Sales process yields 37% better win-rate
According to new analyses from CSO Insights, a direct correlation exists between the ability to implement a formal sales process and quota attainment among salespeople.
The analyses conclude that companies that have formalised how they approach customers have a 37.1% better win rate in their sales teams than companies that have not incorporated a formal methodology.
The sales role hasn’t become easier in recent years. Salespeople have lost momentum in the sales process because customers are far along in their buying process before engaging in dialogue. This loss of momentum also makes it more challenging to control the sales process and predict and plan sales correctly. This doesn’t align well with an increased management desire for precise pipeline planning. Consequently, the salesperson is pressured by the lack of control over the sales process and the inability to forecast sales to management.
A well-defined sales process aligns the sales process with the customer’s buying process. But defining a sales process that describes the phases we need to go through on the way to a sale is one thing; creating a sales process that determines how we will work through the sales process to achieve the optimal result is another.
The success of a typical sales process is determined by how well the sales organization understands the method and is trained in it, as well as how integrated it is in the daily sales work. Analyses show that sales organizations that feel well-trained in the company’s sales process outperform other teams by a whopping 21.5% on results.
Creating a practical approach to sales requires an awareness of what the company defines as “good sales” and “the right skills.” With this in mind, a formal sales process can be established and implemented in a dedicated training program to enhance skills.
It’s essential to recognize that it won’t be a one-off effort that produces the results. Instead, it’s a comprehensive sales cultural initiative that needs to be nurtured and developed continuously.
If you’d like to discuss how you and your team can define “good sales,” feel free to contact us for a non-binding dialogue.
Source: CSO Insights 2018