Start by looking at what is in your sales funnel right now today:
a - Do you have sales Stages?
b - How does an opportunity move from the stage?
c - How do you qualify opportunities?
d - How long is your sell cycle?
e - Do you have a standard sales process
The hardest to achieve but also the most important to new exponential growth this is your "hunter" Managed
Look at your install base, identify clients with potential for up-selling "Farmer" Account Managed
No growth opportunity just deliver
Check out the Marketing Step
This is a critical stage where we get a clear starting directly from the client. The key is to be able to extract the Real Client Problem.
At this point, we have qualified for the opportunity, meaning that we know what the lien wants and that he has the authority, budget, and timing for the purchase. Solutions will solidify your ability to deliver at a price.
The client presentation is when you take everything you have learned for the client and other sources, along with your internal capabilities and pricing, and build a use case that addresses the Client Problem.
This stage occurs when the client has agreed that your solution will address the problem, and we would like to achieve a win-win outcome by adjusting the price and scope.
Everyone has received the formal acceptance that the solution addresses the problem statement at the right price and timing. We move to contract.
The contract was signed soon. The work can begin.
- Conversion rates - how many leads turn into deals
- Average sales - in dollars
- Average profit margin
- Deal Age
- Monthly calls
- Performance of the product
- The average cost for every lead
- Average conversion time
Your Target market is not Everyone! it would be best to be highly selective on whom you would like to reach, have a focused approach, and then study them.
- Know the target market goals.
- What problems they are having.
- What their wants and need are.
If you are trying to get everyone you will get no one.
Your messaging needs to be
- Direct and relatable
- Simple to grasp
- with a clear next step
Now that you know your target market and the message you want to give them, you need to reach them. HOW?
- Email Campaign (very effective)
- Social Media (Linkedin, bit harder)
- Inside Sales (Call outreach, Webinars)
- Sales Meeting (Costly but effective)
- Video (YouTube)
- Website Leads (SEO, PPC)
Also important is to understand the cost of each channel to figure out CAC & CLV.
Now that you have reached out and your leads are coming in, you need a CRM system to put them in and start working them... Use a straightforward system that will collect the minimum data but can grow as needed. If you ask for too much information, no one will use it.
The prospects in your CRM are most likely not ready to buy from you like they enter your funnel. So how do you tell them your value prop and keep them interested?
Product-market fit is how a product or service can satisfy the target market by addressing the client's problem.
This process will allow you to discover a market for your product or service and reveal who has a problem you can solve within your target market.
-Which your product needs to satisfy
- Who will likely care about the product or service and why.
- Why will prospects' buy the product.
- How will you drive growth?
Collect all the information about a particular opportunity along with timing, budget, approvals.
Why are they doing this? What is the real problem behind the ask? What are the pain points that they are trying to alleviate?
Does your Product or Service answer the problem statement?
Why would they not give you the task if your solution answers the problem? Can you address the concerns?
Can your benefits address their concerns?
Were you using your product or service with your Features and Benefits Lower Client Risk?
- I often see people struggle to tell me what their value proposition is.
- I like to think they don't know how to formulate a cohesive value proposition, so I have structured one above.
- As an example... I help Financial Services currently struggling server availability to achieve 99.999 using our methodology that we have been using for 60% of the top 100 banks.... easy right!
Every week start with a team meeting, pick a period in time, 30/60 days, and review all of the opportunities in your pipeline for that period... begin with the just created opportunities and move to the just-closed since the last meeting, congratulate people for new and closed deals.
Then move to the pipeline. First, you may want to weed out the small deals and deals that are too new. Then start with the deal closing earliest and test if the deal will close by the time stated and for the dollars listed. Also, continuously test for accuracy and tape of opportunity.
Once a month, schedule a recurring meeting with each sale and marketing resource to go over their performance.
Start with where they are in relation to their goals, review deals closed this month and deals created this month, then move to the deals in the pipeline. Ensure that they have a 3X-5X pipeline to quota ratio if they do not review monthly activity and appointment settings. Then document the meeting.
Map out the entire sales process, including how an opportunity moves from one stage to the next and where the internal and external approvals occur.
It's crucial that you enter a prospect at the right level and with the correct value. make sure that you have the proper business case that you can share and it's meaningful
Companies often don't have enough salespeople. You can test this occurrence by looking at a sales team's capacity, how many opportunities each salesperson can handle, and doing some quick math.
The second part of not having enough salespeople is caused by holding on to non-performing dales people too long. Of course, we all hate to do this, but you need to free salespeople to do other things by saying you are FIRED!
As company leadership, the CEO, CFO Sales Management often need to get into the field and meet clients to make sure they are happy with your services, and they know you have a company, not an individual serving the client.
Also ith is a great idea to audit the salesperson to make sure that he is delivering the message and that he and the client understand all of the value you bring and the products and service you provide.
Getting New Clients requires Prospecting Winning Trusts Aware Product Fit Value Prop Cust Journey Competition
Growth Market Share Share of wallet Product Penetration Account Plan Relationship Innovations
Making Sales Forecast Missing Accuracy CRM Data Deal details Sell Cycle Capabilities Sale Stage
When sales is pushing for a deal to close usually is because you don't have enough deals in your pipeline
If you are able to have a great customer retention plan you will be able to show the market place your value
You have to be able to motivate your salesforce or be able to replace them with the right talent that close deals
I f you have a project or question that you would like to discuss please do not hesitate to reach out to me.