When your private equity firm adds a new company to the portfolio mix, that company may have limited resources for sales, marketing and business operations. A typical B2B company tends to have a well-developed product development team, but may have a small functional sales team and thus, opportunity to increase the reach of its customer base.
Could your portfolio company benefit from additional B2B sales processes necessary to drive sales revenue? When you look at the revenue benefit of a robust sales process, establishing a scientific sales process is worth the cost and effort for an increased ROI throughout your portfolio of companies. On a high level, such an approach uses data and automation to incrementally optimize different aspects of the sales process.
Understanding The Science Of Sales™
In today’s B2B sales environment, effective selling must go beyond offering a product or a service. Sales teams must also be able to analyze and understand consumer behavior in relation to the product offered. You could think of the science of sales as a data-driven approach to building relationships with prospects, using tracking and reporting technology to drive constant improvements to your sales cycle.
A scientific sales process begins with metrics-based coaching – a technology-infused training process that uses CRMs such as Salesforce, intelligent sales automation and sales call tracking software. Further along the sales process, this technology also transforms lead generation and customer engagement.
Here are a few of the ways a scientific sales process would benefit your private equity firm’s portfolio of companies:
1. Transparency Of Performance
Without visibility into sales efforts and pipeline performance, a company leaves generating new business to chance. A scientific sales process uses powerful analytics to track lead generation, qualification and development efforts, as well as the entire sales cycle from start to finish. The latest sales technology and marketing automation systems deliver insights a typical sales team can’t provide.
2. Focusing On The Right Prospects
To generate qualified leads – and ultimately revenue – you need sales scientists who are able to analyze your sales database and create tailored, effective solutions for prospects.
Today’s customer relationship management (CRM) systems, inbound technologies and statistical analysis tools allow your team to track the performance of all lead generation, nurturing and follow-up engagements. As a result, lead management efforts are focused and efficient, with validated data and robust real-time tracking for every lead.
3. Incremental Optimization
With a scientific, data-driven approach, you don’t need to guess about which sales messages are connecting with your prospects and driving sales. Customized sales analytics make it easy to identify the lead management efforts that are performing best. These insights then allow you to tweak your sales strategy in ways that generate more qualified leads, build up your pipeline and help your team sell your product or service more efficiently.
A Scalable, Repeatable Methodology
Once your portfolio company has a working sales methodology, the next step is to make sure that process is repeatable, efficient and scalable. Increasing transparency with a scientific sales process makes it easy to transfer this knowledge to reps and sales managers, allowing the sales team to scale seamlessly as the company grows.