A new year marks the calendar and a whole new list of sales targets and expectations flashes on your screen. Rolling the dice in an old-fashioned way will lead to the same results that you saw last year. Gain control over the outcome by tweaking your approach towards the sales process.
Before refreshing your sales process, you need to ponder over the past to plan for succeeding in the future with a fresh sales process. Here are few tips --
Till you don’t know where you are going wrong, you will not be able to visualize a future path to progress. So, speak to the sales reps and managers to understand where do you need to improve.
- Reflect on the past performance and try to find answers to various questions like-
- Has the team achieved last quarter’s sales goals? If not then what are the reasons?
- Did the team contribute in improving the revenue position of the company?
- Did the team achieve the revenue target forecasted for the previous year?
- What obstacles are affecting your sales?
- Is the time to close a deal increasing?
- In which stage of the sales process the team is facing the problem?
- Are there any specific points in the sales process where the prospects commonly back out?
- What are the factors contributing to the fall out rate?
- Identify the strengths and weaknesses of your sales process
Defining a sales process is important for a sales professional but staying conversant with its strengths and weaknesses is equally important to measure the effectiveness of the process.
- Analyze which stage of the sales process consumes the least time.
- Measure elements in the sales cycle that are contributing to the sales.
- Find out the appealing factor that converted a deal into sales.
- What are the key selling components?
- Understand what the factors affecting your closure ratio are.
- Are there additional stages that are increasing the length of your sales cycle?
- Measure your sales pipeline size to determine your sales velocity.
- Try to find out the metrics associated with the reasons for the decrease in your sales results.
- Where do you experience maximum churns?
This is a major question that every sales professional need to answer to avoid a leaky sales pipeline and move closer to their sales target.
Try to find out where are you going wrong in the sales process? Is it -
- Bad onboarding,
- inability to qualify a lead due to poor communication,
- lack of follow-ups during the nurturing stage,
- incapability to convince the prospect during the negotiation stage?
Give a fresh look to your sales process -- Point of entry
The very first step of your sales pipeline is an essential stage of the sales process. This is the point where the prospect displays a buying need, and a deal is created in the sales pipeline. If you start with the wrong deals, then you might end up with a bad sales outcome. So, you need to pay special attention to the prospecting and entry point of the deals.
- Evaluate your target audience and create a prospecting list.
- Analyze various touchpoints to capture valuable deals.
- You can even use the automation feature of a CRM software to fetch and create deals in your sales pipeline directly.
- With a CRM software, you can also sort the deals with tags to manage them effectively for quickly pushing them to the next stage.
Qualified pipeline value
The value of the sales pipeline is correlated with the quality standard of a deal. Clogging the pipeline with unqualified deals is pointless. Quality is more important than quantity. So, focus on qualifying more opportunities rather than increasing the number of deals in your sales pipeline. For augmenting the value of your sales pipeline, you need to set qualification criteria that will keep you on track.
For setting the criteria to qualify deals, you need to mull over the following points-
- Do the prospects require the solution?
- Can the company afford your product or service?
- Is there any possibility of closing the deal?
- Will your efforts influence their purchasing decision?
Analyze sales cycle velocity
The more time a deal spends in a pipeline, the less likely are its chances of getting converted into sales. So, analyzing thesales cycle velocity is necessary to determine the time a deal takes to close. To increase your sales, you need to identify and address the factors contributing to the extra time. Which can be easily done with a sales CRM that allows you to create customized reportsthat help you in-
- Spotting the deals that are stuck for a long time in a sales pipeline
- Evaluating the time, a deal spends in the pipeline
- Analyzing the reasons for a long sales cycle
The closing stage is the make or breaks moment of a sales process. Losing a deal after coming this far is disappointing. It mostly happens when there is some fault in the closing techniques. The sales reps need to be trained with the right skills and techniques to achieve better sales results.
Here are few closing techniques that can help-
- Slow down, give them time to think.
- Offer ‘special’ discounts.
- Hit the weak moment by approaching them when they are really in need.
- Use logic and reason.
The process is the same you need to approach it in a new way to achieve desired results. Implementing new techniques and tools can take you closer to your sales goals. You can power your sales process with advanced software like Salesmate that helps you in efficiently managing your sales process to close more deal. Its various features like automation, reporting, and integration make selling easier and faster.
Category: Business Intelligence Software Company about: Salesmate is an intelligent SaaS based CRM made for providing an extraordinary support to sales reps with the features like Sales Intelligence, Sales Forecasting, Automation, smart emails etc. Salesmate CRM is cloud-based and hence it doesn’t require any team of IT experts for management, it is simple and easy to use CRM Software.