Discover these 5 Sales Hacks which will take your business to the next level
In the following article we will be uncovering 5 of the best life hacks from bpm’online that will allow you to overcome common pitfalls, generate more revenue and create new effective sales habits.
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Sales Hack #1
Visualise the Opportunity.
The first thing that will help your business achieve B2B sales success is the visualisation of each opportunity.
In the complex world of B2B sales, most corporate buying decisions involve not only one person but a core group of people who have influence over the final outcome.
In this group, each member has their own expectations and requirements.
The goal here is to be able to model your key sales contacts and relationships for each opportunity by creating a decision making map.
By doing so, you will be able to identify these influencers right from the beginning so you can tailor your sales approach to suit the right people.
Map out decision makers and influencers on a visual diagram and indicate their relationships, influence level and loyalty to your company.
This map will become the ultimate tool when taking on the next step in the sales process.
Sales Hack #2
Don’t Be Mislead by the Metrics.
Try not to become too obsessed with sales pipeline conversion rates. Often enough high conversion rates will not directly correlate to overall revenue growth.
So, while measuring conversion rates at each stage of the pipeline is important, don’t be misled by the metrics, sales is not always a linear process.
Furthermore, don’t expect everything to go straight through all the stages of the sales process. 63% of people requesting information from your company today will not make a purchase for at least three months and 20% will take more than 12 months.
You might be going back and forth through various stages before the deal takes place.
When working with large and enterprise level opportunities, it is particularly important to be focused on the right sales tactics instead of conversion statistics.
Track the progress of the deal on a weekly basis – this is your straightest path to revenue growth. Leave pipeline conversion analysis for your monthly report.
Sales Hack #3
“No” is not always the final answer.
Despite statistics, many sales people still strive to close deals in the first shot.
Many studies reveal that only 2% of sales takes place when the parties meet for the first time and these 2% are the ones who have already looked into the matter and know exactly what they need. The other 98% will proceed to buying only when a certain level of trust is established.
Develop a “Five No’s” strategy where sales reps maintain contact with prospects until they say “no”, or “not now”, or “not yet” at least five times.
Every time you’re in contact, you have an opportunity to advance and build a profitable relationship. Don’t give up too early.
Think twice before closing the opportunity as ‘Lost’. You have already invested a lot of your time and resources into the opportunity.
If there is at least a slight chance that some additional steps could revive the sale, go ahead and take them. The statistics show that being more persistent gives a chance of getting the prospect back even after they have said “No”.
Sales Hack #4
Automate your Sales Process.
It is commonly accepted that CRM software helps sales reps meet their quotas and deliver a better customer experience.
By storing data in a structured manner, a modern CRM will help sales reps track activities and analyse patterns.
Business Process Management Software
Help your sales reps reach their quotas by arming them with a CRM that has Business Process Management (BPM) capabilities. BPM allows you to automate your everyday business processes to improve sales performance, productivity and revenue growth.
Sales Hack #5
Build a Relationship Matrix.
Achieving and maintaining a steady revenue stream is a primary goal of sales but how much can your existing accounts contribute into this stream?
There will always be new opportunities for sales even with your existing clients. The question is how prepared you are to leverage them?
Sales “farmers” are not only constantly looking for cross-sales opportunities but they are also empowered with the right tools to do so efficiently.
Here’s a common problem:
Quite frequently, account managers communicate and develop relationships with representatives of client companies with whom they have the strongest rapport.
These can be primary contacts or influencers but not necessarily decision makers.
This means that sometimes cooperation doesn’t take place on the same level of the business hierarchy.
Therefore, it becomes likely that the sales team doesn’t leverage the full potential and can miss new opportunities.
Here’s the solution:
Obtain a full picture of the client’s organisational structure, both formal and informal. Leverage this knowledge to understand the roles of different people within the organisation – board members, leaders, executives, middle managers, etc.
Then you will be able to plan detailed communication tactics such as frequency and topics for each contact person in various roles. By structuring this data in a Relationship Matrix, you will be able to boost relationships, drive cross-sales and generate new revenue from existing accounts.
With over one trillion dollars spent annually on sales teams, maximising sales productivity is a critical goal for every enterprise.
Savvy sales leaders know that real sales success is achieved only when the classic pillars – people, processes and technology – are well aligned and efficient.
Always be willing to experiment and try new approaches to find your way to sales excellence.
Have sales process that are clearly defined and easy-to-follow for the sales reps, you can do this by leveraging top-notch CRM or sales force automation technology to automate your sales processes and critical daily tasks. The synergy of talented people, perfect processes and cutting-edge technology will help to achieve the most ambitious sales goals and dramatically improve overall business metrics and revenue.
To find out more on how software can help your sales team achieve b2b success, please click ‘Learn More’ in the banner below.
Bpm’online index, supported by third-party research.