Answer the questions below and see how your organisation stacks up against 2015 industry benchmarks. Then read the seven tips to improve your sales process.
How much time do you spend on-boarding a new sales rep?
The industry average is about 6‐7 months. Getting new employees up to speed quickly is key to a strong sales organization. However, few organizations have mastered the quick on-boarding process. Here is one trick we'd recommend:
Tip 1. Develop a buddy system. Pairing a new employee with a seasoned employee allows new employees to ask questions, see how process works first hand, and dramatically reduces their on-boarding woes.
What percentage of your sales team’s time is spent on selling vs. other activities?
Time spent on sales – 35.7%
Time spent on lead gen – 21.8%
Time spent on post sales – 18.5%
Time spent on admin tasks – 14.8%
Time spent on other tasks – 12.1%
A further dive reveals “paperwork activities” are the area in a sales person's job where they could free up more time for selling. It accounts for 5 hours of each day. Paperwork is a key component of the sales process, but inefficiencies aren’t. To increase your time selling, and decrease your time on other activities, follow these tips:
Tip 2. Be creative in how you encourage your sales reps. For example, sales leaders could use a #sell90 tag to remind sales reps to focus 90% of their day on selling within social channels or even within internal emails.
Tip 3. Leverage technology systems that allow you to integrate your sales, services and marketing for greater productivity. This enables tasks like paperwork to be completed once and then synced seamlessly across devices and platforms.
How do you measure sales performance and compensation?
74% of companies use a CRM system but 59% of sales execs admit their processes need improvement. 26% of companies still don’t have a CRM system in place. However, implementation of CRM systems is a key factor in overall sales success.
Tip 4. Leverage the technology you already have. Many CRM systems work with the technology you already have like email and collaboration tools. See how you can do this by contacting our CRM expert to get some more ideas.
Tip 5. Learn from your peers. There are many tricks and tips that exist in the industry already, check out this LinkedIn group of 80,000+ CRM experts to discover some of the best ideas.
Which metrics do your sales execs use to determine which sales reps need more coaching?
Pipeline activity – 74.9%
Previous performance – 65.9%
Close ratio – 60.5%
Key account tracking – 35.0%
Past forecast & accuracy – 33.2%
Average deal size – 26.9%
Average deal slippage – 22.9%
Competitive threat – 12.6%
Other – 6.7%
You might know which metrics to track for your company, but a better question might be how actionable are your data? 85.2% of sales execs say not enough accuracy in tracking data is one of their biggest barriers to more accurate sales forecasting. There are a few key best practices in making data faster and more actionable.
Tip 6. Take time to strategically define taxonomy and tagging systems for data inputs. This keeps your data organized and allows you to turn to the numbers with confidence. For example, how will you track “average deal slippage?” And how would you avoid data duplication?
Tip 7. Consider how usable your technology actually is. If your technology doesn’t work with the ideas and systems your sales reps already know, you'll set yourself up for battles against that technology.
Download the whitepaper
CSO Insights interviewed more than 1,500 sales execs as a part of their annual sales research, including what sets the top 10% of sales organizations apart from the rest.
Download the whitepaper to:
- Gain additional insight into proven team structures for productivity
- Learn a powerful new methodology for taking your own team through a transformation process
- Explore other new 2015 sales data
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