Sales Process as the axis of growth in B2B Companies
A well-defined sales process is one of the main growth axes in B2B companies. Learn how to improve your sales process here.
Generally, when analyzing the annual or monthly results of a company, the analysis focuses mainly on the income or sales generated, but not on the strategies that were used to achieve those results.
One of the great keys to achieving the growth of a B2B company is to have a well-defined sales process just like Tajarat properties.
A B2B sales process involves many more actors than a B2C process and a fairly extensive research process before prospects make the decision to contact a salesperson.
Today, prospects are not interested in talking to a salesperson if they do not have knowledge of the product or service, just by having access to the internet, they can compare your product with that of your competition and choose the one they think is convenient to start a conversation.
More than 50% of the decision process is built without your sales team, that is why it is very important to start generating value from this first point.
Since the sales process ranges from the moment, you try to attract the attention of a potential customer, until the sale is closed, it is necessary for it to adapt to the new ways of consuming in our market.
However, on many occasions, our sales team is used to previous methods or has no knowledge of the entire process prior to converting a visitor into a qualified prospect, which prevents our business from growing. Then you need to define the business process.
The importance of defining the sales process
According to data from a study conducted by the Harvard Business Review, companies that have a formally defined sales process can have up to 18% higher growth than those that do not.
This is achieved from being able to predict the future income of the company, improve the monitoring processes and have visibility of the sales opportunities necessary for the sellers to reach the sales quota.
A clearly defined sales process is one in which team members take the time to define a sales pipeline according to customer needs and use it to improve the performance of the sales force.
After such an effort a formalized sales process should have clearly defined sales stages, goals known and understood by the entire sales team. Your salespeople shouldn’t have an abstract concept of what stage a prospect is at, but rather have all that information established in the sales pipeline.
A sales team aligned with business objectives
When the sales process is well defined, the sales force can align itself with it and its objectives, so that it is easier to quantify the efforts made by the team and its effectiveness.
The actions that your sales team follows will no longer be guided by intuition or their experience, but by the data and information reflected in the sales pipeline.
Of course, to be able to measure all this, it is necessary to have the appropriate tools, something that allows us to give traceability to the actions of prospects and clients throughout the sales process.
Having a CRM (Customer Relationship Manager) has gone from being a luxury to a necessity to increase sales in B2B companies. Gone is the discussion about this responsibility falls on marketing or sales, both teams have the same objectives and must work together.
Thanks to CRM it is possible to synchronize tasks and make all the same data available for analysis. Thus, misunderstandings in communication are avoided and more personalized attention is provided to the prospect.
Set realistic business goals
Once we have defined our sales process and have the necessary tools to diagnose our processes and our profitability, what next? Well, set commercial objectives to improve our sales.
Above all, we must ensure that our objectives are SMART (Specific, measurable, achievable, relevant and in a set time) but we must also define the succession of tasks and responsibilities of each area to achieve them.
In the Masterclass “Strategic sales planning, how to do it?”, Manuel Echeverría, CEO of GrowX Agency, delves into this topic.
Marketing and sales pursue the same goals
Under this logic, if the objective of your company is to grow or generate more sales during a specific period, the marketing objective is also, even if they do not have a direct deal with the customer.
That is, it is necessary to align the marketing and sales departments so that the business objectives are achieved. For this, it is logically necessary that there is excellent communication, but there must also be shared objectives between the two.
Achieving this is possible through an ANS (Service Level Agreement) , which will generate commitments and fees that each department must meet to achieve common goals.
Said objectives must be established based on the above information and commercial objectives. For example, let’s say your company converts 10% of leads to new customers and wants to increase that percentage.
First of all, you must set a quantifiable goal of how many customers you want to generate next month. If you’re looking to close 10 sales, then your sales team should aim to speak to 100 prospects and marketing to generate at least 400 prospects.
To make this collaboration flow in the best way, it is also necessary to speak in the same terms between both departments and have a timely understanding of the sales funnel. In this way, there will be constant feedback between both departments and new improvement strategies can be proposed.
You can’t improve what you can’t measure
Measuring the performance of your business efforts is key to the growth of a business. By developing a sales process, you will have greater clarity on indicators that go beyond the annual sales close.
You will be able to recognize and begin to optimize those aspects that are not being the best. For example, how many calls has a salesperson made? How many demos scheduled? How many appointments are necessary for the closing?
There are two main avenues of analysis when it comes to the business process: its effectiveness and its efficiency. Both are equally important to establish lines of action that help us improve our sales process.
In the case of effectiveness, it is more focused on the results obtained in the sales process and is measured through the following indicators:
- Total revenue.
- Income by product or product line.
- Percentage of income derived from new businesses.
- Percentage of income derived from recurring clients.
- Recurring monthly income.
- Revenue generated by seller.
- Lost revenue from opportunities won by competitors.
On the other hand, the efficiency of the B2B sales process is more related to the indicators related to the commercial process, that is, the sales efficiency, the main indicators are:
Sales cycle time
This is measured by calculating how long it takes for a prospect to become a customer from the first contact, as well as the period that he spent in each stage.
Conversion rate for each stage
This indicator allows you to identify at which stage of the sales process there is the highest churn and take actions to improve it.
Weighted value of the process
How much would be the value obtained if all the sales opportunities were closed in a certain period.
This analysis must be carried out regularly to adapt to the needs of our prospects and to generate growth in our company. What is the secret to accelerating sales growth? Succeeding in today’s competitive markets is a constant process of measuring, analyzing and adjusting.
This guide shows you how adopting a system that streamlines processes can accelerate your company’s sales growth, create happy and profitable customers, and improve the performance of your sales team. Download it, it’s free!
How to Increase Lead Generation
Lead generation is key to the growth of any business. Learn about the strategies that will help you increase it in this article.
Customers are the most important asset for a company. While all its employees are the ones who make things work and those who are in charge of adding value, the clients are the ones who allow the flow of capital to undertake multiple endeavors.
However, to have clients, you must first have prospects with whom the marketing and sales team can work through a strategy that aims to grow the company. It is not just attracting more, but doing it in a scalable way.
Although we would like everyone who shows interest in our product or service to become a customer, the reality is that at least half of the initial prospects have no use for the products and services we sell, (Sales Statistics Lab).
Inbound strategies for generating new prospects
This means that in addition to having to make constant efforts to generate new prospects, it is also necessary to implement strategies to nurture and build relationships so that more leads are translated into customers.
Both efforts benefit from inbound marketing, a methodology that combines various marketing strategies and seeks to accompany and provide value to the user throughout the purchase journey.
Inbound marketing is a methodology that can take time to show its greatest results. But this does not mean that lead generation strategies cannot be put into action from the beginning.
To understand this better, let’s review the stages that inbound marketing is based on and how actions can be created in each phase.
During this stage we seek to attract strangers who become prospects. The most used strategies to achieve this are paid campaigns and content strategies on the blog and social networks through which content offers can be made known as to help them solve their doubts at each stage.
One of the pillars of Inbound Marketing is content, be it web content, engagement offers or the creation of blog articles, if we want to attract prospects in the early stages we must have a solid content strategy that allows us to leverage the generation of contacts to medium and long term.
PPC or pay per click
Although PPC efforts are classified as outbound, this depends on their implementation. It is not the same that a payroll maquila advertisement appears on the timeline of a human resources director, than that of a marketing director. A PPC strategy will come to generate quality leads in the short term.
At this stage, users can be offered offers such as case studies, webinars or white papers that help them define the options that can meet their needs. These are usually offers within the website and in blog posts with related topics.
Rate different prospects
Who hasn’t heard salespeople complaining about spending too much time on unqualified prospects?
The lead scoring or qualification of prospects allows to know the interest of the prospect by measuring the pages they have visited and the number of times they have visited, their interaction with emails, content offers, etc.
This allows the sales team to pay more attention to you and focus their efforts on these types of prospects. From the moment they fill out BOFU offer forms or fill out properties that let you know if they qualify for your company’s product, your salespeople will know how to act.
Nurture leads and create valuable relationships
For users who come through TOFU (Top of the Funnel) offers, an opportunity opens to educate them about our product and automate actions until they reach one of our sellers.
Lead nurturing becomes more important here, a process of delivering value and building a relationship with prospects through email marketing efforts until they are ready to make a purchase.
Thanks to the constant interactions, the user feels that their needs are really being heard and therefore they are more likely not only to make a purchase, but to make larger purchases than contacts that have not been nurtured.
When a user already knows the products or services that can respond to their needs, but needs to choose the right provider, the BOFU or Bottom of the Funnel offers will help us to attract potential customers. These can be demos, free trials, free consultations, or quotes.
40% of sales agents say that getting a response from prospects is much more difficult now than it was 3 years ago (HubSpot).
Today, faced with the possibility of exploring multiple options on the Internet, how do you sell to people who do not want you to sell to them? We have found the answers in the inbound sales methodology.
In our experience, empathizing with clients’ problems is decisive in influencing the final stages of prospects. It is easy to read, but to get there, having a solid value proposition and a sales team with the ability to communicate effectively are key to closing more and better sales.
Automate your sales efforts
One of the great advantages of adopting technology to your sales efforts is automation. Through these efforts, you not only manage to reduce the time your team spends in manual processes, but also personalize the interactions with your future clients in blue world city Islamabad.