Crush Goliath Sized Competitors with World Class Sales Process

Small and mid-sized businesses (SMBs) face tremendous challenges when competing with larger, enterprise-level companies due to limited resources and fewer economies of scale. However, when SMBs have well defined sales process, they can overcome these limitations, level the playing field, and compete toe-to-toe against these heavyweights. But what is a sales process, how does it help SMBs, what are the risks of NOT having one, and how is it developed and implemented? Glad you asked.

"You will never have a product or price advantage again. Only the customer experience can become an everlasting competitive advantage." Jerry Fritz

Your customers' experience begins with your marketing and continues when they come into contact with a salesperson. That's where the sales process takes over. Sales process is the systematic approach to selling that involves a series of stages, activities, and tasks designed to guide a Buyer through the buying journey, from initial contact to closing the sale. A well-defined sales process can provide numerous benefits to a company, such as improved sales effectiveness, increased revenue and profitability, greater efficiency and productivity, and enhanced customer experience. Most importantly for SMBs, a sales process that is designed with the customer experience in mind can give it an everlasting competitive advantage – even against the world’s largest corporations.

The risks of not having a well-defined sales process for small and mid-sized businesses can be significant. Without a clear process in place, sales efforts can become disorganized and inconsistent, leading to missed opportunities and lost revenue. Sales reps may struggle to effectively manage their pipeline or prioritize leads, resulting in wasted time and resources. In addition, without a defined sales process, businesses may struggle to accurately forecast their sales and revenue, making it difficult to plan for the future. This lack of visibility can also make it difficult to identify and address performance issues or areas for improvement. Ultimately, a lack of a well-defined sales process can lead to inefficiency, missed opportunities, and reduced revenue, all of which can undermine the long-term success of a small or mid-sized business.

So, with the risks of not having a well-defined sale process so real and the advantages so significant, it is clearly in any SMBs best interest to create sales process if none exists or to make sure existing sales process is optimized. Establishing sales process might seem like a daunting task, but following these steps will help to make it a more manageable undertaking.

1.     Define the stages of the sales process, from lead generation to closing the sale.

Start by breaking down the sales process into clear stages that align with your business model. These stages may include lead generation, qualification, needs analysis, proposal, negotiation, and close. Defining the stages in the sales process provides a clear roadmap for your sales team to follow.

2.     Identify the key activities and tasks for each stage.

Once you have defined the stages of your sales process, identify the specific activities and tasks that need to be performed at each stage. This could include conducting a discovery call, presenting a demo, or preparing a proposal. Breaking down the sales process into smaller, actionable steps ensures consistency and efficiency in your sales efforts.

3.     Establish clear criteria for advancing to the next stage.

Define the criteria that need to be met for a lead to advance to the next stage of the sales process. This could include specific actions taken by the lead or the level of engagement with your sales team. Clear criteria for advancing leads helps to ensure that only qualified opportunities move forward, saving time and resources.

4.     Develop a system for tracking leads and opportunities.

Use a CRM or other sales management tool to track opportunities as they move through the sales process. This allows your sales team to easily access information about a lead's history, status, and next steps, as well as provides sales management with visibility into the sales pipeline.

5.     Provide sales training and resources to support the process.

Provide your sales team with the training, resources, and tools they need to execute the sales process effectively. This could include product training, sales training, and access to sales enablement tools like templates, case studies, and scripts.

6.     Continuously monitor and evaluate the process for improvement.

Regularly review and assess the effectiveness of the sales process to identify areas for improvement and optimize performance. Monitor key metrics like conversion rates, time to close, and deal size to identify trends and areas for improvement. Use this information to iterate and optimize your sales process over time.

7.     Incorporate feedback from sales team and customers.

Establish a process for collecting feedback from both customers and your sales team. This can include post-sales surveys, win/loss analysis, and regular check-ins with your sales team. Use this feedback to make adjustments to your sales process, address customer concerns, and continuously improve your sales efforts. By implementing feedback loops, you can ensure that your sales process remains responsive to changing market conditions and customer needs

By following the steps outlined above, businesses can create a sales process that is tailored to their unique needs and helps them achieve their sales goals. Without a defined sales process, businesses risk losing out on valuable opportunities, facing inconsistent sales performance, and ultimately, struggling to compete with larger enterprises. On the other hand, implementing a robust and well-defined sales process can help businesses increase revenue, improve efficiency, and provide a better customer experience. Most importantly, it can help SMBs compete in a landscape where the rivals are giants to your David.