5 Sales Management Processes That Lead to Business Success
𝐃𝐢𝐝 𝐲𝐨𝐮 𝐤𝐧𝐨𝐰? 𝐓𝐨𝐩-𝐩𝐞𝐫𝐟𝐨𝐫𝐦𝐢𝐧𝐠 𝐬𝐚𝐥𝐞𝐬 𝐦𝐚𝐧𝐚𝐠𝐞𝐫𝐬 𝐚𝐜𝐡𝐢𝐞𝐯𝐞 𝟑𝟗% 𝐦𝐨𝐫𝐞 𝐨𝐟 𝐭𝐡𝐞𝐢𝐫 𝐭𝐚𝐫𝐠𝐞𝐭 𝐭𝐡𝐚𝐧 𝐛𝐨𝐭𝐭𝐨𝐦-𝐩𝐞𝐫𝐟𝐨𝐫𝐦𝐢𝐧𝐠 𝐦𝐚𝐧𝐚𝐠𝐞𝐫𝐬!
The success of your business can be increased with efficient sales management. Because there are so many moving parts in a business, it is essential to fully understand the sales management process to ensure that each part of the entire sales effort is functioning properly.
Every sales team needs effective sales management to be successful. Because they have the greatest impact on each salesperson's performance, sales managers are the front-line executives who can make or break a business. In fact, top-performing managers produce $3.5 million more in sales annually than low-performing managers!
📌 What Exactly Is Sales Management?
The sales department of a business ensures that the product or service produced by the firm is sold and generates income as part of the primary business value chain. Especially for large businesses, sales management is vital to the organisation’s success as it allows for the accountability of the sales performance across different business units.
In order to build trusting relationships with prospects and close more sales, sales representatives and their respective performance must be managed, and this form of management is known as sales management, performed by sales managers. To assist their team in achieving or exceeding their targets and goals, sales managers build sales management strategies and processes to help sales representatives achieve these goals.
📌 Crucial Sales Management Processes
The following section details the top 5 crucial sales management steps which are applicable to businesses, regardless of size or geographic location. It is important to take each of these steps into account when managing a business, so as to ensure business success.
1️⃣ Process of Fine-Tuning Coaching Techniques
The most important sales management activity that affects sales success is coaching. Companies that fine-tune their coaching methods perform better than those that don't. This is because without a defined coaching approach, the result is subpar sales rep development, which over time will translate into subpar sales performance.
Coaching has a huge influence on sales rep performance as sales reps who receive sales performance coaching continuously improve their selling skill sets through feedback, practice and repetition. It also allows sales leaders to identify gaps and opportunities to improve sales processes and training techniques.
2️⃣ Process of Aligning Sales Goals
Making sure that your salespersons are closely aligned with the company’s shared goals is one of the most important components of sales leadership. By identifying Critical Success Factors (CSFs), developing a plan to achieve each CSF, and establishing a method for determining success, salespersons have structures to follow and have a clearer understanding of how to attain the company’s goals. This can in turn lead to increased sales performance by each sales rep, increasing business revenue.
As sales organisations expand, alignment becomes increasingly important for the company’s success. Sales reps will understand their expectations and duties more clearly and will be more driven to reach their goals if their goals are properly aligned. Achieving goal alignment also boosts sales rep engagement and creates a better workplace atmosphere.
3️⃣ Process of Business and Sales Planning
In today’s competitive business landscape, sales managers must become more strategic in order for their business to stand out. Sales managers need to have a very clear understanding of the key elements that will determine their performance and develop a strategy for achieving their CSFs. At the sales manager level, business planning comprises determining the region's top clients and providing resources to sales representatives to serve these clients well, ensuring that these clients remain with the business for the long-term.
Reviews are also a necessary component of every business planning process, and this can be conducted on a weekly, monthly, quarterly, or annual basis. A crucial component of business planning is the chance to assess your operations and make corrections, in turn improving business processes, leading to better performance. If sales goals are not being attained, changes must be made to either the goals, or the efforts.
4️⃣ Process of Performance Management
The secret to effective sales management is regular assessment. Setting goals, conducting recurrent performance reviews, and conducting yearly performance evaluations are just a few of the numerous components of performance management.
Without proper performance management guidelines being set in place, sales managers must use their own judgement to manage sales rep performance, which may result in less-than-ideal sales performance. Thus, it is vital for any business to set in place performance management guidelines that sales managers can follow, in order to develop sales reps and their abilities well.
5️⃣ Process of Developing a Structured Hiring Process for Sales Representatives
Hiring the right sales reps is crucial, as a poor hire can lead to a significant financial impact on the business. The difficulty of finding the right candidate for a sales position increases when there isn’t a consistent and standardised method of candidate evaluation. On the other hand, the chance of finding top-achieving sales representatives is considerably increased by well-organised and methodical hiring procedures. As such, a structured hiring process must be set in place in order for a business to flourish.
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