Understanding and managing your prospects can sometimes be a toilsome task. Your prospects are delicate and need to be nurtured in an efficient way. However, with the help of an efficient sales process management software, reps can now build and track their success effectively.
Sales Process management is a primary element in sales success. It is the key to evaluating, managing and improving your sales process. Every sales process is different based on the number of stages involved in converting a lead to a customer. According to a recent study, “63% of executives think their organization is ineffective at managing their sales process.” So is all the effort of making sales report going in vain? Organizations in the rush of handling sales on their own have neglected the need of sales process management.
So, let me introduce you to the right method for better managing your sales process:
Define your prospects: The first step towards managing a sales process flow is defining your prospect. As a salesperson, you need to identify the value of your long-term customers. But do you know exactly where to begin? For a better sales process management, it is necessary to start from the right method or platform for categorizing your prospects. Before calling prospects, a rep can go to their social media profiles and can proactively search out some details that might be beneficial for them in closing deal. They can thereafter note down the same details in the CRM for their further reference. As a second way reps can also create lead capture forms. The contact information captured in the form would probably be of people who wants to know more about your product. Leads generated through these forms have contacted you directly and expect you to reach back to them. So, it’s better you tap your potential customers on time or someone else will.
Determine The Real Potential: Once you have defined your prospects, it’s the time to gather all the essential information from the prospect including total sales recorded for a specific period of time. As a sales rep you should understand that your prospect has more specific information about their needs of a particular product/service. Thus grab this opportunity with both hands open to make a note of prospect’s purchasing behaviour and requirement. Listed below are certain queries that you should be sure about your prospect:
Is the prospect allowed to purchase all products/services from a single vendor?
Are the prospects purchasing behaviour based only on cost?
Is the prospect reactive enough to catch all your offers?
Figure out such queries early to have a more accurate sales process later.
Identify decision makers: There might be a case that the person you are in touch with is not the decision maker. Many times purchasing decisions are made by key executives based on price, volume and the market situations. In this situation, a smart rep will definitely avoid the awkward conversation of inquiring about the key decision maker and will indulge himself in investigating about the exact need of the customer. He will take a soft approach towards convincing the client that this purchase would represent a significant expenditure of his/her company, where it would need executive’s approval. Check out 8 Sales Tips to Reach Decision Makers if you need some inspiration.
Follow-up: This is the most important step when it comes to closing a deal with your prospects. Make a note of every microscopic detail about your prospects in the CRM. The detail includes everything starting from their names, contact details, tasks you admitted to finish, completion time and date etc. Then follow and finish these tasks meticulously, totally and within the admitted timeframe. In between all this, make sure that you immediately catch-up on any urgent requests or may be a first call from your potential future customer. Be vigilant about your prospect’s behaviour and attitude that might be taking him away to your competitors.
Measure and analyze Results: It’s the time you should analyse on your activities and crown yourself for the good work that you have accomplished in your sales pipeline. Measuring and analyzing the results of your sales forecasting determines your success rate and the veracity of your sales process. Prepare a report that lets you compare your performance in each stage and discover strategies which were really good and some which were not so good. Now what you have is a plan that leads to victory. Rerun the game that has earned you closures and avoid those where you have lost the deals.
Sales is the backbone of every organization. So better sales process management can directly increase sales and build your business.
How efficiently are you managing your sales process?