Too few businesses have a proper selling process leading to huge inefficiencies in their organisation, claims a leading sales management software expert.
SalesRadar say too few companies are aware that taking such steps can lead to huge levels of growth.
Steven Timberlake said a US based report showed there is an 18 per cent difference in revenue growth between companies with a well-defined formal sales process and companies without.
“It’s a very significant figure based on research published in the Harvard Business Review, and we believe here in the UK many companies would do more if they realised the difference pro-active action in this area would make to their bottom line,” he said.
The research by the Sales Management Association revealed that 44% of executives think their organization is ineffective at managing their sale process and also the most successful companies have a clearly defined sales process.
“Sales teams were most effective at managing their pipelines if they spent time in defining a formula for the sales process, which initially means having salespeople,” he added. “Investing time in developing a unique process for your team, and making sure they know what this entails is vital,” Steven Timberlake said
He added also that the research has shown the main focus of a sales pipeline strategy should help sales managers and business owners develop a solid plan to move deals forward.
“Worryingly, the report showed that 61% of executives admit their sales managers have not been properly trained in pipeline management strategies and techniques and companies that had trained their sales managers in this way saw their revenue grow 9% faster than those that didn’t.
“The evidence is clear that pipeline management is essential for all sales teams, and the better it is the better companies will do,” he added.
“The research shows that defining a sales process, committing to proper pipeline management, and enable managers to carry this out will mean sales targets are hit and companies will succeed,” he said.
Pic: Steven Timberlake, Co-Founder, SalesRadar