Is your company’s sales performance up to your expectations? If your answer is no, you are not alone by a long shot. In CSO Insights’ 2013 Sales Performance Optimization Study, 49.4% of participants had either definite or significant concerns in reaching their 2013 revenue targets. Further, CSO Insights states that enhancing lead generation, aligning sales and marketing and improving a sales process are three of the top five current sales effectiveness initiatives for 2013.
Having a “system” in place just makes sense no matter what type of business you’re in. How can you expect to increase sales performance, if your company lacks the ability plan, manage and forecast your revenue performance in a sustainable and trustworthy fashion?
Often, there is a breakdown in communications between many of the teams working to generate revenue. Sales, marketing, inside sales, partners, SME teams and executives all play a part in revenue development. Ultimately, the customer experience must be properly managed in order for you to generate new leads, acquire new customers, and maintain customer trust and loyalty. When you implement an effective process for generating revenue, every team involved can develop and communicate the appropriate strategies for finding, retaining and growing those clients that are most important to your company’s success.
If you don’t have a game plan, what good are your goals?
Markets constantly evolve. This is not new news. However, sales efficiency and effectiveness often hinges on how your company responds when your potential customers and competitors are on the move. When developing a revenue generation system, make sure yours is:
- Customized to your organization and your buyer’s journey
- Developed in a way that offers an advantage over the competition, and sustainable
- Designed to focus on your unique competitive advantage
- Responsive to changing opportunities, challenges, and conditions
- Relevant across various products, services, and segments
To begin your journey of analyzing your current performance, begin by creating a list of “must-have” key performance indicators. Keep this list to 5-6. Too many and you will not stay focused. These KPI should be spread out across your system – one or two for marketing, one or two for inside sales and two or three for your sales process. Several “must have” ones that come to mind include:
- Marketing contribution to pipeline by campaign and tactic
- Marketing waterfall from inquiry to qualified opportunity by campaign and tactic
- Inside sales acceptance and conversion rates
- Marketing and sales lead volume and velocity in your sales process
- Forecasting accuracy and sales process breakage points
Find and uncover your main data black holes and to improve the integrity of your data as fast and efficient as you can. Today, there are sales management software solutions that are simple, affordable, and user-friendly, making it easier than ever before to implement an effective and results-driven revenue generation process. Companies and their sales/marketing teams demand simplicity; after all, when a program isn’t easy to use, it tends not to be used – which defeats the entire purpose. Now there are affordable solutions that are within any budget, so you can enhance sales performance without busting your budget.
Having strong analytics is now a must have for every owner and board. Getting those analytics starts with a strong system based on fundamental processes, people and technologies. Get your system implemented and train and hold your users accountable to using it. With a solid base in place, your analytics will be easier to compile and report – making your owners and board a happier bunch of people.