Over the past few weeks, we’ve discussed one of the many benefits of being an LXCouncil member is the access to multiple proprietary business tools that we make available to our CEOs and business owners. One of them is called Member 360. This is a questionnaire designed to help you rate your business in various key areas.
Over recent weeks, we’ve been taking a deep dive to review each of the sections and why they are important for the health and growth of your company. You can find the full MEMBER 360 here.
This week, we’ll look at the SALES questions and why they are important.
Our sales team in the right size for our Marketing.
Having a “right sized” sales team supporting your marketing is a key area to review for your company. You may mark yourself a 4 or 5 in this area, but there’s a catch. Is your sales team balanced with the rest of your company? As you know, sales are the chief revenue driver of your business. The size and effectiveness of your sales team directly correlates to the number of deals (or revenue) that you set as a goal for the quarter, year, or longer time-frame. Are you setting a sales goal and then working backward to set a sales force to meet this goal? If you are setting and not meeting sales goals, then establishing the ideal size of your sales force may be something you should address.
Is your Sales team well prepared prior to each sales interaction?
You have probably seen this before…a sales person comes into your office to pitch a particular service or product and is woefully unprepared to answer your questions or concerns. Worse yet, they haven’t done their due diligence on your company prior to the meeting. Do you address these things with your sales force? Does your sales team have a script (that they all know) for specific situations or questions? Are they focused on selling “value” versus “always be closing?” Does your sales team truly believe in the value of what they are selling?
Is your Sales training and Accountability weekly?
You may mark yourself a 4 or 5 based upon a strong, effective on-boarding process that includes all necessary sales training. However, do you conduct ongoing training on a weekly basis? Think “experienced used car sales person.” They have been selling the same way for a LONG time, and believe that they know everything about sales. They may not even realize that marketing has changed, demographic characteristics, the product has changed, and other new factors may be limiting them. Additionally, is your company setting weekly goals and holding the sales team accountable for them? Without accountability and training/re-training, you may be bleeding profit.
We track conversions and conversion rates with references to Marketing Channels
To give yourself a high mark on this question, you should ask yourself “Do I know where ALL my leads are coming from?” Do you have a system in place to track traffic and leads from your website? Do you track leads/prospects that come to you from traditional media (Billboard, Print, Radio, TV, etc.)? Social media can be a powerful marketing tool, but do you have a system in place to track conversions from your various social platforms? Do the people that answer the phone always ask “how did you find us?” Do you ask your existing customers why they chose you? Probably the most important question is “Are my marketing people talking to my sales team?” and vice versa.
We have formal materials for sales presentations
Nearly every company will have collateral for sales presentations. Before you mark the 4 or 5 on this question though, take a look at your sales presentations. Are they truly conveying your values, and providing a reason for the client to choose you over a competitor? Are they highlighting in depth your UNIQUE sales propositions? When you don’t get a sale, are you evaluating your sales materials to see if there is a gap? One thing to try is to ASK (when you don’t get a sale) for feedback on why the client or customer chose a different direction.
We have a CRM system used by sales
Most larger companies will have a CRM, but is it being used by your sales force? Are you using a CRM to build and improve your relationship with your existing customers, find new customers, and entice former customers to come back? Is the data going into your CRM the right data? Is your CRM agile enough to help close deals quicker? Before you mark a high score on this one, also think about how your CRM really communicates with your customers, management, marketing and sales staff. If you have all of these covered, give yourself that high mark!
Our MEMBER 360 is an incredibly valuable tool when you look at each question in depth, as we have done here. This is the type of exercise we go through in LXCouncil meetings with our CEOs and business owners.
If you’re a CEO, business owner, or entrepreneur who really wants to build a wildly successful business, you need more than a dream — you need a dream team.
Simply put, that’s what LXCouncil is … it’s a dream team comprised of other business owners, just like you. Peer advisory councils are an entrepreneur’s secret weapon. Members gain access
to knowledge and insights that their competitors often lack. That extra edge can really make
a big difference in how a company performs in a competitive marketplace.
If you are interested in learning more about becoming part of a peer advisory council, let’s start a conversation!
“Plans fail for lack of counsel, but with many advisers, they succeed.”
~ Proverbs 15:22
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