According to a study by Leadership IQ, 46% of new hires will fail within the first 18 months. Their companies will then spend the equivalent of six to nine months of the position’s salary finding and training replacements. The costs of a bad fit are staggering, and they prevent businesses from building better products, growing sales, and increasing profits.
What’s at the root of this failure? It seems that while interviewers are busy confirming technical competence because it’s easy to assess, they aren’t paying attention to factors like coach-ability, emotional intelligence, motivation, and attitude. These factors actually have a much larger impact on success than technical knowledge.
In most cases, employees who were terminated, left under pressure, received disciplinary action, or had significantly negative performance appraisals had problems accepting and implementing feedback from managers and colleagues. Many of them also had trouble understanding and managing their own emotions or those of their colleagues. They typically lacked the drive to be successful in the position, and their attitude didn’t fit the job or work environment.
The big takeaways are that interviewing is a skill and accessing a fit is complex. Investing in training for your hiring managers and using third-party testing can help you make better hiring decisions, and this will save you money in the long run.
Quote of the Week: “The secret of my success is that we have gone to exceptional lengths to hire the best people in the world.” — Steve Jobs
All businesses want to grow sales, but very few have figured out how do this efficiently and consistently over time. Cintell, a cloud-based customer intelligence platform, recently published a study entitled “Understanding B2B Buyers”. This may uncover a secret weapon. 71% of companies that exceed revenue and lead goals have documented buyer personas.
A buyer persona is a semi-fictional representation of your ideal customer based on market research and real data about your existing customers. This is unlike an Ideal Prospect Profile (IPP), which describes the kind of company your business wants to sell to. A persona describes the buyer who will see the most value in working with your organization. Personas describe the pains, motivations, processes, trusted sources, and daily lives of your buyers and typically have names like Molly Marketer or Eddie Entrepreneur to further personify the best customers in your employees’ minds.
If you can better identify with potential buyers, it will be easier for you to define your differentiators. Also this will create relevant content that engages prospects throughout the buying process.
In conclusion, buyer personas aren’t just for sales, either. They can help you develop better products, differentiate your packaging, or modify service and support models. Maybe that’s why 82% of companies that are using personas have managed to create an improved value proposition!
Quote of the Week: “When you combine the Buyer Profile with Buying Insights, you will have clear guidance for the decisions you need to make to win their business.” — Adele Revell