The sales industry has rapidly changed and evolved over the years. The overzealous sales team has been replaced by a new generation of highly trained, tech-savvy and competent professionals who are able to utilize technology to provide relevant information to clients in a fast and efficient manner.
The sales industry is becoming more and more competitive each year. The assessments and planning sessions are becoming vital for business owners and staff members. There is nothing specific that can fit the formula for success in sales, but there is this emerging buzzword that is rapidly gaining attention in the business world as a way to fast-track growth – ‘Sales acceleration’.
What exactly is sales acceleration and how does it work?
Sales acceleration can be defined as a set of tools that drives, pushes, and promotes the sales cycle. In short, the purpose of sales acceleration is to nudge a sale across the finish line. Basically, it utilizes sales software, analytics, social-based technology, etc. to significantly cut back on the time it takes to transform a new lead into a closed deal.
Establishing a CRM software service increases sales by generating more potential leads. Sales acceleration technologies help in cultivating and nurturing these generated leads. The sales acceleration tools specifically focus on reducing the response times, making more calls and avoiding repetitive tasks, thus expediting the whole process.
Data analytics, automation and personalization are the sales acceleration tools that are capable of tracking and monitoring the sales process, right from lead capture to deal closure. These tools are not magic wands that can transform a company overnight. Its implementation has to be planned and executed carefully by considering the potential speed breakers.
The 7 potential speed breakers are:-
1) Working on wrong leads
Tapping prospective leads can skyrocket the sales of any organisation, but if lead capture is not planned well, any amount of sales activity wouldn’t be able to push the sales graph.
2) Working with irrelevant products
It is no secret that today’s buyer conducts a detailed research about most of the available options before they reach out to vendors. Relevance and ROI are the key factors for short-listing a product. The product has to co-exist with the client’s existing solutions, and has to be aligned in the way their business is evolving to pass the ROI test. An irrelevant product would result in an incomplete solution, which will not satisfy the ROI and impede the accelerated sales. Performing research and product development together with the sales team and the customers can ensure that the products are in perfect alignment with the client’s needs.
3) Delay in responding
Customers buy products based on their confidence and trust in the sales person. A proper follow-up builds that trust and accelerates sales. Besides, making a potential customer wait for information, especially when it is a hot lead, is a major “sales crime” and can lead to a loss of deal.
4) Lack of collaboration
There may be multiple touch points for an organisation, like the marketing and the sales guys who handle potential leads. It is very important for everyone in the team handling the lead to work in synchronization and stick to the deal offered. Any confusion could lead to disengagement and loss of the deal.
5) Lack of closed loop
A closed-loop feedback process makes sure that the leads have been transitioned properly and the necessary follow-up is being conducted. A hot lead can turn cold without timely follow-ups. A post-campaign analysis can be too late to revive the lead.
6) Decision based on gut feeling
Assumptions do not work while making key decisions and they can affect sales. A sales team should rely on sales operation data and not their gut feeling while making important decisions. Marketing and sales operations should work alongside each other to ensure that their data are in sync.
7) Proposals that fail to impress
Proposal writing should always be a team effort. The proposal building team should include sellers, managers, product development, marketing, support and perhaps even the client! The client’s involvement will ensure that the proposals are in perfect alignment with their objectives, and will close the deal more quickly.