- 28 January 2020
- Written by: Supply Chain
- Category: Digital Learning
In today’s evolving corporate world, almost all companies are automating their processes, and the sales department is no exception. Sales tools are now becoming more common and aim to increase profits significantly. According to the State of Sales report conducted by Salesforce Research, “Half of sales reps say relationship building is their favorite activity” but “most are too bogged down by day-to-day tasks to engage with customers as much as they’d like.” In addition, sales professionals allocate 64% of their time on non-selling projects. Here are a few more sales statistics, shared by HubSpot, that will change your perspective about the sales process:
- 44% of salespeople give up on a lead after a single follow-up.
- According to research, as many as 50% of sales go to the sales rep who responds first.
- Only 2% of cold calls actually result in a follow-up appointment
So what are the benefits of using Sales Automation tools?
- Allow your business to standardize your tasks, from generating new leads and converting leads into potential customers to reporting and performance evaluation.
- Provide your history records within minutes instead of hours.
- Speed up the tracking of your sales lifecycle and help you to accomplish your goals.
- Obtain a detailed overview of the activities performed by your sales team.
- Take repetitive daily tasks off of sales reps plates, freeing them up for relationship building activities.
- Improve efficiencies, enhance the customer experience, and ultimately drive increased profits.
Various sales tools are now available on the market. It can be a challenge to find out which is best for your organization. Below are the top sales tools that if implemented correctly, will double your profits in 2020:
- Customer Relationship Management Tools
- Sales and Marketing Intelligence
- Analytics and Reporting Tools
- Process and Training Tools
Customer Relationship Management Tools
Customers are the core of any businees. If a company wants to grow, the focus needs to be on building credibility, loyalty, and trust with prospects and customers. This will help to reduce churn rates and boost returning customers. With the help of a Customer Relationship Management (CRM) software, businesses are able to attract, retain and nurture customers in one system of record. In fact, it’s the fastest growing software on the market.
Other benefits include:
- Gain a better understanding of customer’s needs.
- Build strong relationships with prospects and customers.
- Centralize and record customer data in one platform.
- Track prospects throughout the buying decision-making process.
- Automate outreach activities.
- Improve interdepartmental collaboration.
- Enhance analytics and performance reporting.
Sales and Marketing Intelligence
Sales and marketing intelligent platforms allow sales and marketing professionals to stay knowledgable with prospects and clients while generating new business. Using sales and marketing intelligence software will help you to collect publicly available data about businesses and consumers and utilizes it to produce reports or merge them with existing CRM information. Besides, they also blend internal and external data to enhance sales processes and boost sales. The data collected from online sources will allow you to get a comprehensive view in order to identify new opportunities in the market and make more informed decisions.
Important features of sales and marketing intelligence software include:
- The ability to identify potential customers.
- Gathering external prospect data.
- Using collected data to populate lead lists and contact records.
- Providing actionable insights about prospects and industry trajectories.
- Improving data quality and lead scoring.
- Integrating with other sales and marketing software to boost functionality.
Example of Top Marketing Intelligence Platforms: Adobe Campaign, DiscoverOrg, UpLead
Examples of Top Sales Intelligence Platforms: LinkedIn Sales Navigator, ZoomInfo, DiscoverOrg
Analytics and Reporting Tools
Analytics and reporting tools are used to boost internal processes, prioritize and score leads, determine market trends, and conduct sales forecasting reports. This allow companies to gain better visibility into sales activities, detect underperforming employees, and predict future sales numbers.
Advantages of analytics and reporting tools:
- Automate and visualize data from the sales pipeline.
- Revamp sales strategy and achieve a more predictable sales model.
- Report the performance of sales reps, products, and tactics.
- Forecast future sales performance.
Examples of Analytics and Reporting Tools: Salesforce Sales Analytics, Sisense
Process and Training Sales Tools
Process and training tools help to increase collaboration across the entire sales organization and allow team members and managers to work together. Using the right sales coaching and training tools enable teams to improve onboarding and cross-collaboration. Based on CSO Insights, sales professionals who undergo training programs have 10% higher close rates. If every salesperson in your organization increased their win rates by 10% how much would revenue increase across the organization?
Some key features of process and training tools include:
- Assists with onboarding of new salespeople and the ongoing training and coaching of tenured employees.
- The ability to merge with CRM software to upload and store sales call information.
- Improving communication and approach of sales team members.
- Host an archive of past prospect conversations sales reps can access to review before their sales calls.
- Integration features with sales performance tools to enable customized trainings and evaluations.
Example of Process and Training Tools: Lessonly, MindTickle, Showpad Coach
There is no doubt that advancements in technology have completely changed the way sales and marketing are conducted. Having the right technology and processes in place as your sales tools will allow you to increase profits while improving, standardizing and automating sales operations.