If the primary function of your business is to provide a product or service to customers, you must ensure that you improve the efficiency of your sales team. No matter how top notch your products or services may be, if your sales process is incompetent, eventually your business will suffer or fail. We’ve collected and compiled some top ways to improve your sales processes.
Sales Pipeline Management: A Key to Success
Measuring your sales pipeline and its ROI are a challenging for any business. But it’s the first step in the process of making sure your sales team is working smarter and not harder. First, make sure you’re delivering attractive content to generate online traffic. Keep track of metrics and data to track any stagnation and to calculate how long you expect each of your prospects to spend in your sales pipeline. Identify each type of customer in your sales pipeline – this way you can tailor up-sell offers based on a prospect’s individual behavior.
Make sure you’re spending time tracking which leads are likely to close. Training your sales team on the three primary ways of calculating lead sourcing can lead to a more successful sales process:
- A conversion rate will tell your team which sales sources are converting leads to opportunities. Using a simple formula will assist you in comparing current sources with ones you hope to use in the future. If you find that sources aren’t working for your leads – strategize with your marketing and sales team as to why this is the case. Are you approaching the leads from this source in the wrong way or is this simply a case of the source being unattractive to the right customer?
- Figuring out your lead to close length will give you information on how long a lead source takes to close. Each source that you’re using will bring your company leads at different steps in the purchasing process.
- Average value per lead calculations will tell you which sources provide you with the best customer fit, for the best value. Do you want several smaller sales per month or one or two big sales? Average value per lead will help you start devoting your time and effort into sources where the best leads are active, providing you with the type and frequency of sale that you want.
Sales and Marketing: Working Together for the Best Leads
Collaboration between sales and marketing teams takes more than just a few monthly meetings. Encourage your sales team to give marketing feedback on the leads received on a regular basis. This will give your marketing team the chance to make adjustments to their marketing automation program. Products marketers should share new product features with the sales team – this will make your sales team more knowledgeable on the products.
Pinpointing deficits in your leads funnels, using metrics to measure your lead sourcing, and ensuring that your sales and marketing team are working well together are all vital ways to ensure your success.