There are three “umbrellas” to manage within the sales process:
- Sales Operations
- Sales Strategy
- Sales Analysis
The process will vary from business to business, especially as you work your way down the line, but operations, strategy and analysis are the three key starting or focal points.
Sales Operations: Building the Team
This may not be a total shocker, but the sales team is the backbone of the company; they are the direct connection between the product and the customer.
In other words, they matter – a lot.
All in all, the sales team should feel like they are a part of the company and be equipped with the resources to progress rather than be viewed as money-making machines.
When selecting and onboarding new talent, you should take your time to be thorough in training them and developing their skills, regardless of their experience.
Why?
Salespeople shouldn’t just become great sellers, but need to be great at sellingyour product, and become a representative of your organisation that customers want to work with.
Once you have a few more hands, the sales team should all be on the same page, working as individuals within a single, collaborative unit. A more systematic approach will result in fewer errors and greater achievements for the company as a whole.
Then this is where the fun really begins:
You can set your team up for success by giving them high yet realistic targets, which you’ll be able to track to measure future success (you’ll learn more about this in the “Reporting” section). To do this you would need to:
- Set Targets
- Assign Territories
- Establish Goals and Quotas
But the manager’s job isn’t done there. It’s also their duty to counsel the team throughout the process, make sure they are still on track, and motivate them when needed.
Think about what experiences motivated you throughout your career, and use them to inspire ways to motivate your own team. On the flip side don’t forget to share your disappointments and failures, how you overcame them, and offer support during difficult periods.
Sales Strategy: Defining the Sales Process
Once you have a team and know your targets, you might be wondering: How do you actually carry out the sales?
Every business has a sales cycle, which is a series of tasks that helps a company’s product reach its users. Therefore, having a sales pipeline, or sales funnel, will make that easier to maneuver these deals to completion.
WHAT IS A SALES PIPELINE?
A sales pipeline is a visual sequence of activities to achieve with each prospect, from the initial lead to the closing of the deal.
Simply put, a pipeline is a salesperson’s right-hand man, as it helps them stay organized and take control of their work. After all, there are some things you cannot control – results.
That’s where managing activities comes into play. If a salesperson can see their progress, or their activities, they will be motivated to do more work and conquer more challenges.
“There are some things you cannot control – results. That’s where managing activities comes into play.”
Sales Analysis: Reporting
Reporting is what allows you to understand how your current efforts affect your company’s success and gives you insight into what you can do to increase your efforts whether it’s hiring more salespeople or redistributing tasks.
Successful reporting involves using sales metrics, or quantifiable indicators, that tell you how each aspect of your sales operations is performing and whether you are achieving your targets.
With the standard sales funnel, you should be able to measure the following four metrics:
- Number of deals in your funnel
- Average size of a deal in your funnel
- Close ratio, or average percentage of deals that get won
- Sales velocity, or average deal lifetime before it is won
Collecting data will allow you to find your ideal customer quicker and, as a result, serve them faster. A CRM tool, which you’ll learn more about in the section on technology below, will help you streamline your sales management process.