The entire commercial sector is based on the principle of selling. Companies survive and make profile by selling the consumers their products and/or services. Hence, it becomes crucial for every company to have a proper sales process in place. Each company may have a unique sales process depending on the product or service they are attempting to sell. Start-ups have to be careful about the sales process they implement. An efficient sales process is imperative to business expansion and profit generation.
When should you improve your sales process?
You have recently started your company. The work has started flowing in. You have hired more people but, there is not much improvement in the company revenue numbers. The problems that your company is facing maybe one of the below
1. Leads generated not converting
2. Adequate number of leads are not being generated
3. Leads are abandoning at one particular step of the process
4. Majority of leads are stuck at one particular stage
5. Too much time is taken to convert a lead
6. Too little time is taken to convert a lead
The above problem list is not an exhaustive one. There may be multiple problems plaguing the sales process. The entire team needs to sit together and analyze the existing process. The sales representative needs to be included in the discussions to recognize the problems faced by them.
How to improve the Sales process?
Identifying the problem is the first step in improving the sales process, the second step would be taking steps to correct it.
1. Lead Generation
If the problem is not enough leads being generated then, the company needs to look at changing the existing campaign or running newer campaigns.
The campaigns should be representing the offering accurately so that potentials leads are not misguided. It would reduce lead drops.
2. Product Problems
If the sales rep’s feedback from customers implies drawbacks in the product then, the product team needs to sit in. This high-level issue that would require considerable time and effort to correct.
The company needs to consider the market trends, pricing, customer preferences before modifying the existing product or service.
3. Time duration
If the lead conversion process is taking too long then, look at the number of steps in the sales process. Too many steps clutter the process and reduce efficiency.
Instead, if the lead conversion process gets finished in a jiffy, it may signal that the offerings are not being explained to the customer in detail.
It may also be the problem of the sales rep. The training should be improved or, the sales rep may need to be replaced by someone who is more qualified
4. Drop outs
Leads dropping out of the process is a perennial issue faced by all companies. One can only try to reduce this number. It cannot be eliminated.
All leads that had dropped out can be recycled. Post improvement of the product or service, these customers can be approached again by showcasing the additional features and addons.
Feedback can be requested from the drop out customers regarding the reason for not converting. This will provide the company with essential information on what needs to be improved.
The third step is measuring the impact of the correction implemented. This would involve comparing current sales numbers and old sales number. The difference may be small or huge depending on the type of change made. Riskier decisions may give better benefits. However, the company needs to make an informed decision while making any modifications.