Do you want to double your pipeline value in 6 months?
Do you want to increase your turnover by 20% in the same period?
Do you want to improve your forecasting capability? Please read on:
It does not matter what business you are running or what business sector you’re in standing still is just not an option yet, delivering consistently delivering growth is a challenge; consistent outperformance.
SALES PERFORMANCE IMPROVEMENT
It goes without saying that running a business is challenging but that is one of the reasons why we chose to run one! However, the challenges do create pressure – which ones do I tackle first? Am I making the right choice? I don’t have enough time in the day to move things forward? All these questions and more resonate with us all.
No matter at what stage your business is at – growing organically, looking at new investment for growth, acquisition or turnaround – the sales performance and management is often overlooked and left to run as it always has done. Typically, this is because the focus is around other key areas, such as ensuring financial governance is in order, and time and resource are not in ready supply!
Couple these challenges with the fact that the sales/buying processes has fundamentally changed over the last few years and, even those organisations with established and robust sales processes are having to re-engineer.
This is all driven by technology. In the B2C environment 70% of the buying decision process has been completed before the consumer engages! In the B2B world this decision making process may not be so far advanced but advanced it is! Unless your sales process recognises this – sales will always underperform.
Yet, sales performance improvement dramatically and positively impacts on the following:
- Cost of sale
So how can TyrrellCooper help?
Sales is one of the key functions of all businesses – whether this be products or services to businesses or directly to the consumer.
The traditional view of sales is often like this:
In today’s world the sales process is not as simplistic and should be a virtuous circle. After all, it is not just about bringing on new customers it should be ensuring that the after sales process is up to the mark to ensure that cross sell/upsell opportunities can be identified – that’s how customers are retained and grown. It costs 6x more to acquire customers as it does to retain them!
At TyrrellCooper we see the sales process starting with lead generation through to customer service and retention but then starting again. Couple this with the ability to measure and you can start to develop a robust sales machine.
Of course, to be truly effective, the sales process has to be aligned to customers buying process, supported by sales methodologies as well as technologies. Crucially, it needs to be supported and reinforced by management.
The process then acts as a framework to converting strategy into revenue in a predictable and consistent way allowing a business to plan and forecast with confidence.
We can understand if this appears daunting and intimidating, especially if you are a small business but please don’t worry. In many cases you will already working with these processes but not in a joined up and measurable process. At TyrrellCooper we work with you on bringing these together, identifying the gaps and creating a manageable, measurable process that gives you all the benefits we have identified.
Some additional Statistics.
Sales process frameworks for revenue growth: The facts
- According to a 2012 Accenture CSO Insights ‘Sales Performance Optimisation Study’, in the last three years, between 36 to 47 per cent of sales representatives failed to reach their annual sales targets. Whereas 92 per cent of representatives that consistently used a sales methodology achieved their quota.
- Elsewhere Gartner Group research revealed that only 35% of Senior Sales Executives had instituted a formal company sales process. According to the 2014 CSO Insights “Sales Performance Optimisation Study”, “Of companies who have no sales process 62 per cent stated their forecasts were incorrect”.
This correlation demonstrates that without a consistent sales process, sales pipelines and forecasts will not be accurate across the company.
Research has shown that there are 3 main reasons why companies should implement a consistent sales process. They are to:
- Create best practices so all salespeople can understand the best tactics to win deals.
- Ensure pipelines and forecasts are accurate.
- Increase internal efficiencies through more accurate communication from sales with regards to products, services and client and competitor behaviour.
And thus, the formal sales process framework will deliver in the form of concrete revenue growth.
At TyrrellCooper we work on a methodology based on Creating Client Value (CCV) to help develop a sales process that benefits all in the business.