Sales are underperforming; Markets are bad; Customers are not spending; we are not growing; too much competition; its year end 2015 and we are behind our sales targets. These are few statements that are oft repeated in the economic constrained environments. How do you TRANSFORM the Sales?
Transformation is plugging in right skill sets with postive mindset. And unless you know whats broken; you cant TRANSFORM; hence “First Thing First” find your answers in four building blocks. The four building blocks are
- People ( Sales and Management)
People: Sales: ( You will find 40% of resolution in this Block)
- Ask what is stopping them to hit sales targets
- What will help them achieve sales targets
- Are they trained on a sales methodology
- Are they Digital Natives ( Using Digital tools)
- Do they know their market segment
- Do they know who are the customers and profitable customers.
- Do they know Life time value of the customer.
- Do they know who are the target audience within the customer organization.
- How much time they spend Face 2 Face with right people in customer organization.
- Are they creating customer profile and account plan
- Do they understand the significance of Sales funnel.
- What is the size of their sales funnel and ToF; MoF and BoF
- Do they know their sales cycle time and “leads to sales” conversion ratio.
People: Manager: ( 20% Resolution in this block)
- Do you know the profile of your sales team
- Did you profile your Sales aligned with your sales methodologies ( Farmer/Hunters; Relationship, Challengers, Problem solver and so on)
- Are you coaching your sales team, how and how often
- When do you get involved in sales cycle early or later
- Who are your top 20% performers and bottom 10% performers?
- Do you know what is top 20% doing that others are not doing
- Are you Trainng them on Social Selling
- How is sales compensated – Fixed salary or fixed and variable
CUSTOMER: ( 20% Resolution in this block)
- Are they satisfied customers.
- Would they refer you or give you a testimonial
- Are they profitable i.e. less maintenance cost
- What is their life time value ( RFM – Recent purchase, Frequency of purchase and money spent on a deal)
- Do you request Customer feedback on your product, organization and people
Product: ( 10% Resolution in this block)
- What is the market Potential
- Is the market potential growing, stagnant or receding.
- What is your market share
OPERATION: ( 10% Resolution in this block)
- Define your Sales process
- Do you have a Sales methodology and CRM
- Do you provide training to Sales and take their feedback.
- Do you provide training to support staff so that sales can maximize F2F time with customer
- Do you have a clearly defined business strategy and sales strategy
Once you answer the above questions, you can begin plugging the holes because Sales transformation happens when you apply the right skill sets along with positive mind set.