One of the most valuable qualities in life is your ability to maximize the value of anything you buy, acquire, or are given. You have to know when you’re leaving money on the table, paying too much or not getting enough value out of something.
You don’t just throw something out or let it deteriorate, you fix it and enhance it so that it works as advertised, if not better! Now, I apply those same principals to our sales organization. Everything we have in our sales organization has to be working “better” than advertised. And of course that applies to our sales process, which I believe many companies neglect without knowing there’s a better way.
According to the research study of 9,000 companies by CSO Insights, only 48% of sales reps hit quota due to an informal sales process. Now, let’s translate that into dollars. If only half of your team is hitting quota, and let’s use a quota of $800,000 per rep per year for perspective, that means you’re losing $400,000 per rep. So, if you have 10 reps, that means a loss of $4 million. That is a lot of missed sales opportunities, and lost money due to an informal sales process. By implementing a formal process for sales optimization, quota achievement increases to over 60% of the team, and if you add supporting automation on top of that, it will increase an additional 10% or higher and save a ton of time.
Now that we’ve established the necessity of a formal sales process, now I’ll show you what it looks like. The recipe for a consistent and rigorous sales process is 1) enforcing a strong methodology, 2) mapping your buyer/seller journey, and 3) enabling your team to execute the sales process through helpful automation. Helpful automation means enabling the reps to focus on selling, and providing value to sales rep throughout the sales process with recommendations to help them win deals - and faster. We have to have consistency in the team and the process so that everyone is doing the same thing and everyone knows where deals belong. Because of this alignment and rigor, deal conversions, advancements and regressions can be measured while pipeline and forecasts will be accurate and useful. Another good read would be our blog on pipeline management for your sales team, which you can read here.
This is no easy task and I've outlined this exact recipe in a full guidebook - “How to Increase Conversions Throughout the Sales Process”. The download will provide the three steps to a formal and rigorous sales process that will increase quota achievement and totally optimize your sales team.