Problem: Sales Force Not Fully Capable of Executing the Company’s Sales Strategy
Sales forces are under increasing pressure to produce better results with fewer resources â to become more efficient and effective.
At the same time buyers are becoming more aggressive in seeking better prices, and sales forces are being asked to practice more effective value selling.
Many sales forces that were previously successful are coming under increasing performance challenges.
CBIM Solution: Sales Force Impact Analysis
The sales force impact analysis enables you to diagnose the exact nature of your sales force’s strengths and challenges and develop strategies for leveraging strengths and addressing the challenges.
We work with you to define the DNA of the ideal sales person and sales manager for your strategies, and identify specific steps you can take to execute your strategy more effectively.
Research has shown that implementing just one of our best practices for as little as three hours per sales person per month increases performance by 15%.
The sales force impact analysis helped a client facilitate their shift from a transactional sales strategy to a value-selling strategy. Existing strengths to leverage were identified, and development needs prioritized.
Another client used the impact analysis to design sales processes and job-tools to support their sales force as they met increasingly “professional purchasing” approaches in their key customers. Sales management used assessment results to perform individual coaching and performance evaluations.
Another client found that even their best performers could improve their effectiveness. They identified potential “ghosts” and established 90 day performance plans to address them.
Problem: Better Relationships with Important Customers
In these challenging economic times buyers are becoming more aggressive in applying professional purchasing strategies to reduce the prices they pay their suppliers.
At the same time, suppliers are relying more heavily on their most important accounts to maintain and grow revenues.
In order to create win-win relationships it is critical that suppliers optimize their investment in each key account â spending no more and no less than necessary to maintain and grow revenues.
CBIM Solution: Relationship Assessment Process
The relationship assessment process enables you to diagnose the exact nature of your relationship with each customer and develop strategies for improving it. The process has four dimensions to it:
- Current relationship with the customer from the customer’s perspective
- Your investment in serving the customer
- The potential of the relationship over the next year
- Gaps in the relationship that need to be examined
The relationship assessment process helped a client adjust their key account strategy, double their revenue volume, while actually reducing their investment in their largest strategic relationship.
Another client’s largest account was purchased by a conglomerate and the new owners implemented a price-oriented, professional purchasing process. The relationship assessment enabled them to improve their relationship with their key account, earn supplier-of-the-year honors for two years in a row and defend their revenue volume. They also were able to extend their relationship to other divisions of the conglomerate, win supplier-of-the-year honors for a new division and ultimately double their revenue volume.
Problem: Lack of a Quality Sales Pipeline
Discussing which prospects to spend time on is one of the most important topics for sales managers to work with their sales people on through the coaching process. However, sales people and managers often do not know how strong a potential sales opportunity is until it closes or is lost.
CBIM Solution: Pipeline Analysis
The pipeline analysis facilitates this critical aspect of developmental coaching by asking sales people to evaluate a sample of their prospects on 19 specific dimensions.
The pipeline evaluation results help the sales manager be specific in guiding and supporting their sales people’s work.
A recent client’s pipeline analysis showed 35% of its potential business to be low quality (unlikely to close) and 25% of medium quality (only some chance to close). Thus, the sales force was likely to close only 40% of the opportunities it had been working on. Through developmental coaching on specific aspects of prospecting and qualifying business the client was able to increase the overall volume of its pipeline and improve the quality in the pipeline to over 60%. This resulted in a significant of additional revenue to the client over the following year.
Problem: Attracting, Hiring, On-boarding and Retaining Top Quality Sales Representatives
While there are many people seeking jobs in sales only a few have the potential to be top quality sales representatives. In addition, the average sales force turnover each year is 29%.
The cost of a “ghost” (a sales person that is not selling at full potential) in a sales force can run into the hundreds of thousands of dollars. Lost business, lost customers, wasted training, and acquisition and severance costs hurt the overall profitability of the company.
CBIM Solution: STAR (Sales Talent Acquisition And Retention)
The STAR process is a ten step process that leads to a 95% probability that each sales representative hired will be a highly quality producer and fully capable of accomplishing the company’s sales strategy within one year.
The process includes attracting, screening, interviewing and on boarding potential sales people in and efficient and effective manner.
One client used the STAR process to complete staff a new business unit of their company. Within one year this business unit led the company in productivity.
Another client used the STAR process to recruit both sales and marketing managers including the vice prescient of sales.
Other CBIM Solutions
- Measuring return on investment (ROI) of event sponsorship, trade shows, and other marketing and sales support
- Assessment and training of product managers
- Development of Key Account programs for major customers
- Online courses for sales representatives and sales managers
- Turn around and other high impact interventions