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Opportunity Management
CRM helps your sales teams secure control over their opportunities and improve their sales pipeline management. It provides them with the sales road-map that helps guide their sales efforts by following a sales process. It adds visibility to their sales pipeline by providing them with a real-time overview of where all their opportunities are nicely aligned along their sales process steps.
Using the
CRM, your sales teams can achieve the following:
- Stronger sales discipline – Standardizing the sales process and measuring the success rate of each step of the sales process for continuous improvements.
- Better prioritization – Focusing on the opportunities that matter the most.
- Higher win chance – Seeing what needs to be done next and what the best approach is to complete each sales step.
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Disciplines To Increase Sales
In
CRM, leads can be generated by SEM, e-DM, telephone, seminars and referrals that lead to buyer visits. Buyer visits lead to building relationships and qualifying for new opportunities. Qualified relationships lead to sales presentations that in turn lead to buyers buying. Sales of $X amount equals increased sales.
A salesperson using
CRM can track her sales disciplines and total and average them at the end of each month, she will soon learn her sales call-to-close ratio in regards to increasing sales. Before long she will be familiar with the number of sales calls required to make an appointment, e.g., 10 to 1, and how many buyer visits it takes to locate a qualified relationship e.g., 3 to 1. She will also know how many qualified relationships lead to a sales presentation, e.g., 3 to 2, and finally, how many presentations are necessary to get the buyer to buy from her. After the sales person knows her numbers, she can define the daily sales disciplines/activities that are essential to increasing her sales.
CRM can improve your sales team’s discipline of prospecting and nurturing. Your sales team can immediately produce better sales results by applying the above said continuous improvement method to prospecting. Sales people with no real superior sales abilities often outperform those with greater skills simply through disciplined prospecting. They provide themselves more leads through the discipline of prospecting. The discipline of nurturing is what eventually opens the relationships that open opportunities. Your sales people’s effort to create value for their prospective clients before claiming any is what will eventually bear fruit. But only if they exercise the self-discipline and measurement to create and share new ideas with their prospective clients. -
Prioritization To Improve Focus
CRM helps your sales team to prioritize their qualified opportunities by a combination of opportunity type, revenue/profit/cost and chance of success/time. The prioritization helps your sales team to focus their efforts on the highest value opportunities and deal with resource conflicts.
CRM also tracks progress and cost of each opportunity so that mismanaged opportunities can be detected for additional management attention.
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Analysis To Ensure Competitiveness
A competitive analysis is a critical part of your opportunity management. You will need to first analyze the client’s pain points and preferences and then identify potential competitors who can effectively deal with the client's problems and preferences. For each competitor, list their strengths, weaknesses, opportunities for you and threats to you. allows you to score yourself and your competitors so that you understand the gaps of each better.
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Clarity To Communicate Values
Clarification is very important in the value proposition. Your value proposition should explain how your products and services solve the client’s problems or improves their situation (relevancy) and discuss the tangible benefits, timeframe and required resources and cost.
CRM helps you to create value propositions that are clear and communicate the concrete costs and benefits. CRM allows you to specify current state with concrete problem statement and target state with concrete benefit statement and time and cost requirements.
Combining with
CRM Competitors Analysis, you can also show how your value proposition is unique or different from your competitor.
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Proof-of-Concept To Ensure Practicality
CRM provides you the facility to manage your Proof of Concept (PoC) projects during your pre-sales stage. The facility allows your client to work with you and your team on the PoC activities and measure the results together. By treating your client as a team member would bring you closer to your client.
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Managing Influencers To Maximize Leverage
Analysis and management of the key decision makers and influencers in any strategic and long-term sale is crucial for success and for obtaining that big sales contract win. This type of analysis of multi-million dollar & strategic sales deals is a common practice of the top revenue generating companies.
CRM provides tools to allow you to analyze and manage key decision makers and influencers.
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Win-Loss Analysis To Improve Win Rates
Win-Loss analysis is very important for verifying perceptions, gaining deeper insights into buyer decision factors, guide product development, improve pricing and value proposition alignment, drive more effective product positioning and messaging and better anticipate competitor actions. All these lead to increased win rates.
CRM provides you with a tool to record the key information for winning or losing an opportunity and analyze results for continuous improvement.
