A sales process is a set of repeatable steps that a business uses to close deals and systematically increase revenue. It helps guide potential customers through the buying journey quickly and efficiently and can be tailored to fit any size and variety of projects.
A surprising number of small businesses don’t use a formal sales process, instead relying on unspoken conventions and informal distribution of tasks between the business owner/director, her or his senior managers, and the sales team.
This is sometimes sufficient in the early stages of a business when processes are fluid and the business is small enough for one or two people to undertake direct oversight over the full sales and operational aspects of the business. However, once an SME has grown beyond a certain level of complexity and size, having an effective sales process in place is essential for efficient growth, as it can help your sales process to become cheaper and more streamlined while increasing your customer base and bottom line.
Start by defining what success looks like for you – such as increased revenue, higher sales volume, greater life-term value per customer, higher customer satisfaction ratings, or a combination of factors relevant to your strategic goals. Then map out every step of the current sales process from start to finish, including details like who is responsible for each task – from the moment a prospect gets in touch, all the way through to after sales care once a deal has been signed – and how long each stage should take. It’s also worth considering any problems you encounter with your sales process, the points at which leads are lost, and any persistent difficulties and training needs faced by your team.
A good sales process combines a variety of personalised procedures, practices, and technologies. While the sales process may look different from business to business, there are several common factors found in all successful processes.
Most small businesses have a ‘sales spreadsheet’. However, many SMEs derive value from investing in specific sales-related software platforms, including Customer Relationship Management (CRM) software, analytics tools, automation tools, and CPQ software. These technologies can help small businesses optimise their sales process and increase efficiency – while also shortening the sales cycle and maximising the productive working time of each sales team member.
Identifying areas for improvement in your sales process on an ongoing basis is essential for achieving success in the long term. To identify areas for improvement, it’s essential to track and analyse metrics such as customer conversion rates, average order size, sales cycle time, cost per sale, customer satisfaction ratings, and more.
By carefully monitoring sales-related metrics on a continual basis and comparing them over time, you can begin to identify trends that may indicate where improvements are needed and plan where efficiencies can be made – e.g. by investing in a new software asset.
Soliciting and recording feedback from customers about their experiences with your business can also help you pinpoint areas where further optimisation is required. Finally, engaging in continuous training and support for your sales staff will help them stay up-to-date on the latest industry developments, best practices, and technologies to support their role, and give them the knowledge to effectively implement changes in their day-to-day interactions with customers.
JDR provide a range of sales support and business development services for small businesses, helping our customers achieve ambitious growth plans, increase their sales revenue, and lower their cost per sale. To find out more about the benefits for your business, please call today on 01332 343281.
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