The first step towards expansion in business is understanding the present state of affairs. To allow a business to expand, it must to understand what it is doing now and the reason why the product they offer or services is relevant.
This Growth Mapping framework allows businesses the chance to not only be more aware of themselves, but also discover new opportunities to aid them in reaching their objectives. This is accomplished by asking questions that are hard to answer about all aspects of an business, from the larger image down to the smaller interactions with prospects that could eventually become customers.
This is accomplished by asking tough questions about all aspects of an business, from the larger image down to the small interactions with potential customers who might one day become customers.
This is the reason to create an effective and clear business profile.
In this blog this article, we offer you an insight into one of our most vital exercises: Increasing Revenue through Sales Interactions.
Here’s what you are likely to learn
- How important is it to map the sales processes is crucial
- How do you break down the key interactions with sales
- How do you identify potential areas of opportunity or weakness in your pipeline
Defining Your Sales Pipeline
Begin by examining your sales process in greater specific detail. What are the main interactions that occur in the sales procedure? What can you tell whether they’re performing well? What can be done to improve them? These are the kinds of issues that require answers.
It starts by to identify the key interactions, and then analyzing and optimizing these to boost profits for your company.
This exercise will allow you to discover the customer journey starting beginning with the initial contact until paying customers. Start with the prospect’s initial contact and monitor their progress through the sales funnel until they are a customer.
Key Exercise: Mapping & Measuring Your Sales Pipeline
At each step of the pipeline you’re looking to validate the prospect prior to moving forward. A qualifying call usually comes first. It’s the time to decide if they satisfy your requirements and, If so, proceed to another conversation with them. The next step may be having a meeting in person or offering them an online demo, depending on the type of business you are looking for.
At every step we try to figure out the needs of potential customers and also assess their interest levels by examining things such as budgets and timeframes.
A third option is a demonstration or a presentation, while the fourth one could be a quote, while the fifth is video.
Once you’ve planned your sales funnel through these steps, you’re ready for some calculations on how well they’re working with you…
Measuring the Performance of Your Sales Funnel
In this instance you’ll notice that 5percent of web visitors turn into inquiries. Let’s imagine that in the course of the year, your business gets 12,000 website visitors which convert to 600 lead.
After qualifying call, 25% turn to surveys on site or other interaction that gives us a thorough understanding of the needs of their customers.
From the 150 surveys that were generated on sites half of the respondents would like an estimate, and of the 75 quotes given approximately half of them are accepted as sales, which results in 37 clients who are paying for the initial 600 leads coming in.
The information obtained from these interactions will provide an idea of your company’s performance and helps you identify any weak points and opportunities within the pipeline of sales.
Improving the Performance of Your Sales Funnel
It’s easy to see how increasing your traffic to your site could lead to more prospects, however, it requires time and effort. Maintaining the same amount of people visiting your site and boosting conversion rates between 2to 3 percentage, for example it could be a better option since you won’t require any more budget for marketing or resources than you did prior to.
In this specific instance it could be about finding ways to increase the conversion rate following surveys on your site (perhaps by adjusting the message or the content). Keep a close 50% rate each time you interact and you’ll see the number of customers paying increase to 52. By narrowing down one aspect of your funnel, you could increase your conversion rates by a significant amount.
A way to increase the amount of money you earn is by improving or enhancing your sales communication. After you’ve gotten customers to your site and you’ll be able achieve more to help your company’s goals for growth and success, not what the user can view on the internet.
This exercise will make you aware that the opportunity doesn’t stop on your website. Once you’ve converted your visitors from browsing to purchasing There are numerous opportunities waiting for those who are looking for an edge over their competitors.
This Growth Mapper framework has been created to help you comprehend the possibilities and challenges associated with your business’s growth. The first step is understanding where your company is today, and analyzing the issues that hindering progress in key areas like marketing, targeting and channels prior to going into more specifics on how to take action based on the information we observe in the course.