The 5 Areas You Need To Diagnose For Better B2B Sales

You want to sell more to better customers? Good. All you need is to answer some questions of these 5 B2B Sales Diagnostic areas:

 

  1. Lead Sources
    Where do you get your leads from?
  2. Sales Workflow (with benchmarks)
    Can you describe the step-by-step process of your sales?
  3. Account Management
    Do you have any process in place to frequently contact/manage your existing clients to make them buy more/more often?
  4. Sales personnel
    How much do you know about the background of your sales team?
  5. Motivation System
    Do you know one-by-one the best ways to motivate each of your sales people? (tangible vs. intangible motivators)

Now let’s drill down:

  1. Lead Sources
    Do you have a list of the sources of your leads?
    How much influence do you have on these sources?
    How much you know about your Social Selling tools/resources/skills?
    What is your conversion rate of (leads to meetings, meetings to proposals, proposals to deals)?
    What is the ratio of your closed deals between the different sources of leads?
    Do you know how much a lead costs for your company (from lead development to the closed deal)?
  2. Sales workflow
    What step follows what step and where are the decision points in the process if there is any? There is one key point here to discover: is there any Lead Qualification in place? and if so, how sophisticated can it get? This is where internal benchmarks can collide with your competitors’ or industry average. (Always take the average performance of your senior sales people for internal benchmarks and never the sales-team average.)
  3. Account Management
    Account management is questioned many times if it has anything to do with sales. (This is the old ‘hunting’ vs. ‘farming’ debate.) Well I think one of the biggest problems sales departments and revenues suffer from is poor account management: Because add-on sales is the cheapest and most manageable kind of sales process with high predictability and low risks. In add-on sales most of the sales-investments of time and money are already done, we know the client-needs and we have a close understanding of their behavioral patterns.
    But even if your company is project based and it is not typical that after a project there is any budget left for another project at your client. So even if your sales is project oriented one of the best quality leads for selling high-added value services are coming from customer referrals so the better you treat your (even former!) customers the more likely that they will recommend you to your next lead.
  4. Sales Personnel
    Do not be sure that you know why any of your sales-colleagues ended up in your sales department! Sometimes the ‘cover-story’ of an HR interview and the real reasons beneath are significantly different. Look for gaps or sudden changes in your sales colleagues’ carriers to be able to understand their real motivations and their future plans. If your ‘soldiers’ are not there to fight but to survive or regroup it is better to know it before you send them to a battle.
  5. Motivation System
    There is always a motivation system in place otherwise no one would show up Monday morning. But many times this motivation system is based on money according to that false belief that it is money that motivates our sales force. Quite the opposite! Money is never enough for anything more than bringing the sales staff to the office. But if your company can build a motivation system with the emphasis on the intangibles instead of the ‘money-can-buy’ tangibles then you really have a cutting-edge weapon to beat your competition. Because many of your competitors can pour money on their sales department but few companies have an intelligent sales motivation system!
    When you assess your motivation system try to group the benefits you offer into these two groups: Tangibles vs. Intangibles.

So if you ask these questions and have these priorities in mind – you will have an overall understanding about what’s going on in your sales department. In case you need a professional B2B Sales Diagnosis: click here

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