Today’s businesses are facing challenging times, and it’s getting harder to stay competitive in the business industry. With so many new business ventures emerging every day, companies need to find new innovative ways and tools to stand out from the crowd. To succeed in today’s market, you need to devise strategies to optimize your business processes and increase your sales productivity. The more efficiently you can operate your business, the more time and resources you have for growing that business.
71% of C-level executives believe sales productivity is critical to achieving growth - according to Forbes Insights
Every company prioritizes sales productivity to grow more revenue. But how will you achieve that? Different companies practice different strategies but one thing is common in them. They opt for dynamic tools to automate the whole process, starting from setting follow-up reminders to lead allocation, reporting, and analyzing.
If you want to keep up with the competition and take your company to the next level, there are many things you can do to boost sales productivity. Read on for our top curated suggestions for increasing sales productivity at work -- no matter where you work!
Sales productivity is a perpetual challenge for businesses. No matter how dynamic your sales team is, how technologically savvy they are, or how many new strategies you deploy to encourage productivity – it doesn’t change the fact that salespeople are human beings with their limitations and personal preferences. Sales reps operate in dynamic markets and face complex customers every day. As a result, keeping tabs on productivity can be challenging for any business leader.
To help you get a faster handle on the performance of your team and uncover opportunities to increase sales productivity. We, Trackolap have complied ourselves with the dynamic employee location tracking , that not only automates the whole process of managing customer database, locating sales persons or generating forms but also with employee monitoring app, we have made it possible for managers to communicate with different off-site and on-site sales team in real-time to improve team collaboration & transparency that helps businesses attain their sales productivity goals.
Benefits of Increased Sales productivity
Sales productivity refers to the amount of revenue generated per hour worked. The higher the number, the better. But how much time does it take to generate those extra sales? And how can I reduce the time? - hunts the managers. Isn’t it?
We all know that sales productivity is a key driver of profitability in businesses. If you want to increase profits, then you should focus on increasing sales productivity no matter what.
Did you know? — HubSpot claimed that salespeople spend just one-third of their day actually talking to prospects. They spend 21% of their day writing emails, 17% entering data, another 17% prospecting and researching leads, 12% going to internal meetings, and 12% scheduling calls.
What if we could automate the whole process and give them sufficient room to nurture the leads to have more productivity.
Before we discuss the tips to increase your sales productivity let us know the benefits of it!
1. Increase Revenue
The first benefit of increased sales productivity is that you have more money coming in. If you are selling products, then you need to make sure that you are getting paid for them. You should always be looking at ways to increase your sales productivity, otherwise, it will take hardly a month to convert your business into charity.
2. Beat The Competition
Businesses that grow faster than others are able to achieve their goals sooner and stay out of the curve. Being more competitive means being ahead of competitors. To do this, businesses need to keep up with the competition and stay ahead of them by increasing sales.
3. Better relationships With Greater Customer Base
When you increase sales productivity, you will be able to build stronger relationships with your customers. By building strong relationships with your clients, you will be able to get repeat business and referrals. This means that you will be able to earn more revenue over time. Do you know the customer base of Hindustan Unilever Ltd (HUL)? They don’t hunt for sales, it automatically happens with you having a strong brand reputation & robust customer base.
4. Improved Brand Reputation
If you can increase the number of sales that you are making, then you will be able to improve your brand reputation. Your reputation will be improved because people will know that you are a reliable company. People will trust you and they will want to do business with you again.
5. Higher profits
When you can increase sales productivity, you are going to be able to make higher profits. By increasing revenue, then you will be increasing your profit margin parallelly. Profit margins are what allow you to keep more of the money that you are earning.
How can we forget the business acumen of Reliance Jio? How did it earn 1.15 billion subscriptions and become no 1 telecom provider in India, with revenue of over 902 billion rupees in the fiscal year 2021? - source Statista.
How To Increase Sales Productivity of Your Organization?
Sales are the lifeblood of any company. Without sales, there would be no profit and thus no growth. If you want to thrive, and earn ROI then you need to sell something. And if you want to sell anything, you need extensive strategies, tools and a sophisticated team. You can get tools and build a team anytime but implementing strategies demands patience. When you speak to business leaders, they all want sales but nobody is bothered to analyse and improvise the strategies.
With our best lead management software, you can manage, track & analyse every point of your sales funnel & lead pipeline with one click with an analytical dashboard.
To achieve success, you need to set up apparent business goals first. Goals help you focus on specific tasks and activities that need to be completed in order to achieve your vision. If you don't have any goals set, then you're not going anywhere. Make sure that your goals are SMART (Specific, Measurable, Attainable, Relevant, Time-bound).
Track your sales process and find bottlenecks
The first step to increasing sales productivity is to track your sales process. This will help you identify any bottlenecks and inefficiencies in your sales process. There are many different ways you can do this, including using a sales tracking app to track sales metrics online. with a dedicated dashboard. No matter what method you choose, be sure to track the following in your sales process: Sales leads generated by your company’s team and channel partners, Sales leads generated through marketing efforts, and customers acquired through sales & marketing efforts with sales cycle stages. This will allow you to get a full picture of your sales process and identify the areas where you can improve. It’s important to keep track of these numbers over time so you can track your progress and make adjustments if necessary.
It's important to know whether or not your efforts are paying off. To determine if your goals are being met, you'll need to measure the results. There are many ways to measure results, but the most effective method is to use data. Data collection methods include surveys, interviews, and questionnaires.
And what could be best, automation in data collection, measurement & prioritizing data with our CRM lead management software ?
For decades, TrackOlap has established its name in being one of the reliable, efficient & affordable lead generation and management partners.
With our dynamic customer relationship management portal, you can create your potential customers' database and analyze their activities to create a personalized marketing strategy to convert them into sales.
Evaluate Day-To-Day Performance
Evaluating performance is a critical step in determining whether or not your goals are resonating with your campaigns. Evaluations should take place regularly throughout the year and should cover all aspects of your business. Once you've evaluated your performance, you'll be able to identify areas that require improvement.
And for this, our sales lead management software is a one stop solution to evaluate the performance of your marketing strategies, sales team’s productivity and conversion rate.
Automate your business processes
Another way to increase sales productivity is to automate any business processes that can be automated. This could include things like sales campaigns, email marketing, and more. When you automate these processes, you not only increase sales productivity, but also consistency throughout your company. You can automate these processes by using Trackolap’s sales software, CRMs, marketing automation tools, or even marketing productivity tools. If a process is manual, consider whether you can automate it. You can even try to find ways to automate your meetings.
Increase transparency with a CRM
A CRM, or customer relationship management system , can be a great way to increase sales productivity and boost transparency within your company. A CRM will allow you to track important sales metrics, like sales leads, sales cycles, and customer interactions. This will allow you to see the big picture of your sales process and have better insight into each customer’s journey with your company. A CRM can also help you stay organized and improve collaboration among your team. When everyone in your company knows how each customer is interacting with your business, it can help eliminate miscommunication and improve team productivity.
Streamline Your Marketing Processes
As we mentioned above, it’s important to track your sales metrics and identify any inefficiencies. When tracking your sales metrics, be sure to also track your marketing metrics. This will allow you to identify any inefficiencies in your marketing processes. When you’re tracking your marketing metrics, also take note of how long it takes to generate new leads through each marketing channel. This will allow you to see which channels are more efficient than others. And don’t forget to track your marketing budget! When you’re tracking your marketing budget, be sure to take note of how much money you’re spending on each channel. This way, you can identify which channels are the most cost-effective.
Communication is an essential aspect of running a successful business. Effective communication helps you build relationships with customers, employees, suppliers, and partners. Communication is especially important when working with external parties, such as vendors, contractors, and investors.
Our lead management software can help with it. The software comes with a robust centralized communication medium that allows the sales team, third-party vendors and marketing team to communicate with each other in real-time without any hassles. Also, automate the follow-up process with customers.
In the end, inventory management is something that many businesses overlook. You need to make certain that you’re keeping track of everything that you sell. You need to make a list of everything that you own and then check off each item as you sell it.
As you can see, there are many ways to increase sales productivity at work. The most important thing is to identify what is slowing you down. Once you do this, you can take steps to eliminate those bottlenecks. When you’re thinking about boosting sales productivity, you must take a step back and look at the big picture. Identifying the areas in your business where you can improve will help you to maximize your sales and ensure your company stays profitable. And don’t forget, sales don’t happen overnight. Be patient and consistent, and you’ll see the results you’re looking for!
Here, you can book a free demo with our team and better understand how you can improve the sales productivity of your organization with technologically advanced software effortlessly.