- April 21, 2021
- Posted by: Kristin Smith
- Categories: Articles, Business, Marketing
To rethink the sales model in preparation for competitive dynamics and changing business during the recovery period is a mandate for sales leaders, as companies have started to address the myriad impacts of COVID-19. Changing demand and customer expectations for all businesses will be critical and challenging, which demands a transition for a ‘new reality to reimagine and realign the sales investments.
Sales being more of an art than science is becoming harder for businesses, and sales managers do not suffice in clued up, increasingly complex and cost-conscious world. All the companies will need to rethink the spectrum of customer segments, even those who were blessed enough to experience a surge in sales.
Sales leaders must build more nimble models to address the expected changes!
Change the way the sales are done! – What is it?
To engage the customers with the interactions across the end-to-end customer buying process and right sales motions, sales leaders must determine how their sales models must adapt to address these changes. Some will approach it as an opportunity to re-emerge stronger than the competition, others will look to just survive through the crisis.
To address a new set of customer needs and expectations, requiring the use of data to better serve and understand the customers, future sales function will continue to rely on increased digital interactions.
For increased productivity, sales leaders need to be thinking about augmenting teams with automation, scaling technology solutions and new data points.
Businesses have to realign their sales models by choosing an underlined apt pathway for achieving competitive immunity:
Reinvent sales for the 21st century with this mantra:
Improve the effectiveness of sales function as well as sales reps to realize the maximum benefit and capture greater than your fair share of wallet.
A. GO-TO MARKET
Align resources and channels and know where the value is to capture it with ease….
One must take a forward, analytical and granular view of the customers to identify the demand for your products and services.
- This then provides the basis for building deeper insight into customer needs and growth potential with the help of analytical modelling combined with market intelligence and primary research.
There are several approaches to achieve this, which includes future projection based on past performance, front line sales and buying in external data.
This allows clear identification of undermentioned accounts within each micro-segment:
Not all types of sales interactions and sales are suitable for automation online or mobile support.
Leading sales organizations manage and understand their channel mix to achieve better cost targets, customer and revenue whilst delivering the experience customers feel they deserve. It does not mean that a channel that has the lowest ‘cost to acquire’ is right for every opportunity.
B. ORGANISATION STRUCTURE
The explosion in buyer sophistication, availability of information and channels means customers are progressively demanding in the ways they wish to do business. In short, businesses need to be able to sell the way the customer wants to buy.
Many sales organizations operate multiple sales channels however the ability to close a single sale for a single customer across them and effectively orchestrate is a challenging activity.
Marketing and sales activities driving actionable results for the sales and being fully aligned force to follow up
Sales leaders need to take a zero-tolerance view of how their sales staff spend their time efficiently:
- Identifying and removing non-value-adding activities
- Stamping on shadow reporting and rationalizing reporting activity to what is critical
- Establishing dedicated resources focused on high-quality qualification and lead generation
- To manage customer’s expectation, clearly articulate levels of service to the customer
- Moving non-selling activities from salespeople with clear accountabilities and handoffs
- Providing a timely and accurate view of commission earned and making payment plans simple and transparent
The best sales operations teams continually reduce and manage risk, clearly deliver value to the customer, build capability in the sales force, the sales rep as well as provide compelling insight.
Good sales operations teams provide a comprehensive range of services practically and productively covering planning, order processing, bid management and reporting.
A new approach is needed to get you to set the agenda rather than reacting to it, which positions you not just supplier of commodity services but as a top table adviser.
The way you manage your relationships and the selling process, therefore, needs to change.
A deep understanding of the client, their industry, and the ability to craft a compelling message, their strategy and operations, is required by an insight-based selling This is a significant change but is the one that positions you from commodity supplier to high-value adviser.
Major institutions are experiencing fines and other direct costs, lasting and significant reputational damage, as a result of transaction-driven reward models.
For sales leaders with eyes on the longer-term view of achieving, defining, and managing a high performing sales culture requires formal attention.
The best sales organizations have reaped the benefits from mean sales machines, building lean, that transform the way they sell. Target high-value terms of new capabilities.
Taking an appropriately automated, persistent, and focused approach from lead generation to order entry will lead to an improvement in net margin, decreased time to revenue, reduction in operating costs, instill discipline in the salesforce and improved customer retention.
Big data will allow you from driving real-time personalized offers to calculate the account level profitability and lifetime value and to do more than the performance of the micro-segmentation of your markets. Never before has so much information been available on competitors, markets, customers, their behaviors and their needs.
Customers are seeking advice on complaining about your competitors, new initiatives, wanting to be educated and asking for advice on your company, your products, and the services. They are more knowledgeable to get candid views from peers, moving from static online research to social media.
Re-invent and Re-energize sales professionally to be constantly on top of what is hot!