A NEW PERSPECTIVE ON REVENUE GROWTH
A Harsh Reality - When it comes to growing revenue, every organisation has something by way of a sales process, methodology, tools, and systems.
They may have spent countless thousands on training and coaching their business development teams and investing in technology to support them. Yet, why are so many organisations experiencing difficulties in meeting or beating their targets for revenue growth?
Below are some new perspectives, proven to be successful in selling high value complex engagements
1. Ecosystem - Do you fully understand your sales ecosystem?
The concept of a ‘sales ecosystem’ is a comprehensive framework encompassing all factors that contribute to sales performance.
2. Value - Do your teams really understand value?
Understanding value in sales is a multi-dimensional concept that goes beyond the superficial benefit of a product or service. It involves understanding what constitutes value in the eye of the client from the perspectives of business outcomes, solution requirements, provider attributes and individual needs.
3. Differentiation - Does your team understand the simple things that they can do to behave differently in client meetings and propose clearly differentiated winning solutions?
Differentiation is the art of standing out in a way that matters to the client or prospect. In client meetings, it’s often the ‘simple things’ that set apart a salesperson. These include demonstrating deep understanding of the client’s business, being genuinely consultative, and offering insights and solutions on a level beyond a generic sales pitch.
4. Conversations - Are your teams having the right conversations with the right people at the right time, focused on their needs?
The timeliness and relevance of conversations in sales cannot be overstated. Engaging with the right stakeholders at the right time with a message that resonates with their specific needs is a delicate dance.
5. Sales Velocity - Does your team understand the sales velocity formula?
Sales Velocity = (Number of Deals x Average Deal Value x Win Rate)
Sales Cycle Length
6. Focus On Measurable Outcomes - Do you quantify measurable success factors for sales performance improvement initiatives?
For any new initiative to drive revenue growth, especially training or coaching, it is essential to move beyond abstract targets and establish suitable lead and lag measures that clearly demonstrate your team’s uplift in performance.
7. Measure Engagement And Knowledge Retention - Do you have the evidence to know who needs help to raise their game?
In today’s digital age, Artificial Intelligence (AI) provides unprecedented opportunities for analysing sales interactions.
Conclusion: To drive exceptional sales performance, teams must reframe their approach to encompass a robust sales ecosystem, a deep understanding of value, a focus on differentiation, strategic conversations, and a keen appreciation of Sales Velocity with appropriate lead and lag indicators.
