We are midway through January, and 2020 is already in full swing. This year comes with an air of hope and change as we also usher in a new decade. Typically, I see many of my clients getting even more intentional about their targets. As you start to contemplate what you can achieve in yet another decade, and more importantly, HOW you can achieve it, mapping your sales process needs to be top of mind.
Deliberately investing time and effort in building and consistently reviewing your sales process has a compound effect over time. If you focused on your sales process in the last decade, you are most likely sitting on a company with a fairly solid understanding of its total market and the inevitable changes over the years, which is powerful knowledge for future proofing your company. If not, there’s no time like the present to start.
No matter the size of your organisation, a sales pipeline is a way to ensure continuity and stability in business and, just like any other process, it is important to review it periodically.
In fact, companies that have a defined sales process were found to have 18% greater revenue growth than those that do not.
A sales process is a series of steps you repeat by well-defined stages that your sales teams go through to convert potential customers from being interested or aware of your product to buying from you. Keep adjusting to make sure you are getting feedback from the sales pitches or business you did not win so you can better adjust your targeting.
3 areas for you to review quarterly or at least every 6 months to ensure your process is on track
A sales process is meant to improve your efficiency as your sales team has a predetermined set of steps and processes that are written down and ensure they know what comes next in the process of selling, cutting down on the amount of time it would take to close a deal. This is equally valuable when new sales representatives join your team, as it cuts down on onboarding time. So, review your sales process and measure if it is making you more efficient.
Increased revenue & forecasting accuracy
A well-defined sales process should result in your company or organisation seeing better bottom line numbers. The repetition of having a process should mean that the team filters out less promising leads quicker, and can focus their energies where they can win more sustainable growth over time. Also, of huge benefit is the ability to be able to forecast more accurately which makes planning for the future easier. As win rates and conversions increase, it not only increases revenue, but provides a clearer roadmap for your sales team to follow.
Entering data into a CRM system, and following a reporting and feedback process makes it obvious when information is missing or incomplete and easily measures who is pulling their weight and who isn’t . The fact that you have a process in place means you hold both the system and the people accountable and are not just reliant on superstar performers. Therefore you have to review the metrics and key performance indicators (KPIs) to determine what’s working, not just with individuals and the team, but with your sales process too.
If you are looking to get a head start on the next 10 years, give me a call to discuss your sales process or any other business challenge you may be facing. It could be the best decision you make this decade…