical classroom in which your sales professionals can engage in intensive, experiential learning and experimentation.<\/p>\n

It\u2019s all designed to improve their skills and help your business stand out from the competition<\/a>, growing your bottom line in the process. Here\u2019s a look at how a sales lab can make that happen for you.<\/p>\n

How does an in-house sales lab\u00a0work?<\/h2>\n

Imagine a company that provides full-service marketing support to restaurants. They have three sales representatives who qualify, pitch and close new clients. Traditionally, the company charges $5,000 a month for its services based on the prevailing economic environment and what competitors charged for similar work.<\/p>\n

But what if our marketing business could charge $10,000? Chances are, it would never try this on its own initiative. The increase is too dramatic to risk losing an otherwise qualified lead for most people, at least not without some evidence that there\u2019s a market at that price point.<\/p>\n

This is where the concept of a lab would be helpful. Our hypothetical marketing company could give one of those three reps a reasonable compensation structure and put them to work full-time <\/a>on the challenge of selling the same package to targeted prospects at twice the price.<\/p>\n

One of two things may transpire. Either (A) in the worst case, the company gets solid support for its current pricing structures. Or, (B) in the best possible case, it doubles its average revenue per client.<\/p>\n

Building a mechanism for your sales team to experiment and work out new ideas, new messaging or even new product or service lines while guaranteeing them fair compensation means they\u2019re free to radically stress-test and explore the possibilities without fear of losing income. In return, your company enjoys several benefits.<\/p>\n

1. It lets you test innovative ideas<\/h3>\n

Following ideas from your competitors isn\u2019t necessarily a terrible idea. But, you\u2019ll always wonder how much more your company could achieve with a bit of fresh thinking. An internal sales lab lets your experienced professionals explore more innovative sales techniques. They can develop new markets, come up with new offers and deepen your company\u2019s understanding of its customers.<\/p>\n

However, the utility of a sales lab goes beyond mere ideation. A dedicated sales team<\/a> in the lab means they can test out those ideas, analyze the results and refine the approach. Your company benefits from this process through optimized methods and proven results.<\/p>\n

2. It produces highly targeted\u00a0results<\/h3>\n

You can research developments in your industry yourself or pay someone else to do it for you. As helpful as that information undoubtedly is, however, it\u2019s always going to be second tier compared to information that\u2019s developed exclusively with your company in mind.<\/p>\n

Cookie-cutter ideas lead to cookie-cutter results, meaning you\u2019ll always be merely following the herd and never outpacing it. With a sales lab, your team can use its accumulated \u201cinside\u201d information to work on those ideas and initiatives that particularly benefit your company. That\u2019s how you reach your company\u2019s business and revenue goals\u200a\u2014\u200anot by chasing the pack but rather by leading it.<\/p>\n

3. It creates the right incentives<\/h3>\n

A sales lab that frees up your top performers to innovate and get creative helps incentivize them to achieve remarkable things. At some point, we\u2019re all a little risk-averse. That\u2019s especially true where employment is concerned. Dedicated sales team members don\u2019t usually want to risk their jobs by suggesting an untested, unproven idea. What happens if it fails?<\/p>\n

Instead, in a sales lab, participating sales team members know that the company leadership wants them to take those risks and reap the potential rewards<\/a>. In exchange, they know that failure won\u2019t be met with a loss of position or status, so there\u2019s a limited downside.<\/p>\n

In fact, failure should be rewarded in a high-performing sales lab. Encourage your sales lab team to fail fast. Otherwise, people become so risk-averse that they\u2019re afraid to suggest the really bold idea\u200a\u2014\u200athe one that can take your business to the next level.<\/p>\n

Tips for implementing your new sales\u00a0lab<\/h2>\n

Instead of asking someone to put in extra hours, let certain sales representatives dedicate all their time to lab work. This creates a more conducive environment for creativity and brainstorming.<\/p>\n

You\u2019ll also need to figure out a structure that works for your business in terms of both compensation<\/a> and business goals. It\u2019s important not to overthink this process, however. As with any new venture, it\u2019s easy to get caught up in perfecting the plan, which runs contrary to the notion of failing fast. Instead, do your best to anticipate challenges, but then let the lab prove itself out to the greatest practical extent.<\/p>\n

Thanks for reading! Do you want to create thought leadership articles like the one above? If you struggle to translate your ideas into content that will help build credibility and influence others, sign up to get John\u2019s latest online course \u201cWriting From Your Voice<\/a>\u201d here.<\/em><\/strong><\/p>","protected":false},"excerpt":{"rendered":"

If you\u2019re familiar with the concept of a sales lab, chances are you might\u2019ve heard about it in the context of a university or college. In those cases it\u2019s usually a purely educational endeavor that helps train students in sales skills. In fact, there\u2019s another version that can more directly benefit your company. Beyond potentially […]<\/p>\n","protected":false},"author":1,"featured_media":12899,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[572],"tags":[1047,1048,1049,1046],"class_list":["post-12897","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sales","tag-b2b","tag-b2c","tag-in-house-sales","tag-sales-skills"],"yoast_head":"\nWhat's a Sales Lab, and How Can It Help Your Business? - John Boitnott<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.entrepreneur.com\/article\/423209\" \/>\n<meta property=\"og:locale\" content=\"zh_CN\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What's a Sales Lab, and How Can It Help Your Business? - John Boitnott\" \/>\n<meta property=\"og:description\" content=\"If you\u2019re familiar with the concept of a sales lab, chances are you might\u2019ve heard about it in the context of a university or college. 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