How to Improve Sales Growth with Available Resources
COVID-19 has impacted your sales cycles. Your sales motions are definitely changing according to the buyer’s behavior and how they respond to your cold calls and other efforts.
Competition is increasing as more people are entering your field and you might think you don’t have more power for resources that you might not extend to bring more sales.
You are absolutely right when it comes to having additional resources in your organization in such unprecedented times.
Our esteemed client base includes a few Fortune 500 clients and we have helped them develop the right return for their sales investments and saved them from the jargon of how to increase sales growth.
So when we talked with some of them and asked what strategies to increase sales revenue are helping them this year, the answer was the same. They are making the most of their available resources without investing in new ones.
Sales leaders like you need to zero in on their sales teams’ efficiency, risk capabilities, and driving revenue. Considering the situations right now, you need to prioritize your tasks, use the right tools for sellers, and train your sales teams for the current selling environment.
Here are 3 ways you can meet this challenge:
Focus on doing things well
Sales is all about storytelling. You might have heard this but this concept supports our motive of doing more with less (or whatever is available to us). Sales teams need to target the best markets, decision-makers, and accounts to pursue.
Prioritizing these things require intelligence and a data-driven approach. One of our fortune 500 clients managed to leverage predictive insights to find out which deals can be moved to the next quarter. Then, they built recovery plans to speed the closures and captured millions in revenue in the current quarter.
Improvize your systems and processes
About 94% of business executives said that one of the crucial growth prevention factors was internal complexity. Lack of opportunities and competition doesn’t matter that much when it comes to business growth (especially in the current scenario). You can definitely reduce costs by millions of dollars by just standardizing and simplifying the internal systems and processes.
To make it possible, make sure you:
- Draft your systems or tools that build your sales process
Determine how much time each system or tool takes to improvise your sales process and its value.
- Remove systems or tools that are adding a little or nothing of the value
Manage business risk
Without additional monetary resources, you might end up increasing your risk. Don’t start a new marketing campaign or an advertising campaign if you want to save some money. Here are some areas of risk to pay attention to:
Talent: In turbulent times, your best team leads and sales reps might be in danger of leaving or poached by your competition. It’s necessary to assess your available talent and execute any important retention methods, for example, multi-year retention rewards or new professional development opportunities.
Customers: Considering your available data such as buyer behavior, post-sales service, and in general communication tone, you can determine which client is at risk of absconding and moving their spending. For example, suppose a customer is buying things frequently and suddenly stops buying might be at risk of leaving. They might be having issues with the post-sales service and the number of cases is just increasing. Resolve these issues immediately. Offer them some discounts and retain more customers.
Reputation: Your prospects, current employees, and customers are having a close look at your operations. They are observing how you react in challenging times. This can be a defining moment for your company. Laying off some employees right now is not a cool business strategy to increase sales but it will be more costly in the long term.
One of our Global 500 clients in the tech innovation space limited its danger by zeroing in on smaller acquisitions that added to prompt sales growth and proved to be a strong cultural fit. These smaller acquisitions allowed them to focus on new clients while keeping their customer-focused reputation intact.
What would you do?
How to increase sales volume in tough times is calling out the basics. It will be all about keeping your mind focused on the things that will grow your revenue. Companies adapting to the changing market and firmly adjusting the strategies and processes will not face a huge backlash of the downturn. This will help them rise up more when things will be in favor of all.
LeadX has been serving its clients even in the tough times prevailing in this year. Our clients have enjoyed positive benefits of the features offered by LeadX 360 and have successfully improved their sales.
Are you interested in expanding your resources that could help you with sales growth?
Explore LeadX 360 today and check if we can help you through a FREE demo today!