For your business to grow, your sales revenue chain can’t be broken – especially if it’s in multiple pieces.
To repair the broken links in your sales revenue chain, see our post from last week. This week’s post focuses on reinforcing potential weaknesses before they break down, so that your revenue generation continues smoothly and seamlessly.
Reinforcing links in your revenue chain means you’re continually strengthening them against the changing trends of the market and the shifting tactics of your competitors.
How does bolstering weak links in your sales revenue chain result in a 100% lead acceptance rate? You’ll have to dive into these two in-depth strategies to find out:
1. Reshape Your Definition Of Success
Your sales data and metrics are a link you can’t ignore if you want to keep your revenue chain strong. After all, what gets measured gets done, so it’s important that you internally define various metrics for your sales process.
For example, to determine whether a particular lead is actually qualified, your team should come to a consensus on whether a lead’s top-line revenue or its budget that make it truly qualified to continue in the sales process.
Whether you already have an inside sales team or you’re looking to outsource your team via a sales partner, it’s critical to your sales revenue chain that you clearly define your sales metrics. These metrics ensure your team is continually on track to achieving the same goals – and not just goals with individual definitions of success.
Some critical sales metrics to clearly define with your team include:
- What indicators delineate a perfect appointment
- What specific measures define a qualified lead
- What metrics identify a successful sale
- What characteristics describe an excellent long-term client
When a company defines its lead qualification metrics with its outsourced lead generation partner, (such as with many Invenio® clients), the partnership often results in a close to 100% lead acceptance rate – reducing wasted time on poorly qualified leads and boosting revenue.
2. Reimagine Your Sales Fulfillment
Your sales revenue chain ultimately comes down to this essential link: closing the sale and fulfilling the client order. While every other link in the chain is necessary for more effective closing and fulfillment, your efforts at this stage are indispensable to generating revenue for your business.
Closing The Sale:
When looking to improve the close rates on your leads and appointments, ask yourself these two questions about the final stages of your sales process:
- Are your leads converting in your sales pipeline and closing at an acceptable rate?
- Are your sales personnel closing on the warm leads they’ve been provided?
If your answer to either of these questions is “No,” you need to go back and strengthen earlier links in your revenue chain. Whether reinforcement takes the form of generating more leads, hiring better salespeople, training salespeople with better closing tactics or qualifying leads more accurately, your investment in these earlier links increases your close rate more effectively than mere myopic tactics focused solely on the close. A holistic approach to your sales process keeps your close rate high because the rest of your process runs smoothly for both your prospect and your sales team.
Fulfilling The Sale:
After the initial close, many sales representatives hand off the new client to fulfillment and forget to follow up on the customer. Not only does this increase the chances of miscommunication from your own internal teams, but it also leaves the customer feeling more like a simple transaction rather than having a living, active relationship with your business.
Instead, your sales people should be following up on order fulfillment both internally and externally. First, your sales team should communicate with your fulfillment team to double check that the customer’s order was properly fulfilled according to the agreement. This reduces your chances of error considerably and opens the lines of long-term communication between sales and fulfillment. Second, each sales team member should personally follow up with their new customers to ensure the customers have received everything according to the original specifications. This outreach helps customers voice their complaints early and gives your team a chance to correct any mistakes before the customer decides to switch vendors.
Bolstering your sales revenue chain today is easier than repairing the broken links in your revenue chain tomorrow. In the end, a robust and reinforced revenue chain keeps your business running strong in the present and gives you the opportunity to look to the future with confidence.
Need to reinforce other weak links in your sales revenue chain? Click below to download a free guide from Invenio Solutions® and discover how to strengthen your sales pipeline for a steady stream of customers.