Partner Article

An eye on profitable sales

By Martin Moran, EMEA SVP and GM, InsideSales.com

The UK is facing some particularly unsteady waters at present. Following the decision to leave the European Union just over a month ago, there are many unanswered questions about the future of the UK’s economy – and whether we’re teetering on the edge of another recession.

The most recent financial crisis has led a lot of companies to examine their sales and marketing costs with a view to making cutbacks in order to stay afloat. On the sales side, this meant that a number of businesses downsizing their outside sales departments – it was no longer economical to pay for sales reps to fly around the country – or to host expensive events and dinners. However, while these processes could be costly, they were often successful. Businesses desperately needed to find efficiencies, but they simply couldn’t afford to miss their sales targets. They had to figure out how to sell more with less – which led to further growth of the inside sales industry, which is a more efficient and effective way to sell.

Simultaneously, it seems like history might be starting to repeat itself. This year has already seen many companies’ valuations tumble, especially in the technology industry, as investors are demanding profitable growth, rather than the hyper growth we’ve seen in recent years. This is forcing companies to rethink their revenue models and restructure their businesses accordingly.

So, how can businesses improve their sales team’s effectiveness and efficiency? By being smart with the tools they have in their toolbox. One of the most valuable tools is the data that they hold on current customers and prospects. For so many businesses, this treasure trove so often goes undermined and under utilised – however it can be your biggest asset in tempestuous times. Critically, it’s the way you use that data that will really have the biggest impact on your business.

Here are three core tenets to focus on when looking to improve business productivity:

1. Visibility. Businesses need sales tools with predictive capabilities, so that reps can spend their time focusing on the most valuable and profitable leads and opportunities. Enabling sales resources to be applied where they can have the greatest impact. Advanced levels of data science will also help improve forecasting accuracy – and highlight potential issues long before they get to critical mode
2. Productivity. For businesses, it’s really about keeping control, growing the sales pipeline and focusing on building a revenue-positive business model. This requires automation that delivers prescriptive workloads based on prescriptive capabilities.
3. Effectiveness. Speed is of the essence when it comes to following up leads. This applies to all industries. It’s vital that businesses look to communicate with the right prospects at the right time, in order to maximise sales. This can be achieved through predictive analytics, local presence and other smart selling tools.

Market volatility should not be a moment of panic, but a moment of reflection and self-improvement to become the winner in your market. The deals are there for the taking if you make the right bets and stay focused on making the most of your data.

This was posted in Bdaily's Members' News section by InsideSales.com .