No business can exist without sales.
Regardless of your industry, the one thing you have to do above everything else is sell your products and services.
So, if you don’t have a selling system that really works, your business will really struggle. The lack of a systematic selling process is the main reason why businesses don’t achieve their selling potential.
If this is your problem, then it’s like you are running water into a leaking bucket. Too many people believe that the solution is to open the tap wider. On the contrary, firstly you’ve got to fix the holes and then you’ll be able to conserve a lot more water!
The bucket is your sales process and the tap is your marketing. Just throwing more money and time at sales and marketing is like pouring more water into a leaking bucket; it’s wasteful and inefficient!
The answer is A Sales Management System.
Here are the principal constituents:
1. Develop key performance indicators (KPIs).
You need to know what specific numbers you need to achieve in order to make your business thrive. This sounds simple enough, but you’d be surprised at how many businesses fail to calculate these numbers!
Of course, it’s not as simple as just setting some arbitrary standards and leaving it at that, To be most effective, you need to base these numbers on actual and past results, so that you’re not creating goals that are either so high that they’re unattainable, or so low that they don’t stretch anyone.
2. Link your employees’ performance to their pay.
When your team has a vested, financial interest in the results of your business, their effort and output will improve. Many business owners shy away from this, but increasingly in today’s more competitive market it’s seen as one of the most effective ways to increase effort and productivity
3. Create an atmosphere in which your sales team can thrive.
Everyone is different. People are motivated by different incentives and goals. Effective sales managers understand this, and motivate their team by showing them how reaching their sales targets will help them achieve what they really want.
Make sure your work environment is positive but includes some friendly competition. Create contests with great incentives. Give generous bonuses when people meet and exceed their sales objectives. Make these rewards public. Make working for you a rewarding experience and you will be handsomely rewarded.
4. Provide your sales team with the resources they need.
Make sure your sales team have everything they need to be successful. This includes Customer Relationship Management software that makes it easy for them to track and manage their sales. Also, high impact and flexible sales scripts, good quality leads and sales training will help them hone their skills and improve their results.
5. Hold your sales team accountable for their performance.
More than any other department, you need to keep your eye on your sales team to make sure they’re meeting their objectives. One simple but highly effective way to track their performance is to create a spreadsheet, as shown below:
|Name of Prospect||Week of March 1||Week of March 8||Week of March 15||Week of March 22|
|Freddie blogs of….||Received e-mail enquiry||Made follow up call||Presentation||CLOSED!|
|Sara Smith of ….||Call inquiry||E-mailed response||Presentation|
The idea is that you track both their prospects and their progress based on the actual actions your sales people are completing. This will show not only how effectively each individual team member is performing compared to each other, but when you implement it across your business you’ll get a picture if how effective your overall selling process is working. This will give you ideas on how you can continually streamline and improve your selling processes.
Review the numbers with your sales team weekly. Coach them as necessary to help them get bigger and better results.