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Creating a Program to Improve Sales Performance
This document discusses how to create a program to ensure a sales team is performing effectively. It recommends measuring key performance indicators like leads, conversions, sales cycles, and revenue on a monthly basis using a CRM system. A well-defined sales process with stages for identifying leads, discovery, presentations, demonstrations, pricing, and closing should be established. Data from the CRM can then be used to determine if underperforming reps are failing to follow the process or need additional training. Regularly tracking the sales process provides visibility to identify issues beyond a team's control and helps improve overall performance and business predictability.
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Similar to Creating a Program to Improve Sales Performance
Creating a Program to Improve Sales Performance
- 1. WWW.MAXIMIZER.COM © 2015Maximizer Software Inc. Maximizer’s Sales Best Practices Series Improving Sales Performance July 29th, 2015 | H O W T O C R E AT E A P R O G R A M T O E N S U R E Y O U R S A L E S T E A M I S P E R F O R M I N G
- 2. WWW.MAXIMIZER.COM © 2015Maximizer Software Inc. Presenters Brenda Enegren Director of Sales, Sendum Wireless David Costin Solutions Architect Maximizer CRM
- 3. WWW.MAXIMIZER.COM © 2015Maximizer Software Inc. • How Can You Ensure Your Sales Team is Firing on All Cylinders? • How You Can Determine If Your Sales Team Is Successful • What a Sales Process Should Look Like • Sales Management Action Plan Agenda
- 4. WWW.MAXIMIZER.COM © 2015Maximizer Software Inc. How Can You Ensure Your Sales Team is Firing on All Cylinders?
- 5. WWW.MAXIMIZER.COM © 2015Maximizer Software Inc. Imagine Dragons firing on all cylinders Las Vegas band quickly rises to arena status The Vancouver Sun July 22, 2015
- 6. WWW.MAXIMIZER.COM © 2015Maximizer Software Inc. The Objective is to Get a clear picture of your Sales Team’s performance The Objective is to Get a clear picture of your Sales Team’s performance
- 7. WWW.MAXIMIZER.COM © 2015Maximizer Software Inc. Not all companies use solid metrics to regularly measure sales performance, yet many companies are dissatisfied… • 42% of organizations said sales people are generally performing below expectations • 50% said the majority have scope for improvement • 8% said most sales consultants are consistent peak performers Source: Performance Practitioners global survey
- 8. WWW.MAXIMIZER.COM © 2015Maximizer Software Inc. How You Can Determine If Your Sales Team Is Successful
- 9. WWW.MAXIMIZER.COM © 2015Maximizer Software Inc. 6 Key Performance Indicators (KPI’s) to Measure on a Monthly Basis: 1. Number of leads received 2. Conversion Rates: Number of leads converted to opportunities 3. Number of leads that progress through each stage of the sales cycle
- 10. WWW.MAXIMIZER.COM © 2015Maximizer Software Inc. 6 Key Performance Indicators to Measure on a Monthly Basis. 4. Average length of the sales cycle 5. Number of Sales Won 6. Revenue generated • Existing vs. new customers • Vertical markets • Geography
- 11. WWW.MAXIMIZER.COM © 2015Maximizer Software Inc. How to measure? Use a CRM Solution
- 12. WWW.MAXIMIZER.COM © 2015Maximizer Software Inc. How the data can help you
- 13. WWW.MAXIMIZER.COM © 2015Maximizer Software Inc. In a study of 29 B2C and 13 B2B Companies, 1.25 million sales leads received Firms that contacted customers within 1 hour: 1. Are 7 times as likely to qualify the lead versus those that waited 1 hour later. 2. And more than 60 times as likely as companies that wait 24 hours Qualify = Having a meaningful conversation with a key decision maker Source: Harvard Business Review March 2011 Measure your sales rep follow-up time
- 14. WWW.MAXIMIZER.COM © 2015Maximizer Software Inc. 21% of Senior Sales Managers stated that poor sales process execution was a leading reason for losing deals Source: Accenture, Top Five Focus Areas for Improving Sales Effectiveness Initiatives, 2013 The case for defining a strong sales process
- 15. WWW.MAXIMIZER.COM © 2015Maximizer Software Inc. What A Sales Process Should Look Like
- 16. WWW.MAXIMIZER.COM © 2015Maximizer Software Inc.
- 17. WWW.MAXIMIZER.COM © 2015Maximizer Software Inc. Track and Record Every Stage of Your Sales Process: Stage 1 = 0% - 10% probability to close • Using your CRM you can track which leads are becoming sales opportunities and which are not • Stage 1 progress will inform you about the effectiveness of your Marketing messages + sales team diligence early on Stage 1 – Lead Identified
- 18. WWW.MAXIMIZER.COM © 2015Maximizer Software Inc. Stage 2 = 10% – 25% probability to close • Your sales team will explore the business issue the customer is trying to solve • Determine customer budget availability • Timeframe for purchase • Decision makers • Determine overall fit with your product Stage 2 – Customer Discovery
- 19. WWW.MAXIMIZER.COM © 2015Maximizer Software Inc. Stage 3 = 25% - 50% probability to close • Presentation to company decision makers • Business case discussion • Product demo Stage 3 – Sales Presentation and Business Case
- 20. WWW.MAXIMIZER.COM © 2015Maximizer Software Inc. Stage 4 = 50% - 75% probability to close • Presentation to additional company decision makers including senior executive team • Product fit review – eliminate remaining stumbling blocks • Second Product demo to broader customer group • Ask “What do we have to do to make this happen?” Stage 4 – Product Demonstration
- 21. WWW.MAXIMIZER.COM © 2015Maximizer Software Inc. Stage 5 = 75% - 95% probability to close • Presentation to additional company decision makers including senior executive team • The pricing proposal is presented in context of a positive business case • Customer champion is fully informed on pricing before formal price is presented- no surprises Stage 5 – Price Proposal
- 22. WWW.MAXIMIZER.COM © 2015Maximizer Software Inc. Stage 6 = 95% probability to close • Negotiations at this stage • All customer objections, concerns and questions should have been addressed prior to this stage Stage 6 – Sales Close
- 23. WWW.MAXIMIZER.COM © 2015Maximizer Software Inc. Sales Management Action Plan
- 24. WWW.MAXIMIZER.COM © 2015Maximizer Software Inc. • Leverage CRM to ensure every sales team member is completing each predefined sales stage • For underperforming sales reps – use the CRM data to determine if the problem is a failure to follow your pre-defined sales process Or… • Lack of training? Other factors? • Support them to learn & get back on track
- 25. WWW.MAXIMIZER.COM © 2015Maximizer Software Inc. Some Final Thoughts • A clear and detailed view to the sales process data allows you to identify why and how you are successful • By tracking the sales process you may identify other factors beyond your sales teams’ control: • Territory sizing issues • Fundamental product problems • Competitive price undercutting • Lack of marketing support Tracking the Sales Process
- 26. WWW.MAXIMIZER.COM © 2015Maximizer Software Inc. Sales Performance – Business Predictability
- 27. WWW.MAXIMIZER.COM © 2015Maximizer Software Inc. Sales Performance – Business Predictability
- 28. WWW.MAXIMIZER.COM © 2015Maximizer Software Inc. Questions?
- 29. WWW.MAXIMIZER.COM © 2015Maximizer Software Inc. Thank You!
Editor's Notes
- #6 To promote this presentation we talked about “How can you ensure your team is firing on all cylinders?” A week ago I saw this same headline in our local paper the Van Sun talking about a band called the Imagine Dragons. How does it relate? Well, a sales team is a group of high performance individuals (you hope) that operate independently but with the same playlist of material. Just like for this band “The Imagine Dragons” , the overall effect of the sales group effort means success for your business So today’s presentation is meant to give you a solid playlist of : -What sales metrics to Measure -How to Measure measure them -What the Sales Process should look like for each member of your sales org – everyone needs to follow the same defined process And my best recommendation coming from our discussion today is if you set a system like this up, you’ll have your sales team all firing on all cylinders.
- #13 Using the full range of measurement data available within your CRM solution, you can then use the data to complete a highly valuable SWOT analysis to more accurately assess your sales team’s overall performance. For example, in your company, you might look at sales by rep and by vertical markets because you may have chosen to focus your whole company on some key vertical markets. Your CRM data might show you that you are not winning your required share of business in one of your key vertical markets. You’ve uncovered a competitive threat and can plan to outflank your competition with a strategic sales& marketing campaign.
- #14 If you happened to attend my presentation last month this point will be familiar. It’s such a key success tool that include this in every sales presentation I ever do. Immediate follow up on inbound leads is so very critical I’d recommend you measure this weekly with your team.
- #15 Source: Accenture 2013 worldwide sales performance optimization study
- #18 This is just one example of the sales process. It could look quite different for different types of companies so we’ll use this as an example only – taken from what we do in my company
- #19 This is just one example of the sales process. It could look quite different for different types of companies so we’ll use this as an example only – taken from what we do in my company
- #20 This is just one example of the sales process. It could look quite different for different types of companies so we’ll use this as an example only – taken from what we do in my company
- #21 This is just one example of the sales process. It could look quite different for different types of companies so we’ll use this as an example only – taken from what we do in my company
- #22 This is just one example of the sales process. It could look quite different for different types of companies so we’ll use this as an example only – taken from what we do in my company
- #23 This is just one example of the sales process. It could look quite different for different types of companies so we’ll use this as an example only – taken from what we do in my company
- #25 This is just one example of the sales process. It could look quite different for different types of companies so we’ll use this as an example only – taken from what we do in my company
- #26 This is just one example of the sales process. It could look quite different for different types of companies so we’ll use this as an example only – taken from what we do in my company