The Foundation of the Successful Sales Organization in 2021
Changes in how buyers access information and the content of that information require your sales organization to develop new selling methodologies. Sales resources must bring insight and become challengers to their customers and prospects.
Sales resources must be disruptive and challenge your customer’s/prospect’s lines of thinking and approaches to solving business problems. Fenton called it ‘Inquiry;’ through the use of questioning, your sales resources must push their contacts to question the status quo and consider alternatives they have never considered. Armed with data, success stories, and best practices, your resources will bring new insights options and opportunities to solve business problems.
Insight Selling requires salespeople to offer unique perspective into addressing and resolving the challenges facing their clients/customers. Salespeople must know the value drivers of their customers, is comfortable discussing money, and feels comfortable pressuring the customer. The customers see your salesperson and organization bringing value – a source of new ideas, identifying threats and opportunities, and best practices … and drives them to action.
Financial selling is a critical component in today’s sales approach. Almost every project/solution sale requires a financial justification that is signed off by a Financial Decision maker. It is doubtful that your internal champion has the expertise to put this together. Your team must be able provide financial justification including internal rate of return, net present value, and payback (in addition to ROI).
Portfolio Management is a process by which the Company and its Account Managers maximize time and resources to reach their revenue and gross margin potential. It incorporates a strategic approach to the business while ‘drilling down’ to the activities that must be executed to make plan. This process integrates the strategic approach that enables sales (and sales management) to progress and manage relationships and opportunities. The Portfolio Management process, integrated into your CRM, is both a business planner for your upcoming fiscal year AND the tool each Account Manager and (your company) uses to manage their portfolio of clients and prospects. Portfolio Management allows the Company to manage and measure the activity necessary to make plan versus viewing results.
Even the traditional sales cycle for software companies demands new steps like Business Solution Reviews (BSR’s) and Blueprinting stages. Your sales organization must be trained and armed with financial justification tools. Almost every project is approved by someone who is measuring the financial impact of your solution or services. Most organizations leave that task to their customer/prospect. And when, they lose their deal – either to a competitor or to inertia – you wonder what went wrong. Your organization went wrong. It did not provide their internal champion with the financial justification behind your solution. Is your organization prepared?
Companies face multiple challenges, all of which come down to four basic questions. How can the company address the challenge of growth in a marketplace defined by rapid technology challenges and a shifting cultural landscape? How does the company remain relevant and continue to bring value to your customers and the marketplace? How can one build and manage effective, accountable sales and marketing organizations that drive dynamic revenue growth? How does one develop a collaborative culture of success?
Without adopting these required sales steps, your sales organization is at a competitive disadvantage. It requires planning, training, analytics, and a new approach to sales management. Do you want your revenue generation engine to be dynamic and drive dramatic growth? It takes courage and you and your organization must embrace change.
