Is Sales Managing You?

Is Sales Managing you? This is a question which all of us want to overwrite with the 

answer “I am managing my Sales”. What is there in this function of Sales that it ends

 up managing you if you do not know exactly what is there in it to manage for you.

• Managing Sales Team
• Managing Sales Funnel
• Managing Sales Competition
• Managing Sales Fatigue

Managing Sales Teams

In order to manage sales teams , you must understand that attrition rates are high in

 sales teams and hence you must have the capability to hire quick enough and have

 a good “bench strength”. The team selected in sales must undergo a structured 

training program of induction and anything to do in sales should not be based on

 instincts. Making use of technology for daily reporting and BI so that you are able

 to lead effectively.

Managing Sales Funnel

• 

The conversion of leads into Sales is a journey which the Sales Management has to 

closely monitor. The sales funnel ratio’s should be healthy and the velocity of

 movement of leads into sales is very much dependent on the sales manager. Inside

 the funnel, structured process that ensure conversion of Marketing Qualified Lead 

(MQL) into Sales Qualified Lead (SQL) and finally BANT (Budget, Authority, Need and

 Timeframe) leads. Once the leads mature into an opportunity customised 

proposals are given only if one is able to conduct a structured need analysis. 

Good proposals convert into a negotiation opportunity and finally to sales.

Managing Sales Competition

Know yourself well

It is important to know your product mix well so that you know where you enemy can

 attack you first. The BCG matrix shown above will give you an idea of the “dog” and 

“Question mark” products.

Once you have analysed your self well, keep in mind the following sins that you can

 make in handling your competitors:

• Do not be the first to mention your competitors name
• Do not attack the competitors products or services
• Do not agree to a product comparison with competitor
• Do not ask as to what your customer likes about your competitor

Managing Sales Fatigue

For sure all sales managers must understand the following stress curve and deal with

 their sales teams accordingly.

• 

If the Sales Manager also understands the nuances of the following root cause 

analysis of sales fatigue, it will serve him well.

• 

The 5 lines of defense shown above is a checklist for all Sales Managers to ensure

 that sales fatigue, burnout and overdose syndrome does not spoil the effectiveness

 of good sales teams.

In a Nut shell

• 

These 4 pillars of Sales Mangement summarises the challenge of Sales Management.

For more details of this topic, visit us for Sales Ki Pathshala every Wednesday from

 9-10 am or email us on sanjay@consult4sales.com

Why Align Sales and Marketing?

Sales and Marketing: Marketing creates a lead and Sales ensures that the lead converts into business by facilitating a sales transaction.

AIDA & SPANCO: AIDA (Attention, Interest, Desire, Action) The last “A” of AIDA initiates SPANCO. (Suspect, Prospect, Approach, Need Analysis, Closing, Order). 

MQL & SQL: Marketing Qualified Lead have the “willingness to buy”.  Sales Qualified Lead are those MQL which are backed with “capability and urgency to buy”.

Where does the mis alignment between Sales and Marketing start?

32% Marketing people do not use Sales data fully. 43% Sales people do not fully use Marketing data.

What are the areas where alignment of Sales and Marketing has helped best run companies in past?

How does alignment of Sales and Marketing help in realising a better LTV(Life Time Value) from customers?

How much revenue boost can one expect by aligning Sales and Marketing to 100%?

How does CRM help in better aligning Sales and Marketing?

What is the monetary benefit if you are able to align sales and marketing?

Finally, what are the 7 advantages of suitably aligning sales and marketing?

In this blog, we have tried to curate inputs from various websites on similar topic. For more details on this topic, we invite your queries on email id sanjay@consult4sales.com

What Are the Good Management Skills?

A good manager has the capability to inspire others and attain the best results through them. They are
good in their people skills. They understand the strengths and weaknesses of every team member and
use them according to their ability. They are approachable but keep a certain distance so as not to
dilute their position. They are affable and assertive too. They can gauge the various situations quickly
and find ways to resolve them to the best possible conclusion under the circumstances.

Good management skill is all about managing those under you and keeping those above you in good humor.  A manager acts as a go between the supervisor and the subordinates. It is the job of the manager to achieve the results through the work done by the employees in a company. Any employee facing any grievance or problems in work is certain to approach the manager for solutions. A good manager in response always display courteousness, humbleness, and put forth his or her response according to the situation.

Some of the good management skills include:

A Happy Disposition

A manager is not a stern tyrant but rather highly approachable people with a ready smile who can be
assertive as and when the need arises. Only when the subordinates are able to communicate their
problems, the right solutions can be found. A smiling person is also a person who is popular among
the employees and is able to create an influence.

Great Listening Skill

Communication is a two way process, so a good manager is also a good listener. Such a person has a
sympathetic ear. Good listening skills include looking at the person who is talking in the eye, which
communicates your interest in their point of view. There should be weekly meetings held which
clarifies the position of every employee. The manger gives every person job responsibilities in keeping
with their strength and weaknesses.

Regular Interactions

A manager gets in the thick of things and holds regular interactions which each and every person under
his or her charge. This helps to build up a rapport and achieve positive results. Good managerial skill
includes knowing each employee thoroughly right down to the minutest detail.

Treating Subordinates as Individuals in Their Own Right

The managerial skills can be honed through continuous interactions with all the people in the
organization. People learn from their experience, the same thing is true for managerial skills. You
find out something new and exciting each day, the important thing is to grab any opportunity that
presents itself.  Even if you get an opportunity to learn from your subordinates, grab whatever is
interesting and impelling.

Understanding VRIO as the Most Effective Sales Strategy

VRIO analysis, developed by Jay B. Barney, is a competitive tool

essential to identify and evaluate the resources of an organization.

Whether financial, human, material, non-material, or organizational

capabilities, all resources are put to thorough analysis in the process

 of strategic planning and management. This in turn helps to take

impactful business decisions while boosting sales and expansion.

 To put in simpler words, the VRIO analysis is a tool that displays a

 transformation of company’s competitive advantage to sustained

competitive advantage.

Understanding VIRO as the Most Effective Sales Strategy

                                                                                                                      

Dimensions of VRIO Analysis

There are 4 parameters of evaluation in the VRIO analysis:

·         ‘V’ for Value

·         ‘R’ for ‘Rarity’

·         ‘I’ for ‘Imitability’

·         ‘O’ for ‘Organization’

‘V’ for ‘Value’ is the first parameter to analyze and evaluate

 the value of the resources to judge how beneficial the resources

are to the company. For example, if a firm makes use of human

capital management data to recruit skilled, knowledgeable, and

 innovative employees who come up with new inventions everyday

add an extra dimension to the company’s competitive advantage.

However, if these employees do not add any value to the company,

the firm goes in the mist of competitive disadvantage. In this scenario,

 the firm needs to reassess the acquisition and management of its human

resources.

 ‘R’ for ‘Rarity’ is the second parameter to analyze and evaluate the

rareness of the resources to ensure a strong and sustained competition

in the market while competitors try to find a substitute to overpower you.

If a firm puts forth its valuable resource to function without letting anyone

exploit the resources ensures then the firm enjoys rarity of its resources.

‘I’ for ‘Imitability’ is the third parameter to analyze the Imitability of the

resources to ensure sustained competitive advantage of the resources. This

 means that the resources are either too expensive or tricky to imitate or

duplicate by competitors. The resources that are time-consuming like software

and technologies that need investment of time for training and funds for

implementing are also not easily obtainable.  

‘O’ for ‘Organization’ is the fourth and last parameter to analyze the value

of an organization. It is important for any firm to have an organized structure

 and follow a streamlined approach to strategic planning and management

with an assurance of long-terms profits and high-end competition in the market.

Benefits of VRIO Analysis

Here are some of the key benefits of VRIO analysis:

• ·         Helps business take thoughtful decisions
• ·         Helps improve sales after thorough analysis of business situations
• ·         Makes it easy to formulate and execute sales strategy
• ·         Helps assess the potential for business improvements
• ·         Helps evaluate the competitive implications of business resources

Good Customer Service Skills for Better Business

The customers can make or break any kind of business. They are the key source stimulating the sales
and profit of any organization. Therefore, keeping them happy at all items should be the objective of
all organizations.  Strategies are made, policies are framed and infrastructures planned, all with only
one goal in mind, which is keeping the customers happy and coming back for more. Therefore, if your
employees are lagging in customer service skills, it bodes quite ill for the success of your business.

On the contrary, any organization that ranks high in the customer service department, not only retain

the original customer base but also has a much better chance to attract new ones in hordes. In today’s
age, news travels fast. Therefore, how you behave with your customers can be easily spread through
the social networks or word-of-mouth marketing.

Before you take a virtual tour to understanding the important skills and how to develop them, it is important that you learn about the 5 key methodologies that help provide better customer service in all fields of the professional kingdom. These methodologies form a complete circle of influence that help you resolve customer complaints while surpassing customer satisfaction. Tagged as the “The 5S Methodology”, it defines the five stages:

• Suno  - Listen actively
• Samjho - Understand the customer's download
• Sujhao - Reiterate your understanding about customers problem
• Samadhan - Propose a solution
• Shukriya - Say Thank you

Now, let us get into understanding some of the necessary customer service skills that include:

Learn about the product or service your company sells

In order to have a successful customer service skills you need to understand the product or the
service you are representing. Take time to study and understand it thoroughly. Only when you have
a clear and precise understanding will you be able to communicate it to others. One can know about
the product or the service through the training that the company imparts, through a hand’s on
knowledge or gradual experience. How well versed you are with the items and their uses determines
your customer service skills.

Having a deep understanding about the services or products that are part of your organization gives
you the confidence to represent them in the best possible light.

Pleasant behavior

Customers are looking forward to help and guidance from various representatives. Good customer
service skills includes a pleasant disposition and an inclination to be helpful when required. However,
when asked a question, your answers should be also clear and precise to ensure that the problems are
clarified thoroughly and the customers have a good understanding of the product and services that are
looking forward to buy.

Problem solving skills

It is not always smooth sailing for the representatives. From time to time, they need to deal with
disgruntled and unsatisfied customers. If dealt in the wrong manner you are never going to see them
again and are going to lose them forever. Problem solving communication skills are required in such
situations. Sometimes one needs to think on their toes. Such problem solving skills require a cool head
and a patient disposition because losing your cool just aggravates the problem.

Willingness to Travel the Extra Mile

When there is passion for sales, when there is willingness to travel the extra mile to keep customers
happy and satisfied, then the brand certainly raises its bar in the competitive business world. Be it
delivering the services or be it providing after-sale support, the approach should take a positive and
strategic path.

Sense of Personal Responsibility

A sense of personal responsibility towards the existing and prospective customers is what makes a
brand stand apart in any relationship with customers and business associates.Mistakes are human and
no one ever judges the representatives of an organization on the mistakes they make if they have the
courage to take the responsibility of their mistakes and failures as well.

This in turn would convert all the unsatisfied customers to brand supporters.