Prospect tracking trumps Revenue tracking: Stuff that you need to understand to improve the sales Figures
At some point of time, all businesses should make a very important choice in their sales – whether to track prospects or revenue. This means that you need to choose between individuals and numbers. While numbers are easy to comprehend, understanding prospects is a much more difficult task.
On the primary basis, all sales managers track their basic financial parameters – balance sheet, income statement, cash flow statement etc.
These parameters are helpful in understanding the financial standing of your organization.
But do they give you information about what actually got you into that position?
The truth is no!
In this place, the prospective tracking gives you an accurate insight into everything that has led to the present sales figure standings. You can also evaluate the different incentives and decision driving factors that help you manage your future customers.
In this article, we will discuss the different ways that prospect tracking trumps sales tracking. We will also discuss about different ways that prospect tracking may have the highest impact on your sales output.
Count on Every prospect for maximum ROI
All sales managers are usually careful and thrifty in assigning their sales prospects. The market competition ensures that second chances are usually a rarity.
The meetings may fail to have the right outcome due to the following reasons.
- Lack of proper skill
- Lack of knowledge
- Getting Right information
It’s usually the responsibility of sales manager to assign the right professional for each meeting. This also means that sales managers require greater dexterity in finding and assigning the right prospect.
A good prospect tracking system lets you evaluate and manage prospects on a single platform. It helps you evaluate all pending prospects through a single window.
Afterwards, you can assign the right person for each meeting. This will provide you a better way to manage each new prospect.
Determine the value proposition of Sales and deal making
Plain and simple, all potential sales deals are driven by value proposition. It’s even more important than the skills of negotiation and verbosity.
You can even argue for the same proposition in opposite directions; i.e., the value proposition of a client to the business.
This simply means that the higher the value proposition, the more probable is the completion of the prospect sales.
The value proposition of the client to your business is directly tied to the number of purchases, the margin on the purchase, quantity of purchase, volume of product etc.
The prospecting platform also helps you maximize the value proposition for each product.
If you have clients with higher value proposition, it may be more profitable to focus on those clients.
In practical situation, this becomes a chief differentiating aspect of each potential deal. You can also form the right insights and information that helps you divert your sales efforts to make the most productive deal.
Not losing a Potential prospect to Mismanagement
Today, most of the prospects take relatively long time before choosing a particular merchant. This means that each prospect should be managed on the perspective of a long term sale funnel.
All these make long term lead-tracking into an essential prospecting activity. If you can filter and differentiate each prospect on a single platform, it will enable your prospecting to be more productive.
Ensuring that all Pre-sales Promises are kept
Let me remind you once more of a very important sales statistics that we have previously repeated multiple times on our blog. The studies have proven that increasing customer retention by 5% will increase your revenue by almost 95%.
It’s a common practice that pre-sales negotiations are associated with certain pre-sales promises. After closing the deal, these negotiations may get passed to the after-sales team.
An integrated customer account helps you ensure that all pre-sales promises are followed up with definite actions.
This protocol helps you increase your customer retention that will make a direct impact on your financial statement.
Normally, all sales managers are quite intent on achieving a complete picture of the existing sales situation. This usually means going through financial statements spread over multiple excel sheets that will take hours.
A completely integrated prospect tracking system lets you evaluate and dissect every concurrent sales situation.