Any company’s primary priority is to increase sales productivity. Sales productivity is a difficulty that almost every company faces, and the pressure to meet or exceed ever-increasing revenue objectives only adds to the problem. Companies are growing their sales teams and pursuing more aggressive sales goals, but they are frequently neglecting to upgrade their processes, software solutions, and even sales tools at the same time.
What if there were some quick and easy ways for businesses to increase sales productivity without breaking the bank, and that these methods could actually teach you about the elements that drive sales productivity?
Sales productivity is the process of increasing the amount of time spent communicating with prospects or interacting with customers while simultaneously minimizing resources. Communication and engagement with prospects and customers are crucial activities for sales reps. Sales productivity is defined as achieving the best sales results with the least amount of resources. It’s also the rate at which your sales reps achieve their sales targets. The stronger a sales representative’s sales productivity, the sooner they accomplish their sales target.
Sales productivity has become a catch-all phrase for communicating sales efficiency. It can be measured using the formula mentioned below.
Sales productivity = efficiency x effectiveness
The term “sales efficiency” refers to the effective distribution and utilization of resources.
On the other side, sales effectiveness refers to a sales team’s ability to effectively use resources to close a sale.
While efficiency is concerned with creating as many possibilities as possible, effectiveness is concerned with how efficiently a team utilises those chances.
The 5 methods listed below will assist your sales force in overcoming productivity challenges, increasing sales effectiveness, and increasing revenue acquisition.
- Prioritize ongoing sales coaching.
The world of sales is always changing, and the purchasing process is growing more complex. Your sales personnel must be educated about the selling space, customer personalities, and products, as well as maintained up to date when this knowledge changes. It has been proven that sales coaching can increase sales productivity by 88 percent.
Sales coaching is an excellent technique to assist your sales team in developing their skills. It isn’t about micromanaging salesmen or criticizing their tactics and outcomes. Rather, it’s about coming up with practical ideas and methods to help your salespeople prioritize and effectively allocate their time and resources, allowing your team to advance professionally and meet revenue targets.
2. Analyze and re-examine sales methods.
An inefficient and poor sales process can cost a company millions of dollars in lost revenue each year. Similarly, businesses that adhere to a set of procedures are 35 percent more likely to be great achievers. However, before you can execute a new process, you must first determine what works and what doesn’t in your current strategy (SWOT analysis). Are there any specific areas where you still have room for improvement? Every step of the sales process should be well-thought-out, related to the goals, and beneficial to your day. Ensure that each sales approach you choose is linked to your objectives.
3. Role of technology in automation
Increased sales productivity is frequently achieved through simplifying workflow and eliminating redundant or unneeded operations. Using automation is the simplest approach to accomplish this. Give your salespeople the resources they need to succeed. Technology has shifted sales in a positive direction, allowing for new sales approaches and enhanced efficiency throughout the company. Sales tools make it easier for salespeople to find critical templates, scripts, data, and information when and where they’re needed. Once you go into automation, the possibilities are endless. The most crucial thing to remember is that simplicity wins every time. Small errors are more likely to cause downtime and productivity loss.
4. Use analytics to improve
Statistics are essential for influencing corporate strategy and making well-informed decisions. In fact, firms that embrace sales analytics and insights accomplish team quotas four times faster than those that don’t. As B2B businesses become more data-driven, they will notice changes in productivity and how they communicate with prospects, allowing them to have a greater impact on the bottom line. Examine which KPIs are most important, such as call rate, win rate, sales cycle length, pipeline conversion rate, and an average number of touches. Sales enablement tools deliver this information and metrics.
Still, stumped as to how to increase sales productivity? Provide your sales team with the tools they need to do their tasks quickly and effectively. Straightforward!
Best sales enablement solutions, such as Mindtickle, aim to align business strategy and goals by providing sales teams with the tools and resources they need to improve sales execution and revenue. Sales enablement, by definition, empowers and enables sales personnel to work more efficiently. And always remember that a more effective sales staff = better revenue!
Optimizing sales effectiveness is a little more difficult. It requires employees to upgrade or learn new skills, which can be time-consuming and unpleasant. MindTickle is the best sales productivity software that uses adaptive learning and computerized training programs to improve time to productivity, reinforce skills, and raise win rates.
Many firms do not consistently enhance sales productivity because they do not track productivity growth and achievements on a regular basis. Choose the most important indicators, such as call rate, winning percentage, sales cycle length, pipeline profit margin, and an average number of engagements.
New hires’ competencies are analyzed and deficiencies are discovered from day one through a bespoke sales onboarding process. Reps engage in continuous learning using Spaced Reinforcements, which gives frequent, easy-to-consume updates as well as gamified content to keep them interested and minimize information loss.
Sales managers may use MindTickle’s tools and checklists to better understand and close knowledge and skill gaps, which leads to greater productivity. These steps will get you started on your way to creating a high-performing sales team. MindTickle’s sales training classes can help you outsell your competitors. MindTickle has shown to be successful in their efforts to assist their clients in developing a productive and efficient sales force.