Upgrading the sales function : Part 1 : Sales methodologies
Sell better with proper process and method
The sales team isn’t achieving what you want it to. It’s time to get organized and put plans in place to ensure you hit your targets. But, where do you start? In the first of a three post series, I will take you through the basics of upgrading your sales function. The first step is implementing a sales methodology.
A sales methodology is a set of clearly defined processes and tools designed to help the individual or team emulate the best practice of others. A good sales methodology is built on research and observations of the actions of top salespeople. It should answer three important questions:
1 What should I do now?
A sales methodology provides a clear sales process through which all your deals or ‘opportunities’ will pass, ensuring appropriately rigorous attention is given to each opportunity. The process is divided into stages running from discovering a new ‘lead’ to the eventual signing of contracts. Most importantly, at each stage the methodology should provide tools to help you analyse and understand the opportunity and develop and execute a plan of action.
For example, after an initially exciting first conversation with a prospective customer, a manager uses a checklist to assess just how valuable and likely an opportunity it potentially is. Answers to the checklist reveal a number of weaknesses in the opportunity. Consulting the methodology the manager identifies the appropriate next steps and is provided with support in the form of scripts, tools and sales techniques.
2 Why do it this way?
A strong sales methodology provides managers with an understanding of why, and under what circumstances, people buy. No methodology can provide instructions on what to do in every situation, so managers who are equipped with an understanding of the fundamentals of selling are better able to improvise in situations where help is not immediately at hand.
3 How much business will we ‘close’?
Of particular interest to most managers is probability rating. This is the practice of giving a percentage rating to the opportunity, representing the likelihood of that opportunity concluding in a sale.
The percentage is related to the stage that the opportunity has reached in the sales process. By multiplying the financial value of the opportunity by the percentage rating a value can be attributed to the opportunity at that time. By aggregating this number for all the opportunities currently in progress, a manager can predict how much revenue will result from their activities.
Coming up soon :
Part 2 : My personal experience in applying sales methodology, “Solution Selling”
Part 3 : Getting organized by implementing a CRM system
