Surprising Facts and Truth About Sales Management
Organizations run through hundreds of business procedures day-in and out. Intense juggling between tasks often leaves reps no time to deliver expert customer service standards. Moreover monitoring individual sales reps daily performance has become a farfetched reality for many organizations. Sales manager, a state-of-the-art technology, is a life savior in such stressful business scenarios. It defines smart goals to enhance the performance of your sales reps in achieving greater results.
Sales management is crucial to businesses in developing sales coordination between all sales operations and in implementing a sales technique that enables your business in achieving sales targets. It will help you boost sales performance for any activities and streamline business operations with ease. The key to successful business management is experienced and expert sales management methods.
Furthermore, CRM software helps your company achieve sales objectives with the sales management process. It supports your business growth to match industry standards by helping you survive in an increasingly competitive marketplace. This article will help you understand how to manage your company’s sales activities, encourages team collaboration, creates a better relationship with your team and customers, and thus helps you achieve better sales results.
Sales automation software automatically handles the various sales processes. Combine this with CRM software to support customer relationship management, and experience fast growth of revenue.
It eliminates the time-consuming activities related to sales. Sales management is carefully designed for sales professional to eliminate the vast work, reduce working hours, and improve productivity.
A research done by Frost & Sullivan, a business concerned in market research, states that the SFA (Sales Force Automation) market can rise to $4.13 billion by 2019.
Sales automation connects each part of your business and permits to flow information through various departments. The importance of sales automation in businesses is one of the key factors of organizations. Sales management can facilitate businesses in achieving a better result and forecasting future performance.
The 3 Important Aspects of Sales Management
1. Sales operations
The sales team is the heart of the business. They have a direct connection between the product and the customer. Salespeople constantly market your products and services and become a representative of your organization. Sales individuals work within a single, collaborative unit with a systematic approach to reduce errors and work towards the company’s goal. Set your team up for success by assigning them high, yet realistic targets, that will be able to track and measure success.
2. Sales strategy
Every business has a sales life cycle, where a series of activities help the company’s product reach its end users. Align your sales strategies with each stage of your sales pipeline, and close deals faster than ever before. A sales pipeline consists of a sequence of activities for every prospect, right from the first to the closing deal. A pipeline merely helps an employee stay organized and take control of their work. It constantly motivates reps to work harder and conquer more challenges by constantly displaying their performances on a leaderboard.
Formula to measure your campaign success = objectives to achieve + how long will the marketing campaign run?
3. Sales analysis/ reports
Reporting helps you understand how your current activities affect your company’s success and give you an insight into what you can do to increase your performance, whether it’s hiring more salespeople or redistributing tasks. Successful sales analysis involves sales metrics or indicators that tell you how your sales operations are performing and whether you are closer to achieving targets.
Small business CRM allows your sales team to work on the sales pipeline until your sales are effective. With sales automation, you will be in a position to convert sales orders within a single click as sales automation software is designed to manage the majority of business responsibilities.
“ The probability of selling to a new prospect is 5-20%. The probability of selling to an existing customer is 60-70%. ( source: “Marketing metrics”)
Key Benefits of Sales Automation in Sales Management
Easy sales report generation
Using CRM software, users can organize and track activities, sales orders, sales stages, quotations, etc., making it easier for the sales team to generate sales reports. It also reduces the manual work of the sales team. CRM system helps sales reps improve sales through continuous follow-ups. With the advanced sales reports, they will be able to plan for future sales forecasting.
Customer information tracking
CRM system allows sales managers to track the contact information of customers and perform timely follow-ups. CRM tool will help you understand how leads are converting in your sales life cycle. It also helps you understand the effectiveness of the sales funnel.
Sales forecasting
Sales forecasting in CRM helps the sales team forecast the future growth of sales based on their pipeline of potential deals. By leveraging sales forecast reports, sales teams can fine-tune their selling strategy. Sales reps can see how they’re keeping up with their quotas at any given moment, while sales managers can make more informed business decisions on how their team should manage resources.
Managing sales order
Manage your sales orders by automatically delivering sales quotations and orders to your prospects from inside your CRM software. Streamline the entire order fulfillment procedure and cut down unnecessary paper works, that in turn provide the sales team more time to sell. It also helps the customers in receiving their orders promptly, which boosts customer satisfaction levels, making them loyal in the longer run.
Sales territory management
Lead tracking sales territories create efficiency in the sales process. Therefore, instead of using the spreadsheet, it makes more sense to use CRM software, that allows you to manage prospects and leads better from the time of their initial capture until the sales are closed.
Know your customer details
Sales automation stores every customer information in the CRM system. Businesses can get customer details regarding their purchase, including calls, emails, etc. Sales reps can now answer any sales enquiry with confidence, given the previous customer interaction history. Save time and dime assigning leads to new reps in case of emergency, to pick-up conversations from where they were left off.
The customer wouldn’t have to explain the problem again to the new representative. Knowing your customers can improve customer relationships and generate more leads.
Improves customer service
With the vast customer information related to order history, activities, preferences, feedback, and more at your fingertips, the CRM system makes it easy for you to impress your customers. CRM streamlines all the operations such that information can transfer from one department to the other. It gives information access to every department to enable transparency. For example, when a sales order is placed, you will be able to immediately process the order, raise a quotation, receive payment acceptance, and generate invoices. The only task left over is to deliver the order to the customer in a proper time and efficient manner.
Up-selling and cross-selling in sales automation
“The probability of selling to an existing customer is 200-1400% higher than selling to a new prospect.” (Source- groove)
Sales automation makes it easy for the sales team to handle products or services to check the compatibility with customers. Cross-selling and up-selling are the two strategies to earn revenue from existing customers. Sales techniques are used to achieve the desired goals.
Cross-selling is the practice of luring customers into buying products or services of any related products or services that they have already decided to buy. Up-selling is the practice of suggesting customers or prospects about the product for better quality and a higher price than the ones of their interest. Sales automation tools help improve the sales strategy by providing the data of customers’ behavior and preferences to the sales reps.
Sales automation in your CRM software shows you the history of your sales orders. It creates automated and customized email campaigns to up-sell and cross-sell your products. CRM system helps sales managers analyze prior sales information and know about order history and the customers’ demography. This enables us to create email campaigns that are customer segment-specific to improve revenue and achieve organization goals.
Business Can Now Automate the Sales Processes for Better Sales Management
The everyday life of a sales rep has a list of activities to be performed with the objective of closing a deal. All the products or services are used to automate the various operations of a sales process on a single platform. These sales activities include sending emails, making calls, creating contacts, prioritizing deals, and many more. Sales reps deal with multiple tasks and accounts in a day, and it can be a challenging task for the representatives to do this work manually. Sales automation helps you grow your bottom line, saving your team time and money to work more efficiently.
Sales automation tools allow your business to acquire new customers, identify sales opportunities to purchase a product or service, and sales pipeline management using CRM. It enables your business to track prospects or customers in real-time and monitor their activities.
Using sales automation software in business can significantly increase the number of leads and conversions, filling the sales funnel with an abundance of leads. It manages relationships with its customers in a more favorable manner. CRM platform in your business allows sales reps to work in the same environment and helps them increase communication during order processing.
Final Thoughts
Leverage CRM software for better sales management and strengthen customer relationships to achieve greater goals. Businesses have access to information about their customers, which help in improving their sales and marketing decisions. Sales automation system streamlines the redundant process and increases profitability. Then why the delay? Get started with sales automation today and increase your profit margins like never before.
