If increasing your close rate is not the path to revenue-generating success, then what is?
In my work as a sales consultant one of the least common problems I encounter is companies that have a hard time closing business. Generally, when an opportunity that is a good fit presents itself whoever is at the wheel of that sale manages to bring it home. The bigger challenge and root cause of not meeting revenue growth goals is when there is no “next deal” behind the one at hand. Regardless of whether or not a seller closes the deal in front of them the end result is the same – there is now a gap in their sales funnel.
Reaching of revenue growth goals is accomplished by managing the cycles of the sales funnel. As deals come in, they are worked and move through to their ultimate dispatch. Classically, salespeople love the act of closing business but are not so keen on the acts of lead development and business generation. Thus, your best closer may be left with nothing to work on after they close a deal. Maintaining a steady inbound flow to the top of your organization’s sales funnel will lead to both short and long-term revenue growth.
It used to be that salespeople would do their own prospecting and business development. That’s not best practice today. There currently exists a wealth of service providers who make it illogical for you to put a highly paid sales resource toward top of funnel work. This work is typically noncomplex and can be readily done by an outsourced service. Further, it might in fact be better done by them. Your best closers might not be your best researchers. Your best relationship builders might not be your best data miners.
As recently as five years ago this tier of service providers did not exist. Today you can find lead research experts who will mine and create lead lists. You have firms that will take those lists, further refine, and vet them and begin email and social media outreach sequences. Other firms will then take the results from those outreaches and set appointments for you. Some will even do all of the above. All of this for a monthly fee that is often 25% less than the cost of a full-time employee.
Using these services help you achieve revenue growth in many ways. They…
- Free up time in the day of your best salespeople to allow them to do what they do best, build relationships with customers and close business.
- Eliminate peaks and valleys in your sales results. As your sellers sell, their funnel is constantly being backfilled for them, rather than the sales process halting as they do the filling themselves.
- Increase sales velocity by having appointment set with the right decision makers upfront, rather than your salespeople having to go through trial and error to get there on their own.
- Keep morale high within your sales team as each team member gets to focus on the thing they love doing more of the time and have more success doing it.
I have had direct working relationships with many such providers. Too many to mention here. If you would like to learn more about where to start looking, please let me know. Always happy to help.