4 pillars of a high performing sales process to overcome challenges
TRANSCRIPT
PresenterPrashant Kumar, Sales Manager, LeadSquared
What are the 4 performance indicators?
Signs of a stagnating sales process.
Leveraging sales automation to overcome challenges.
Analyzing and measuring a high performance sales process.
A sales process or sometimes called a sales system, is a step by step process for your salespeople to follow
that takes them through:
defining the target customer
defining where to find and connect with these prospective customers
connecting with the prospect (usually over the phone or through networking events)
employing a consultative sales tactics to qualify or disqualify the prospect
getting disqualified prospects out of the funnel asap
moving qualified prospects through the sales funnel
closing the deal
engagement and continued relationship building with goal to turn customers into evangelists
ability to request introductions (referrals from clients)
Predictability
Scalability
Self-Correcting Framework
Management System
Training
Measurability
Consistent Results
Understanding target customer buying process
Recruitment and product training
Better conversations and sales pitch while presenting
Automation
Buying process
a. Problem recognition
b. Information search
c. Evaluation of alternatives
d. Negotiation
e. Purchase
Problem
recognition
Information
search
Evaluation
of
alternatives
Negotiation
Purchase
Sales recruitment
a. While recruiting check how prepared the interviewee is
b. Talk about past achievements
c. Check how well they understand your industry or market
d. Emphasize on communication and sales skills
Product Training
“Sales warrior is like a warrior in war who is unequipped and ready to fail”
Do your home work (Know/research your customer)
Pitch to the right person
Meet only with appointments
Craft suitable pitch
Tell a story while presenting
Use the correct case study at the correct time
Be short and crisp
Sales automation is a technique of using software to automate the business process.
Key points:
Automates sales task and follow ups
Automated order processing
Lead capture automation
Sales forecast analysis
Sales warrior performance evaluation
Insufficient leads
Improper prospecting
Sales people not following the sales process
Manipulative persuasion tactics
Sales presentation (never works)
Lack of customer connect / building rapport
Objection handling
Neglect to determine the exact buying signal
Sales automation is simply, a technique of
using software to automate the business tasks
of sales, including order processing, contact
management, information sharing, inventory
monitoring and control, order tracking,
customer management, sales forecast analysis
& employee performance evaluation.
Although its marketing efforts brought in a huge number of leads at the top of the funnel, the sales team was
concerned that the leads weren’t of a good enough quality.
Marketing automation allowed McAfee to implement a lead scoring system and create a segmented nurturing
programme that gave prospects the right information at the right time in the buying process.
This greatly improved the quality of the leads that were passed onto the sales team.
As a result of this new automated system:
The number of leads reduced by 35% but overall quality improved.
Lead to opportunity conversion rate increased four times.
Alignment between sales and marketing greatly improved.
Byju’s Classes is a leader in test preparation segment. They generate hundreds of thousands of leads across online, chat, mobile app,
phone and offline channels. They faced challenges mainly in these three areas:
Lead Management: Managing them on excel sheets was becoming difficult and resulting in lead leakage.
Lead Engagement: With a huge lead volume, it is a challenge for any business to respond quickly to every inquiry.
Lead Prioritization: Identifying which leads were more likely to buy their course/tablet and which weren’t, was challenging
due the huge lead volume.
With marketing automation:
Byju’s achieved zero lead leakage and got rid of excel sheets filled with leads lying on each desktop.
Lead distribution feature cut down the response time drastically, thus, improving the chances of winning.
With lead intelligence, the sales bandwidth was applied to maximize the revenue potential.
Using marketing automation, they engaged and nurtured leads to retain mindshare and convert some of them into sales opportunities and
up-sell to existing customers, resulting in increased ROI on marketing investments.
With analytics, it was seamless to monitor and measure sales and marketing performance.
A. Open opportunities # per sales rep. In other words:
1. Inflow of new opportunities
2. Understanding total opportunities
3. Pipeline status
B. Closed Deals # per sales rep:
The number of opportunities your sales team closed, including both closed-won and closed-lost opportunities.
E.g. John had 10 opportunities for the month, out of which 7 closed and 3 were lost opportunities. So we
should ideally calculate his ‘win vs lost opportunity’ rate. In this case, John has 70% won opportunity rate v/s
30% lost opportunity rate.
C. Deal Size
This means: the average sales price of all your closed / number of won deals. Eventually this should increase
the efficiency of your sales process and make it stronger.
D. Sales Cycle
Analyze conversion metrics at every sales stage like
Market research to introduction call
introduction call to demo / meeting scheduled
Meeting scheduled to pilot / trial
Trial / Pilot to closures
Finally, shortening of sales cycle is also a sign of a high-performing sales process.
The 4 Most Important Key Performance Indicators for Sales Managers from The Center for Sales Strategy’s blog:
http://blog.thecenterforsalesstrategy.com/the-4-most-important-key-performance-indicators-for-sales-managers
4 warning signs of a stagnating sales pipeline from Velocify’s blog: http://velocify.com/blog/4-warning-signs-of-a-stagnating-
sales-pipeline/
Marketing automation: six case studies and an infographic on how it improves sales and revenue from Econsultancy’s blog:
https://econsultancy.com/blog/63748-marketing-automation-six-case-studies-and-an-infographic-on-how-it-improves-
sales-and-revenue/
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