Importance of a Business Sales Process
Does your business have a winning sales process? The role of sales is to close the gap between your customer's needs and your organization's offerings. Establishing an effective sales process helps you enhance conversions, deliver consistently positive customer experiences and boost business growth.
Defining the 'sales process'
The sales process is a "systematic approach" a business takes to close the deal by converting an early-stage lead to a customer. The approach involves a set of repeatable steps the business takes to close deals and boost revenue growth. A strong sales process gives the sales team a framework that they can follow to close deals consistently. The bullets below are a very basic example but a good starting point.
The process can typically consist of these steps:
Generating qualified leads
Researching the market to develop solid reasoning for the need for their product or service
Approaching clients and having sales conversations
Responding to customer concerns and objections
Employing strategies to close the transaction
Engaging the client with after-sales follow-up.
How a professionally trained sales team can ramp up your business:
A standardized sales process helps set clear sales milestones while enabling both new and experienced sales reps to adopt best practices in sales. Rather than using a generic sales process, a highly trained professional sales team optimizes different sales stages to unlock the true potential of sales.
Find qualified leads: HubSpot research found that the most challenging aspects of the sales process for most businesses are lead prospecting, qualifying leads, and closing deals.
Professionally trained sales teams are able to leverage the defined sales process to filter out unqualified, low-potential leads while identifying the prospects that are most likely to convert. With a targeted approach, the competent sales team can find qualified leads earlier to shorten the sales cycle.
Retain customers: Given the hyper-competitive business world, an average company loses anywhere from 10 to 30 percent of its customers annually. A trained sales team creates a long-lasting positive impact on customers and builds strong customer relationships. This leads to repeat purchases and referrals that strengthen your brand reputation.
Boost business growth: According to a study, companies with an effective sales strategy experienced a 15 percent higher growth rate as compared to businesses with ineffective sales management. The study also found that companies that had a well-defined sales process and a trained salesforce witnessed a 28 percent higher growth in revenue.
Enrich customer experience: HubSpot research shows that most potential customers want to speak to a salesperson in the consideration stage. With a relationship-led approach, the highly trained sales team not only listens actively to customers' concerns but present solutions, build trust and deepen relationships with your customers.
A professionally trained sales team optimizes the sales process to ensure repeatable, effective, and scalable results that reflect on your bottom line. Effective sales processes and training is paramount so if this is an area of improvement for you business, don't hesitate to call us so we can help your business THRIVE.