10 Sep Sales Productivity: The Good, the Bad, and the Ugly
Who doesn’t like selling more?
Predicting sales productivity can be an uncertain business. There’s not one single hack that all organizations use to quantify their business efficiency, and many variables can become possibly the most important factor. For example, markets change, and contenders enter and leave the shred, and this factor alone can hugely affect the manner in which your organization estimates its business profitability.
More than 90% of customers selected the retailer that provided ample content and helped them in each stage of the transaction.
Sales is more than just introducing a product to the customer. The customer needs to be guided on every step of the selling process to make it a pleasant experience for the Customer
Companies with tightly aligned sales and marketing functions got 38% better customer retention rate and 38% more closed sales completed than companies that are not.
One of the most important things required for business success is the ability of the company to align the activities of marketing and sales functions. Together, sales and marketing result in lead generation, nurturing of prospects, conversations, and retention. Often there is not enough emphasis on long-term visions and strategies. Hence there are common factors that impede collaboration between sales and marketing.
Having a dynamic and adaptable sales and marketing process give an average of 1-% more sales quota compared to companies’ that do not.
The companies have a dynamic approach can deal. Investing time and energy for the common goal of making sale and marketing work together can potentially yield great results. Alignment of dynamic marketing and sales together is about one primary thing. Communication. The sales and the marketing team has to work together as a team speak the same a language and interact freely to sustain a proper alignment between the two.
When Sales and marketing teams work together, companies become 67% better at closing deals.
Sales cannot go without marketing. Sales is about the sellers gaining first-hand knowledge of the customers and their various demands, which would be very difficult to understand if not or marketing. Marketing gives the hard data about the information or language potential customers will respond to.
Marketing and Sales when they come together, are much more than the sum of their parts individually. Companies with a good alignment between sales and marketing get more leads, retain more prospects, make better insights and grow faster than other companies.
57% B2B organizations consider Converting qualified leads into paying customers a top priority.
More than Half the content created by B2B companies for the prospects is never utilized
The most cited reason for this is that most of the content is found to be irrelevant by the customers.
Often the marketing department is not using the content it worked so hard creating. It’s like having a beautiful custom built house that you’ll never live in. This is not a supply problem but rather a strategy problem. A company can turn an irrelevant content into a flourishing asset by just switching the priority to content marketing. It just requires a supportive blueprint to use the content and put it to work
More than 75% of marketing leads are never converted to sales
Lack of Nurturing is one of the most common reasons behind marketing leads not being converted into sales.
The most purposeful process of enabling a definite prospect is by providing the prospect with relevant information at each stage of the prospect’s journey. Lead nurturing is very purposeful in that account. Often purchases are expensive and the customers go through a lot of review and research before finalizing a decision. Lead nurturing gets you to build credibility and trust throughout the transaction, so the buyer trusts you when making a decision.
Half of the sales times is wasted on prospects who aren’t really interested
The process of searching for potential customers, clients, or buyer in order to start a new deal is known as prospecting. The main goal of prospecting is to get new prospects and eventually convert them into revenue-generating customers.
Most of the time prospecting will be unproductive and the customers will be unresponsive. But that is just a part of the job. You have to move on to more productive prospects instead of the ones who are not really interested.
Sales Productivity lost on wasted marketing and budget costs companies at least $1 Trillion a year
Sales and marketing go hand in hand having a lot of similar goals and objectives. Despite that, the two have always failed to work together and that does not result well. The inability of the sales department and the marketing department to collaborate and work on the same outcome causes companies to lose at least a trillion dollars a year.
By the year 2020, 85% of customer interactions will be handled by AI instead of Humans
As we already know, in the execution of sales and marketing, AI can play a Major role. AI improve B2B marketing by using historical Date, Real-time changes in date, Automatic execution of campaigns and automatic learning of optimization based on results. Things like these if done by a human would require a lot of resources and time. AI does so in the blink of an eye.
More than 65% of B2B organizations have failed to identify their funnel
B2B marketing is complicated and has become tougher over the past few years. In such an economy understanding your own funnel is very important and you can’t optimize your funnel until you’ve defined it.
Almost more than half of the B2B Marketer send all the leads to sales. However, only 20% end up becoming qualified prospects
This is where Marketing and sales need to work together in order to turn more leads into qualified leads. Nurturing of leads is important in order to convert probabilities into possibilities.
#DoMore with Vymo
- collect rich contextual sales data
- correlate sales activities to outcomes, and
- coach salespeople to achieve more
Always on the lookout for targeting the next best opportunity at the right time, Vymo plugs field sales activities and data leaks by providing control of the sales cycle. Vymo has proven revenue impact of 3-10% by improving key sales productivity metrics, such as conversion percentage, turnaround time, and sales activities per opportunity.