Get the Most Out of Your Sales Process Management System for Financial Services

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in this video you are going to learn sales management let's start the video sales management is the process of developing planning monitoring and controlling the entire process of selling your company's goods or services it also concerns recruiting training and supervising your sales force and covers all pre-sales sales and post-sales activities the committee of the american marketing association has defined it as selling is the personal or impersonal process of assisting and persuading a prospective customer to buy a commodity or a service or to act favorably upon an idea that has commercial significance to the seller sales management initially referred only to the direction of the sales force later the term took on broader significance in addition to the management of personal selling it encompassed other marketing activities like advertising sales promotion marketing research physical distribution pricing merchandising and so on good sales management can help your business thrive because there are so many moving parts within an organization the sales management process needs to be fully accepted to ensure each aspect of the collective sales effort is operating efficiently to do this it's crucial to have a great sales manager and sales leaders that help their team maximize profits while delivering the best possible value to customers components of sales management let's have a look at the three key components that must be present in your sales management process 1. sales strategy without having a clear strategy your sales efforts will be fruitless to know what resources and specialists your business may require you should set up a sales process and plan a series of activities at every stage of your sales funnel or sales pipeline sales funnel or pipeline describes a single customer's journey through five steps awareness interest consideration decision and eventually purchase you can do this for either the whole company or with regard to individual brands goods or services completion of these tasks helps your sales reps achieve productivity it also means that your sales representative are successfully converting leads into paying customers number two sales operations a subtle strategy isn't worth a penny without being implemented properly you need the team on paper to come true hence your sales team must be provided with all the required resources for becoming a revenue generating unit salesperson directly deals with lead conversion they build a bridge between what the client needs and what your company can offer business growth sales representatives initialize referrals and help build customer loyalty client retention their connections with customers shouldn't be underevaluated remember that a small increase in retention rates may boost profits by huge margin number three sales analysis analysis and reporting help you in understanding how all your strategies are working towards your company's success they help your business's sales operations run successfully and also help you identify the flaws in your operations most sales managers usually use the following effectiveness indicators total revenue revenue growth rate revenue distribution by sources revenue distribution by representatives average conversion rate sales to date average purchase value let's discuss sales management process every business must have its own sales management mechanism an ideal sales management process comprises four basic stages let's discuss them in detail to give you a general understanding stage 1. lead generation lead generation is a marketing process for modern companies digital channels are being used for lead generation based on new online and social selling techniques so digital marketers have the sole responsibility for creating the digital presence of their company stage 2 lead qualification marketing qualified lead is qualified by the marketing team to be a perfect fit for a company's product or service it can be simply filling up a form for downloading an ebook or free trial sign up the leads requirements are put against the company's offering then a sales representative determines whether the prospect has the required budget and intention to purchase the product or service stage 3. lead conversion it is the process of turning a lead into an opportunity and converting prospects into customers by using communication channels the sales representative tries to discover the prospects needs and problems the successful conversion is the result of a seamless well-informed and communicative sales approach here the sales rep acts more as a consultant than typical sales reps who run behind the sales numbers stage 4 deal closing this is the stage where the sales deal is won or lost you must keep a close eye on the state of each deal inside their sales pipeline in this stage if the deal is secured it gets moved to the payment stage if a deal is lost the sales representative note down the reasons for the loss to be used for future deals after the sales management process ends the relationship between a prospect and the company does not end it is the start of another step stage 5 post sales the closed deals contact information must be handed over to the customer success team the customer success team stays in touch with your client it is starting off a long lasting relationship it also keeps them updated about the new product features and new product launches roles of a sales manager it is important to understanding the role of a sales manager a great sales manager guides your salespeople and is responsible for setting sales goals and quotas motivating and mentoring the sales team creating sales plans and workflows hiring and onboarding new hires organizing sales training programs customer relationship and pipeline management overall team management etc the benefits of effective sales management include 1. increased sales revenue and profitability 2. improved sales forecast reliability thereby reducing revenue variability 3. better satisfaction and loyalty both from customers and staff 4. reduced staff turnover and therefore reduced recruitment and retention costs 5. increased productivity per staff member if you want to read in detail or download the pdf go through the link in the description like the video it will motivate me to make more videos for you and don't forget to subscribe to education leaves