In any business, be it a simple retail shop consisting of cookies or books, or a Multinational Corporation seeking to sell high end electronic products to corporate customers, sales is a vital component. This is because the survival of a business depends on this quintessential function, and maybe this is why the best salespersons are the most sought after and highest paid professionals.
Sales processes differ in every industry. In a Business to Consumer Sales Environment, there are a lot of factors which contribute to effective sales, including the product quality, the marketing promotions and campaigns; in case of a retail setup, the store design and excellent service are key differentiating factors.
A good product well marketed and advertised like a Herbal Shampoo or an Eco Friendly Refrigerator, would require less efforts on the parts of the Salesman, as the consumers who want to buy already have a fair idea of the product due to the barrage of advertising. However in case of a Business to Business environment, the role of the Salesman becomes very important, in addition to the marketing campaigns and strategies.
As advertising expenditures are relatively less, companies selling in a B2B environment need to focus on targeted marketing campaigns keeping in mind their target segment and product offering. Marketing activities definitely support a sales team; however the company must chalk out a clear sales strategy and select the right model best suited to the company.
For example a sales model could be to outsource the sales activities to another firm. For companies who shrug to invest in sales development or do not have a robust sales plan or strategy in place, can seek the help of Global Sales Partners who manage the entire sales process and represent the company for you.
In case of an in-house set up for sales management, it is essential for a company to identify the roles and responsibilities of different sales personnel. The right sales team mix, for example the sales development representatives for prospecting and lead qualification are responsible for generating qualified leads and the field sales personnel would be responsible for closing the deal. A collaborative effort with the right mentoring and reporting structures in place, in unison with the marketing team as well lead to high end results.
Managing all the processes in the sales cycle efficiently will lead to a shortened sales cycle. The sales team needs to be well trained about the company and its product offerings. Moreover the right research pertaining to target sectors and companies, result in a higher hit ratio and better ROI on sales efforts.
Good sales collaterals and information also go a long way in engaging the interest of the prospective buyer. The sales team needs to focus on high productive leads and invest more time on them. Prioritizing time becomes very important and hence a sales representative needs to invest more time in leads which have high buying capability and interest rather than wasting time on cold leads.
A good sales plan, with a sales budget and a fairly accurate forecast of sales, helps keep a clear vision in the minds of the sales team. This enables the sales personnel to have a clear understanding of the deliverables, which makes it easier to work accordingly. However the sales manager and top management needs to set realistic goals, which are not too idealistic or too pessimistic, keeping in mind past trends.
Accurate evaluation, measurement and compensation of the sales team are very important to increase accountability and to motivate high achievers with rewards or incentives on achieving the sales targets. The strengths and weaknesses of every sales employee can be measured using certain sales metrics to understand the conversion ratio, calls to leads ratio and other parameters. Steps can then be initiated by the sales manager to assist or improve the team members in their respective areas of weaknesses.
With the advent of technology, more and more firms are looking to implement dedicated Customer Relationship Management (CRM) softwares to improve their sales process management. CRM software is a tool which has detailed reporting capabilities and access to key information in a simplified manner with efficient searching capabilities. This saves a lot of time and sales people can work faster and more efficiently.
Sales department is becoming more of a strategic function in most companies and hence the right management and strategies go a long way in adding more to the top line and bottom line of a business.
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