It’s important not to grow too comfortable with your own sales process. While your general flow may not radically change over time, it’s important to revisit and re-evaluate your stages and your sales activities.
Here we’ll list some ways to make your sales process more efficient and effective.
Automate when possible:
Although we recommended starting off in spreadsheets as your business starts to handle a large volume of sales it may be beneficial to invest in a CRM.
A CRM is Customer Relationship Management software. With a CRM you can:
- Store all your clients and contact information in one place
- Document the steps in your sales process
- Automate corresponding sales activities such as email
- Track your Key Performance Indicators (KPIs)
- Share progress and information with everyone on your team
We offer our suggestions for CRMs based on your company’s size and level of sophistication needed in this guide.
Review your KPIs:
In order to measure if you are actually meeting your goals you need to define the KPIs that will illustrate your success. Once you establish them, you can track them in your CRM. Some common KPIs companies measure are:
- Burn rate
- Churn rate
- Closing rate
- Lifetime customer value
- Customer acquisition cost
We document ways you can measure these here.
Be transparent about pricing:
At the very beginning of your sales process, you should incorporate lead qualification.
Two of the most important qualifying questions are:
- Can your prospect afford your product?
- Is your prospect ready to commit to a purchase?
While we don’t necessarily recommend starting a sales conversation based around price, withholding your pricing from a prospect for too long can backfire.
Being upfront with at least a price range ensures that your prospect has a large enough budget to even consider your product.
Leaving the pricing discussion to the very end can make you seem disingenuous and can serve to frustrate your prospect.
Advertise time-sensitive offers:
As we discuss in our Closing chapter, this tactic operates on the scarcity principle. Humans value an object more when it is considered scarce, evoking a sense of urgency and making them more likely to act.
When you introduce a time-sensitive offer your prospects are much more likely to engage with you and purchase. Couple this tactic with a discount and you could be looking at a larger number of deals closed.