Getting sales process management right

What is sales process management and why is it important?

Shark Finesse
March 8, 2022

What is sales process management and why is it important?

When communicating with a potential customer, how do they decide to purchase your product or service? Are there certain stages they go through to complete a sale, or is it a one time, on the spot decision? This is why it is particularly important to get your sales process management right.

A sales process is a process that determines the steps your company takes with a prospect from the initial contact through to their purchase. This will vary depending on your company, and the product and services you offer. The sales process is important to carry out and manage well in your business to help document and highlight the steps you and your sales team takes to complete a sale. For different products and services, you may need different sales processes, so it is important to manage what sales process is preferable for each product. This helps to ensure your sales team aren’t being too pushy or not pushing the sale along enough.

Steps to follow to get your sales process right

  1. Determine how your potential customers buy

The first step is to think about and list the way your potential customers logically recognise a problem and purchase your product or service as the solution. This will help you get into the mind of your prospect of what they are looking for and what they need to know at each stage of the sales process when purchasing your product. To help you do this you may wish to ask current customers or your sales team to get opinions and ideas.

  1. Create your sales process

After you have listed potential stages the customer may go through, it’s time to create your sales process. For each of the steps you have identified, list what the potential customer needs to learn and the sales tools and guides you could give to the prospect to help them move forward. You also need to list the amount of time the potential customer needs at each stage identified and finally your conversion rate - the percentage of prospects that move from each step to the next.

  1. Project your results and your revenue

Once you have your sales process and conversion rates, you are able to generate reports on the revenue your sales process will bring. These reports should also help you to identify at what stage a sale will happen and how much revenue each prospect brings.

  1. Improve process if needed

Now you have a fully established sales process you can look for ways to improve this to help improve your results. You could identify the stage where it may be a little slow and potentially include more materials to give to your prospects to help move the sale along quicker. You could also recognise where some sales reps may fall behind others and give them some extra help and materials to push them to the same level as those performing well.

  1. Implement and develop as you increase sales

Once you have been running your sales process, it is just as important to keep documenting its success and identifying ways to improve each stage. Keep running reports at regular intervals and it’s always good to request some feedback from customers and your sales team.

What makes an effective sales process management:

Making an effective sales process management system is particularly important if you are looking to grow your business and improve your sales team’s skills. An effective sales process manager will explain:

  • Each step the prospect must take
  • Knowledge the prospect must have to take the next step
  • The amount of time you need at each step
  • Conversion rates - the percentage of prospects that move on to each step

What we do

At Shark Finesse we have developed an enterprise-grade cloud application to help businesses standardise and simplify their value engagements across the entire customer journey.

Shark, a business value engagement platform used by 1000’s of customer-facing teams globally (e.g. pre-sales, sales, value teams, and customer success) is easy to use, intuitive and usable directly with the customer to negotiate the likely business returns from investing in a solution.

By adopting the Shark approach you will fundamentally transform conversations with new and existing customers, close more business, and differentiate from the competition.