You as a CXO get
concerned that sales travel has been costing a lot to the company. But on
second thought, there’s not much you can do about it. Sales’ success is
integral to the company, and no matter how cash-strapped your company becomes,
funding the team well to generate leads is part of the business objective.
So without further ado, let’s re-define the course of action and dig deeper into the company’s sales assessment procedures and look at 5 unconventional ways to maximize sales ROI.
Health check-up of the CRM
funnel is very important for the sales pipeline. It answers simple questions
like, at which layer (Top of the Funnel (TOFU), Middle of the Funnel (MOFU),
and Bottom of the funnel (BOFU)) customers are converting and where they are dropping off.
For instance, a healthy
funnel is distinguished by maximum conversion activities in the MOFU and BOFU
layer, wherein, the sales team employs their best practices to convert leads
and upkeep the funnel’s health. As part of the best practices, travel becomes a
mandate at this stage, as face-to-face meetings have a higher impact on the
conversion. These travel are not just any client meetings but
relationship-building strategies. Consequently, process expenditure jumps up
exponentially in this segment due to an increase in to and fro. This necessitates
proper tracking to be done to ensure all delegations are on the right path.
Below are the key factors that help analyze the health of the funnel:
Report generated from
these audits not just helps decision-makers identify the status of their
funnel, but also determines where to optimize costs in the future and where
policies are to be mended.
A better and granular way to refine the reporting is by, scrutinizing the CRM data conversion ratio of a specific geography. This gives better insights like the inclination of the sales personnel to travel in specified geography and the effectiveness. The density of sales meetings required for a region and more. Such data when collated makes it easy to do the mathematics on geo-specific conversion and come up with solutions like whether to double the minimum number of meetings and more.
For every sales trip
made, it’s the executive who earns the flight/ hotel reward point, but at the
company’s expense. It’s good that companies are being liberal with point
benefits earned by employees. But when accounted on a broader scale, findings
say organizations are losing on a generous amount of incentives that they could
have utilized to compensate costs on different occasions. A constructive way to
deal and make the best of such a situation is: organizations tying up with
hotels & airlines to get special rates, additionally ensuring that employees
continue to receive various reward points that come along. Having such a setup would be a win-win
situation for both sides.
One of the most
overlooked aspects is - employees spending unnecessary time on bookings. These
days numerous booking applications populate the internet. Getting a
flight/hotel booked is no uphill task with the myriad of options available at hand.
But organizations fail to perceive the fact that scouting sites to find the
right booking can be time-consuming. Almost, 3X times of what could have been saved
with a travel and expenses management tool. Not having the right mechanism to
complete such tasks on time can be frustrating when there are other works to
take care of. And not to forget the approval cycle that follows after the
selections are made for the trip.
For such occasions, having a travel and expense management tool like TrackEx can help overcome decision fatigue. TrackEx is a unified platform that comes with a multitude of features that gets the work done in a jiffy (quick selection of tickets/bookings from a wide inventory, faster approval and more) and saves on time too. Further, the tool can be customized as per the company policy, to keep a check on employee’s travel behavior. Investing in such a powerful tool can automate and simplify travel.
Small and medium
enterprises can opt for this method as a solution to compete with industry
giants. To start, organizations can define micro-market to the sales team by
analyzing and segmenting it based on geography, revenue levels, user patterns,
and other relevant factors. Then comes, calculating the market penetration
potential and finding areas of lucrative opportunities within the region. Once
these get sorted, organizations can allocate resources accordingly to extract
maximum possible returns from every micro-segment. Furthermore, based on the
challenges, if needed, they can increase the density of sales personnel for
that specific region or identify and accumulate qualified leads to level up targeting.
In short, enterprises need to apply their best tactic to make the sales attack strong for a small targeted area. Having such an approach will eventually show results and help build dominance over the region.
Find it strange or not,
sales personnel never confess their mistake of going wrong in their approach,
they blame the company’s or prospect’s s shortcomings to save their back. Well,
it is a lost cause, with both parties blaming each other, but, there’s learning
to be inferred from every such failure. Considering these instances to improve
and re-evaluate future sales approaches can be a wise thing to do.
An overall analysis of the sales ‘hit and misses’ of the month or year, gives a breakthrough into the company's shortcomings and strengths. This report, when discussed as insight with the team, can help them visualize the loopholes in the process and use it as a pre-scripted guide to prepare well for the next month/quarter/year.
Scrutinizing top sales performances
on parameters like - approach taken to close the deal, how the lead was
generated, and what kind of research was done on the prospect, and sharing
these findings as learning with the team, can impact the sales output.
Moreover, top performers should be encouraged to get involved in knowledge sharing
sessions where they are given the platform to elucidate their proven
methodologies. In the long run, this will ensure that closing sales lead is not
just an individual incentive-based task, but a skill development process that
requires team commitment.
By covering these four
points on improving sales ROI we have made our best attempt to help CXOs to improve
their sales. We welcome our readers to
add to this list by sharing some of their proven methodologies of increasing sales