The incessant whir of my home’s sump pump over the past week has been a reminder of the importance of well-functioning systems. And whether it’s in your basement or business, not having them in place can cost you money. The thing is, you need to invest in that infrastructure in advance. (Good luck finding a plumber after a winter freeze or storm in New England.) [Author’s note: 24 hours after I wrote the previous sentence a foot of snow fell on the PrismHR headquarters in Hopkinton, Mass.]
In my last post I discussed how PEOs and ASOs can improve client satisfaction with systems. That same principle can apply to other parts of your business, including sales. Taking a systematic approach to lead and opportunity management, for example, can help improve success at each stage of the sales cycle—and throughout the customer relationship going forward.
There is a variety of sales management software solutions available today to help you implement a system that adds efficiency and consistency to the sales process. In fact, companies who utilize sales management software report higher growth rates, according to data from the PrismHR 2018 HRO Trends Report. And for those deals you lose, you will capture information that can help you identify components of your sales process that can be improved.
In your course of evaluation, consider the advantages of a sales management solution designed specifically for PEOs and ASOs. Rather than spending resources configuring a one-size-fits-all tool to your needs (or worse, discovering you need a second solution to fill feature gaps), you can immediately experience the benefits of a system built to manage the pricing and underwriting complexities in the HRO sales process.
4 Benefits of Implementing a Systematic Approach to Sales
Activity tracking – Calls, emails, proposals, demos. From first contact, all the details need to go somewhere, and centralizing them in a cloud-based location that multiple users can easily reference and update is critical. You’ll spend less time searching your inbox, shuffling through a pile of Post-Its, or picking a colleague’s brain to recall conversations and action items from days past.
Knowledge sharing – Organizing prospect and customer data isn’t just for one salesperson’s reference or even the sales team, for that matter. There are many individuals at your business who may be interested in seeing what’s going on with an account, from account management to client service (not to mention future sales hires new to a territory). In the event a salesperson leaves the company, that historical knowledge doesn’t leave with them and continues to be useful to the rest of your team.
Insight – There are a variety of KPIs that can help you gain insight at each stage of your sales pipeline if data is managed centrally. Monthly sales. Lead-to-opportunity ratio. Opportunity win rate. Average deal size. The list goes on. But there are some interesting metrics you may not be looking at today, such as your top referral sources or win/loss trends than can inform ways to optimize your sales and marketing strategy. Without a system to collect that data you’re relying on anecdotal feedback and assumptions in your decision making.
Efficiency – Logging every task and updating the status of your leads and opportunities may seem like more work if you’re not already doing it today. But the ability to track the progression of deals, set up reminders, and share information with colleagues can actually accelerate the sales process and prevent action items from falling through the cracks. Solutions like PrismHR Sales Management have tools to streamline activities throughout the sales cycle, from contact management to pricing and proposals.
According to results of the PrismHR 2018 HRO Trends Report, 28% of respondents aren’t using sales management software. The data shows they’re falling behind peers who do. Fortunately, the ROI of implementing a system for sales management can be easily measured by comparing performance against current benchmarks. Wouldn’t you invest in creating the infrastructure that supports the growth of your business? If you already have a system in place, now is the time to audit your processes in the interest of continuous improvement. You also may be thinking about upgrading from that off-the-rack solution to one that is custom tailored for HROs.
Implementing a system is not about changing the way you sell, but building the infrastructure that allows your sales team to focus more on revenue-generating activities while equipping them with the business intelligence they need to close more deals.
PrismHR Sales Management can help you optimize your sales, pricing and underwriting processes to win more deals.