We are all in need of improving sales performance and ensuring that we consistently have more accuracy in our forecasting efforts. Increased sales performance is a result of more sales activity and better sales effectiveness.
There are numerous processes and data that is available for sales activity management. After we have pushed our salespeople to generate more calls, meetings and proposals, we typically turn our efforts to improving sales effectiveness.
However, we find that there is no data to help us in sales effectiveness management. We usually have opportunity and pipeline information from our CRM reports but this is based on subjective assessment and does not provide a framework for management or coaching.
Step 1: Develop an Insight Sales Panel™
The key increasing sales effectiveness starts with the development an Insight Sale Panel™ for your salespeople. The Insight Sale Panel™ specifically defines the data to uncover in their ongoing customer contact and discovery. Each question should be detailed so that it can be captured in data and not in text. Here are several examples:
- The customer has informed me of the decision making process and the key influencers
- I know who is competing with us
- I know the customers key needs, interested and preferences
- The customer has expressed the key factors in determining their decision
- I know the customer’s budget expectations
- The customer has indicated timing for this purchase decision
- The customer has expressed some objections, drawbacks or misinformation
- The customer appreciates the value of our product/service/solution
Step 2: Create Your Insight Sales Score™
The next step is to develop the most common answers to each question in your Insight Sale Panel™. In most cases you will be able to cover 95% of responses that you will hear.
Give each answer a score. The higher the score, the more likely the customer is to purchasing your product. If there are multiple answers for a question, pick the maximum score for that question and then add all of these together. This represents a 100% Insight Sales Score™.You can now use each customer’s responses to calculate their Insight Sales Score™.
Step 3: Manage Sales Effectiveness using the Insight Sales Score™
Use the Insight Sales Score™ to understand how to help your sales people increase their performance. You will see in an instant, and in real time, where there are gaps and how to specifically help them in gathering key information, provide value, respond to issues and differentiate you from the competition.
It is important that we have a process to improve sales performance and more specifically sales effectiveness. The development of an Insight Sales Panel™ and the Insight Sales Score™ for your company will provide the data necessary to manage your salespeople with a new understanding on where their discovery and value creation needs support.
Over time you will be able to chart your progress and improvement in your Insight Sales index™ and will see the previously hidden relationship between increasing sales performance and a higher Insight Sales Score™.