Tuesday, August 19, 2014

How To Achieve 20% Higher Revenue Growth in Business?

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Statistics claim that you can achieve 20% higher revenue growth with a more enhanced sales process, but how?
Let’s understand how to you can achieve this higher revenue growth by employing an enhanced sales process. Further you will learn all the parameters you need to consider to instill an enhanced sales process in your business.

#Align your sales forecasts with clearly defined sales process-

  •   There’s no point to have a sales forecast which no one understands. This is the fundamental characteristic of a sound sales process.
  • It’s critical to align sales forecasts with well defined sales processes to achieve greater bottom lines for any organization.
  •  The Sales Management Association in its recent study found an interesting fact. In its survey of certain companies, it was found that firms with well defined sales processes along with rational sales stages attain 20% higher revenue growth than the firms who don’t.
  •  The key point to grasp from the above point is the phrase “well-defined sales process.” The sales stages must be set rationally and communicated to the employees about all the necessary details. If the stages are murky with the employees having to interpret crucial terms like “qualified opportunity” then it will have negative impact on your firm’s sales and employee productivity. Further it can create confusion regarding your firm’s sales forecast.

The hallmarks of a well-defined sales process are as follows-
  •          The stages & terms of must be explicitly defined. All these determined definitions must be communicated to the firm’s sales team.
  •         Your sales stages should be in the range of 6-10. If it’s less than 6 then you may lack enough process sophistication for accurate management. If it’s more than 10 then you cannot trust what’s going on in each stage. It can become too complex & confusing.
  •         Sales process reflects the buying process. Often, sales leaders focus all their efforts towards sellers, what they’re doing and ignore the buyer (consumer) side of equation. It’s important to correlate the selling & buying processes. This ensures progress on both sides, when sales progresses a stage, the buyers also should progress or grow.
  •          Any firm which wants to adopt a more well-defined for better revenue growth & better pipeline management, it should make the buyer’s process as the starting point. If you’re able to understand the consumer’s side well enough then you will be able to reconfigure the sales process making it further aligned to consumer needs. You can use methods like customer interviews & surveys to aid your research. 

#The bottom line-

A business must have clear and well-defined sales stages which everyone understands. Each person should be able to clearly understand what goes into every stage. Without this, there is no basis for effective sales forecasting.

If you remember the key points mentioned in this article, your firm’s bottom line will reward you with greater revenue growth.

For all the entrepreneurs and executives, Indian Academy of Management (IAM) is organizing an expert seminar on "Professional Selling Skills". You will learn and master the art of effective "prospecting", "customer-centered selling" and "closing techniques" to boost your sales and revenue growth. You can visit IAM's website here and know all the details of the seminar, what it will cover and the bio-data of the expert speaker.Get your seats booked now!


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