The Insight Sales Process™ is the methodology to capture insights from the sales process as data and use them to deliver a consistent experience of value to prospects and customers that maximizes sales effectiveness for the organization.
What is wrong with traditional sales models?
When sales people aren’t hitting their targets, managers tend to focus purely on activity - generate more calls, more meetings; more quotes so that sales will be positively impacted. The old paradigm is that enough activity will yield enough results. When this does not succeed, managers turn their attention to sales effectiveness. The traditional approach focuses on coaching, sales visits and skills based training to support improvement. This is a very indirect process that does not yield quick or meaningful results. The real issue with increasing sales effectiveness is that there is no management data to support the process. We need to define a specific set of data that defines success for each of our key performance ratios. We will then be able to pinpoint roadblocks and leverage opportunities. We will then also have a meaningful new set of information for accurate forecasting.
How Insight Selling improves sales results
The Insight Sales Process™ enables the sales rep to capture key insights gathered in their calls and meetings. These insights are the new engine for improvements in sales effectiveness. The essential ingredient in a successful sale is the gathering of key customer insights. This is the fuel that allows sales teams to align benefit and value and to differentiate their solution. The Insight Sales Process™ has the sales representatives capturing this data in a usable form. It ensures that they know exactly where they are in the sales process and how well they are doing. It also gives them specific and standard scores to help them understand, manage and improve their sales outcomes.
Components of the Insight Sales Process
The Insight Sales Process™ increases sales effectiveness through two primary components: The Insight Sales Panel and the Insight Sales Index.
Insight Sales Panel™: The key to increasing sales effectiveness starts with the development an Insight Sales Panel™ for your salespeople. The Insight Sales Panel™ specifically defines the data to uncover in their ongoing customer or prospect contact and discovery. Each question should be detailed so that it can be captured in data form and not recorded as text.
Insight Sales Index™: The next step is to develop the most common answers to each question in your Insight Sales Panel™. Give each answer a score. The higher the score, the more likely the customer is to purchase your product. If there are multiple answers for a question, pick the maximum score for that question and then add all of these ‘maximums’ together. This represents a 100% Insight Sales Index™. You can now use each customer’s responses to calculate their Insight Sales Index™. This is a more consistent and reliable predictor of opportunity conversion than the sales rep’s educated guess. Review of the customer Insight Panel™ will show what key information is missing and permits the formulation of best responses and selection of key next strategies.
By combining the Insight Sales Panel with the Insight Sales Index, you and your team can generate crucial data that can be used to increase sales effectiveness significantly and consistently.
More reference material:
- The Insight Sales Process White Paper
- Insight Selling Leads to More Accurate Pipeline Forecasts
- Increase Sales Success With Selling Strategies for Leads That Didn't Close
- Trial of the Insight Sales Scorecard