Because status quo is not a solution
Your goal as a business leader is to grow revenue or increase sales – seems simple enough, but it’s a task that’s easier said than done, especially with today’s challenges of stagnant organic growth and increased competition.
You may be trying a variety of solutions to increase your bottom line, but at the same time you’re probably wasting money on quick fixes that don’t yield the results you’re expecting. In fact, 80 per cent of the time, these small change initiatives don’t work.
The truth is that true sales transformation is a commitment and a journey – although there may not be quick fixes, there are quick wins. You need to have a clear picture of where you currently stand, using other industry leaders as benchmarks. Only then can you begin bridging the gap through smart investment and strategic initiatives.
Increasing revenue is more than about adopting new technology or changing staff – it’s a long and disciplined road to follow, made easier when you have an experienced partner at the wheel (that’s where INK comes in) to help guide you. It also means being bold, resourceful and creative in your sales and marketing to set yourself apart from your competitors.
Whether you’re running a small/medium-sized business or a larger corporation, the formula for sales success is similar.
The key steps to sales transformation include:
1. Creating a value proposition. When we think about this commonly used term, most business people default to what makes their product different.
However, less than 30 per cent of executives can confidently say they have a true value proposition, despite this being at the centre of a business’s success and ultimately driving the company’s sales approach.
2. Defining a sales process. A Sales Process defines “who you sell”. However, more than 50 per cent of companies lack any form of sales process. The implication of no process is inconsistency of approach and also results.
We view this as a very sexy topic and it defines how you differentiate through the sales experience itself.
3. Resource Optimization. Human capital is the most important element of a successful company, but you need to have a plan to help them perform at their best. If you know your unique business value and you have imbedded your differentiation in the sales process of how you sell, this will impact your coverage strategy and type of people you hire.
You will also make the required investments to train and coach on an ongoing basis.
4. Governance model. Governance defines the processes and communication that aligns the organization and drives execution. This is often where good plans fall apart because of a lack of an execution framework. You align governance to drive the business outcomes that you aspire to create.
A consistent model amongst your leaders makes leading, managing and coaching a simpler task as you all speak the same language.
5. Technology and tools. Technology and tools should enable sales teams, not encumber them with more admin activities. Technology and tools are not a solution on their own, unless you have the previous 4 elements in place. We are in the Technology and Tools business and wrote a book to educate people on why buying tools in isolation may not be a good idea.