27 Feb The Future of Sales Productivity
Sales managers find it difficult to gauge and meet the demands of a productive sales team. Sales productivity metrics is demonstrated as the rate at which your sales reps hit their revenue target. The lesser time it takes a sales rep to meet the target, the higher is the productivity of that sales rep.
Sales productivity metrics is the need of the hour as –
- It helps managers to boost the performance of their reps.
- Enables sales reps to stay on top of the opportunities in their pipeline.
- Manages the well-being of the sales funnel.
- Helps to project the future of sales targets.
Roadblocks in Improving Sales Productivity
Improve your sales productivity, you need to think of solutions that can enhance field sales efforts and increase win rates. However, some of the major roadblocks in improving sales productivity are –
Outdated Work Processes
Sales reps should invest their time in building relationships with identified leads and influencing their buying decisions. They can’t spend time on administrative tasks like data entry and updating information manually.
Lack of Focus
Salespeople should be spending time on getting new leads and analyzing customer needs. Studies show that average salespeople spend about 8% of their time in prospecting and qualifying new leads. While only 6% of their time is focused on understanding the needs of their prospects.
Lack of Information
Sales people spend more than twice the amount of their time
searching for information and responding to email than on acquiring new prospects. (The Industrial Performance Group) Demand forecasting data, product availability, pricing, delivery dates and order tracking information are few to name.
Lack of Sales Training
Sales managers should provide proper training to their reps that focus on enhancing their sales skills to boost performance.
For instance, Reps should be able to justify their product before the customer as a solution to their problem.
Inability to Execute Strategic Sales Plan
Without proper tools, you fail to get insightful information that could help you to execute a strategic sales plan.
Gaps in Current Technologies
If your field sales reps are not equipped with proper advanced technology they may lose opportunities of turning prospects to customers. Modern technologies such as Analytics, mobile tools, and automation can enhance the daily productivity of sales rep.
Analytics trace and interpret actionable customer data. Mobile apps give sales reps instant access to information from anywhere. Automation offers relief from cumbersome processes, manual data entry and human error.
Adoption of CRM – A Major Roadblock for Sales Productivity
Technology lets salespeople work smarter than harder. Resistance to change is one of the challenges for the adoption of CRM to enhance productivity. Due to budget and implementation processes, most managements opt for SaaS CRM that solves their problem but isn’t of help to sales reps.
Some statistics on how CRM has enhanced the sales process:
- A study states that 65% of the sales rep achieved their targets by using mobile CRM. (Innoppl Technologies)
- The Average ROI for CRM is $8.71 for every dollar spent. (Nucleus Research)
- CRM helps increase sales by 29%, sales productivity by 34% and sales forecast accuracy by 42%. (Salesforce)
- Vymo a mobile-first interface has seen more than 80% of its users actively use CRM as compared to less than 30% of conventional CRMs like Salesforce. (Vymo)
The above stats show that CRM is a perfect tool that helps organizations with customer retention and enhances sales performance.
Deploying AI and Automation to Boost Sales Productivity
Artificial Intelligence and automation can help to boost sales productivity. It is projected that 40% of the companies will adopt AI within two years. By 2021 AI-driven CRM activities will upsurge global business profits by$1.1 trillion (IDC)
Automation has eliminated time-consuming tasks like sending emails, call logging appointments etc. 50% of the time can be saved of sales reps with the use of personalized email templates. With salesforce automation tools, all calls are logged into your CRM automatically. By logging your meetings into Salesforce automatically you get information as to what types of customers are nearby your location.
AI recommends meetings based on location and calendar intelligence. It prompts reps to engage with customers and prospects frequently. Based on geo-intelligence, it prompts sales reps about the next action and measures the time spent on each activity.
AI provides accurate prospect information that saves the reps time as they no longer are calling disconnected phone numbers, dead email addresses etc. It displays messages with a human touch that are pertinent to leads needs; thereby increasing your conversion rates.
Vymo – A solution to these roadblocks
Vymo understands that interacting with customers is an important task for sales reps rather than reporting activities manually into CRM systems. With this in mind, Vymo Salesforce has replaced outdated processes with a tinge of intelligent automation. Your entire sales task can be automated as you can automatically gather contextual data such as calls messages, emails meetings, correlate sales activities to get desired results and educate to accomplish more targets. This also gives reps ample time to stay focused on their sales activities.
The Lead Management System lets you manage your leads and even track potential prospects right from the initial point of contact until you have successfully sold your product and post-sales service. It offers a lead matrix to salespeople to detect when a lead has become qualified and is ready for a sales call. It can reduce the sales cycle, upsurge close rates and generate revenue for your business.
Analytics and reporting demonstrate the sales performance and which team member requires to be trained. To understand the performance of sales team Vymo’s productivity reports are based on engagement data generated by each sales reps. Sales managers can glance through the summary of their team’s productivity. It also shows them the impact of their sales execution.
Live sales metrics helps managers to be more agile and flexible in their field sales strategy. Vymo’s work allocation eliminates manual planning and saves a lot of time. It helps you to gauge sales activities and sales outcomes for every rep. It gives managers an idea about closing time, follow up and closure rates, average meetings attended etc.
With Vymo, know your best field agents, trace your KPIs, prioritize leads on the basis of the lead score, closure rates, and engagement and track actual progress against set sales targets with live sales metrics.
Marketplace keeps changing and so are the business needs too. Hence the knowledge and skills of salespeople have to be updated to meet modern sales requirements. By 2022, two-thirds of all customer experience projects will make use of technologies (Gartner). These technologies will be used to uplift sales journey cycle. In the near future, the strategy of sales would be getting connected to customers through a shorter sales cycle.