5 Ways to Improve Your Sales Process

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5 Ways to Improve Your Sales Process

The primary aim of any business is to produce favourable returns on investment (ROI). And the main process of achieving this is via sales. Therefore, every profit-oriented business must optimize its sales procedure to maximize its ROI. 

Sales optimization is the process of efficiently increasing a business’ sales team performance. It involves the constant review of past interactions, providing guides to sales reps about effective sales techniques and incentivizing the sales process.

Over the years, experts have stipulated that the fundamental difference between high and low performing sales teams of any business is their sales process. The below tips can help businesses optimize their sales process to achieve more conversions.

1. Establish Long-Term Goals

Most businesses desire revenue growth annually, so they often implement quick-wins tactics. While quick-wins tactics will ensure immediate growth of a business, it often sacrifices long-term growth. Fast-growth tactics favours quantity over quality, which in the long run hurts the business.

One way of optimizing sales process is to set long-term growth targets by ensuring the right sales culture. This ensures that sales teams constantly develop sustainable revenue source instead of chasing immediate gratification. In addition, sales personnel are to be made aware of their KPIs as well as the provision of continuous feedback on their progress.

2. Create Customer Profile

Sales conversion occurs when the ideal customer meets the right business. In like manner, businesses are continuously targeting customers that fit certain demography in line with the products and services they offer.

This is why creating an ideal customer profile can help a business optimize its sales process. With the right customer profile, businesses can focus on the right prospects that are more likely to make a conversion. 

This doesn’t mean businesses should discard prospects that don’t completely fit their customer profile, but prioritizing potential paying-clients can help form long-term strategic relationships. Another advantage of developing a customer profile is that businesses get to reach beyond their primary demography and leverage on buying behaviours.

3. Analyse Sales Data

To optimize the sales process, a business has to be able to effectively track and analyse sales related data. Keeping tabs on sales leads ensures that the sales team of a business gains constant access to important metrics.

These metrics show the team what implemented process works, what needs optimization and what needs to be dropped totally. Another plus to this is that sales team members can compare and contrast individual results against one another to build healthy competition.

If you ever wonder why you need to track and analyse sales process data, here is why. During analysis, a business is more likely to detect faults in the sales process. Theses faults can be in the form of prospecting, nurturing, and closing a deal or upselling.

Say for instance, a business lacks enough prospects, by extension; the business closes fewer deals and regularly misses its sales target. Another instance is during nurturing; if a business loses clients during this stage, even if it has sufficient prospect, it still won’t meet its target.

4. Bridge Marketing and Sales Teams gap

Failures in the sales process frequently arise from divergent values of sales and marketing teams. While both teams share similar goals of growth and increasing revenue, they often struggle to work together efficiently.

Businesses can leverage both teams to work together to help optimize the sales process. One way is to streamline information funnel, so that each team knows what the other is working on. Businesses can equally create joint objectives by performing strategic and operational plans together. 

5. Nurture and Manage Leads Effectively

The sales process terminates at lead conversion, but moving from prospect to a paying client requires adequate nurturing and effective management. Should a business perform poorly in any of these two areas, they might lose a potential client in the process.

Therefore, nurturing and managing leads effectively is a crucial step in the sales optimization process. Needless to say, customers behave differently, hence, timing is of the essence. This is another way you can leverage on your ideal customer profile to help foster lasting relationships with clients.

Businesses have to invest the right amount of time and provide quality information to prospects as well as paying-clients. During nurturing and management, take care to not appear overtly too promotional rather focus on value creation. This can lead to enhanced credibility for such business.

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Why Stanbuzz?

Last year, about $380 Billion was spent on online advertising by brands all over the world. Up to $150 Billion of that money did not generate the desired result for the brands that paid for them. That’s a lot of money spent without returns.

To put it into perspective, Nigeria’s 2020 budget was $35 Billion. So people wasted up to 4 years' worth of Nigeria’s budget on ineffective advertising in 2020 alone.

If nothing changes, by 2024, $240 Billion will be wasted on advertising, without getting results. Money gone like that, pooooof!

That’s why we have come in to save the day.

We asked ourselves, “what can we do to reduce this money being wasted on adverts without results?”

A lot of things came to our minds, at least 20 solutions. But can we really offer all those 20 solutions from day 1?  No.

So we said, “even though we will work on all the solutions to reduce this money being wasted on advertising, we can start with 3 things and then extend to other things.”

1. If people learn how to market better, they will waste less money - a lot of people waste their advert budget because they have no knowledge about how best to allocate it to get results. So we thought, “let’s start from here; let people be able to enrol into our world-class trainings that can teach them practical ways to be more effective with their adverts”.

2. If people can find trusted experts to market for them, they will waste less money - Some people don’t really want to learn to market by themselves, they just need a good, reliable, trustworthy person that won’t rip them  off and knows their onions. We said, “if we can help clients find those people by screening them and being sure of their proven abilities, then we can make advertising more efficient.”

3. If people can find experts to advise them, they will waste less money - Some people just need a one-hour call with an expert to get super clarity on their marketing strategy. Some may just want an expert to spend some time with their marketing team, and we know this will help reduce advert spend waste.

But that’s not all. There are many more things we are working on; because to be able to achieve our goal of reducing advert spend inefficiency, we need to consider several factors as it is not a one-size-fits-all operation. We are aware of this and are working on it at Stanbuzz.

Our goal again...

To greatly reduce advert spend inefficiency and to make the internet’s advert experience so much better.