[You Win More When You Know the Odds]
When clients want to increase sales, there are two things they need to do. One is to increase the number of prospects they engage. The other is to improve the probability of closing the business. While both are important to sales growth, I will only address the second because it is the more important of the two. If improving probability is accomplish, it will result in a higher volume of qualified opportunities. If the focus is only on the former, it will result in a lot of wasted time.
Mistakenly, most sales organizations only measure lagging indicators. They know how many opportunities they closed and how many prospects did not buy. This limited information does not tell the sales organization why they won or lost the business.
To improve close rates and revenue growth, sales leaders need to establish a standardized sales process. Then, measures need to be put in place to identify bottlenecks in the process.
Understanding the constraint in the system allows the leadership team to improve outcomes. Without this information, there is a lot of guessing and change that doesn't generate more revenue.
This concept forms the foundation of sales process engineering. Start selling more while spending less.
The Sell More While Spending Less methodology guides our clients through quality sales process engineering. Tools and techniques for this top and bottom line approach will be covered in upcoming issues of this newsletter.