Revving up Your Sales A guide for entrepreneurs | BDC
Sales Conversion
Summary
1. Assess Your Current Sales Process
Evaluating what’s working and what isn’t is essential for making significant improvements. To enhance your company’s sales performance, it’s crucial to outline your current strategies, examine your sales funnel, and how you guide customers through each stage. Identify key performance indicators (KPIs) to pinpoint areas that need attention.
2. Optimize Your Sales Process
The sales landscape has evolved. Today’s buyers are digitally savvy, have less time, and prefer to research online rather than engage through traditional methods like cold calls or lengthy lunches. Relying on intuition for sales forecasting is no longer enough—adapting to new methods is key.
3. Digitize Your Sales Process
The last piece is the digital hub for all sales data and reporting. A customer relationship management (CRM) system is essential for tracking prospects, setting actionable goals, and providing real-time performance insights, ensuring your team can manage their activities effectively at any moment.
Map out your current sales process
To enhance your sales process, the first step is to fully understand your current sales cycle from beginning to end. Break down each stage to uncover how leads are identified, proposals are made, and deals are closed. As you outline your process, be sure to set clear objectives for each stage, ensuring a smooth transition from one step to the next. Consider the following questions:
– What is the average length of the sales cycle?
– Should any steps be added or removed?
– Is this process consistent among all sales reps or does it vary by individual/product?
– Have you considered the customer’s perspective to minimize friction?
Steps of a Sales Process
1. Lead Generation
Attend industry trade shows and networking events. Encourage people to visit your website. Gather business cards and contact information to build a prospect list.
2. Initial Contact
Engage with decision-makers who express interest and agree to sponsor a meeting with relevant staff.
3. Presentation/Qualification
Present your company’s or product’s credentials. The customer confirms that the product fits their needs, pricing, and competitive landscape.
4. Technical Evaluation
Carry out a comprehensive evaluation of the product and its technical specifications.
5. Proposal Presentation
Present the proposal to the prospect, who confirms it meets the requirements and identifies any areas for further discussion.
6. Detailed Negotiations
Address all remaining concerns from the prospect. Draft an agreement for review by legal or the purchasing department.
7. Order, Delivery, and Completion
Receive the purchase order and ship the product. Once the order is accepted, invoice based on the agreed terms and receive the final payment.
Measure what matters: KPIs to assess performance
To enhance your sales performance, it’s essential to first assess how well you’re currently progressing, especially how effectively you’re moving prospects through each stage of the sales process.
There are numerous KPIs to track, and the ones you choose will depend on your business model and sales strategy. The key is to start by selecting a few relevant metrics to establish a baseline, forecast future sales, and set achievable goals for improvement.
Key Metrics to Consider:
- Meetings-to-Calls Ratio
Measure how many calls it takes for a sales rep to secure a meeting with a potential customer (e.g., one meeting for every 10 calls = 10%). This indicates how effective your team is at qualifying leads and initial outreach. - Sales per Rep
Track the number and value of sales each representative generates. You can set target KPIs for each rep to work toward for improved performance. - Conversion Rate Between Sales Stages
Monitor the percentage of opportunities that move from one sales stage to the next (e.g., one closed deal for every four proposals = 25%). This helps pinpoint which parts of your sales process are working and where improvements are needed. - Year-to-Date Sales
Regularly review your current sales numbers to adjust monthly targets, refine forecasts, and fine-tune your sales process for optimal results.
Unlock the secrets to boosting your sales performance! Continue reading and download the complete guide to drive more revenue and close more deals.
Table of Contents of “Revving up Your Sales A guide for entrepreneurs”:
- Summary
- Map out your current sales process
- Measure what matters: KPIs to assess performance
- Forecast your sales
- Generate leads through marketing activities
- Tailored sales approach = Happy customers
- Virtual sales are the name of the game
- Hunters and farmers
- Sales control center: Using a CRM to boost sales
- “Isn’t using a CRM time-consuming?”
- Digital quotes, invoices, and payments
- A well-oiled selling machine
Number of Pages:
- 14 pages
Pricing:
- Free
