It seems we’ve traded old pandemic-induced economic blows for new Russo-Ukrainian War-induced supply chain disruptions. Add in mounting global inflation and you’ll get a world faced with higher prices for harder-to-find goods. Chief among those suffering from supply chain disruptions the most are building and hardware distributors and manufacturers.
How do you measure sales success? By definition, it’s the confirmation that a prospect allowed a seller to address their needs.
This leads to an even bigger question. How do companies achieve field sales success?
Before the internet leveled the playing field in terms of knowing about products and companies, many salespeople saw field sales success as an individual accomplishment. Sales teams and companies supported that notion, as competition between agents meant bigger revenue for themselves. They stoked the competitive fire by offering awards and incentives for top sellers.
Mentorship could be the game-changer South African entrepreneurs need, especially as 70% of mentored businesses experience a five-year increase in survival rate. Sam Clarke, CEO of Skynamo, says entrepreneurs are needed now more than ever since they see opportunities, capitalise on these, and, in doing so, create the businesses of the future. But they urgently need support if they are to succeed.
Customer relationship management (CRM) software and sales management software are two of the strongest tools a modern sales team should have. Both can drive sales and customer retention, but are they necessary if you already have a strong sales force?
With information readily available on the internet, consumers do their own research instead of relying solely on salespeople to solve their problems. A recent study by Gartner shows 44% of buyers prefer a seller-free sales experience, with millennial buyers expected to cut out the middleman in just a few years.
Distributors, wholesalers, and manufacturers rely on numbers to run their businesses. From receivable accounts to inventory counts, data collection and analysis is both crucial and tedious. Even if sales are streaming in, do you understand the impact that sales performance has on your business? If not, sales metrics can clue you in on what is working and what isn’t—and how you can navigate these obstacles to sustainably grow your business.
When it comes to B2B sales, information is king. However, the information needed isn’t about your products or services. Successful sales come from using data analytics to learn more about your customers and current market trends.
For example, let’s look at how Netflix uses data to enhance its customer experience. Netflix collects subscriber viewing information to create personalized recommendations for each user. They also use data analytics to gather insights on which shows their audience likes or dislikes. Netflix uses these insights to decide whether to greenlight or reject a new movie or series pilot.
Micromanagement is something many do, but few admit. It’s one of the foremost examples of good intentions with often negative consequences. Especially in field sales management, micromanaging is rarely necessary.
When determining the most appropriate sales strategy for their teams, B2B companies often use customer sales records. This approach collects data, analyzes it, and then uses it to maintain accurate customer databases.
Tracking this data can help you to monitor your company’s performance among specific demographics and target users. You can then use this information to tailor a sales strategy that optimizes resources and fosters growth for your business.
Tracking sales productivity blindly, or ignoring it completely, can be detrimental to your business growth and your bottom line. Although sales figures alone can give you an indication of the demand for your product or service, other factors determine whether those sales are translating to increased profit – as well as how they match up to the team and market potential.
Now that employees have experienced remote working, many don’t want to return to the office, leading companies to opt for hybrid work.
Sales can be volatile, particularly in today’s economy. The cost of stock and its availability can change swiftly, which makes it difficult for sales teams in the trenches to close deals or deliver the promised goods.
Skills shortages have been named as the eighth-largest risk facing South African businesses and the seventh-greatest risk worldwide.