A structured approach to sales transformation will realise benefits and grant for sustainable improvements.
Most companies would say they do have a sales strategy. However it might only been validated on yearly basis as part of the budget planning. Given the market is continuously changing as new competitors and offerings are launched, it is important to continuously asses the strategy and it´s accuracy. Continuous improvements of the sales strategy i.e validation that prospecting efforts are spent with clients for offerings with the biggest potential. Further a strategy based on a sales plan where market potential and segmentation is fully understood will provide insight and know-how to steer business development spends and investments.
A unified and well managed opportunity process will help increasing win rates and decrease cost of sales. To run the process efficiently pre-developed assets such as deal qualification tools will smoothen the internal approval process. Prospecting for new opportunities has to be a part of the daily life of the sales team, however from time to time it is difficult to set the required time aside. Hence origination have to be planned and managed. Proper and early qualification and validation will not only save business development spend but also improve win rates. All with desire to build a solid pipeline. Despite all the hard work we all sometimes lose, however don’t feel tempered to just move on. Rather use the loss as an investment on how to do better next time around.
Management and tools should help and steer opportunity owners to get deals closed to committed dates and values. To get there governance and the sales process needs to be well documented and communicated to all having a role in the approval process which should be documents in a sales handbook. Opportunity plans can be a great tool for key deals to ensure that the process with client is run as efficient and smooth as possible. Individual sales performance should be cautiously monitored to ensure time is spend on the key deals and progress is made to meet sales budgets. A deal tracker can be a feasible tool to ensure there is suffice qualified as well as pipeline for sales representatives to meet there targets – and if not start to work appropriate measures.
Incentives and rewards are key for energizing the sales organization and thus ensure sales targets are meet. Hence there must be a structured way to identify key opportunities but also forums to validate and shape value propositions and win themes. The assessment of the sales team could result in that a replacement of sales representatives are needed, if so a search should be started based on a relevant search profile. An interim recruitment can be an measure to energize the organisation as well as get the required sales capacity until a permanent solution is established.
Please contact Actensa if you want to learn how we can help you to increase your sales.