Over the next couple of weeks we’re running a series on how the lead to money process brings about more deals, for more money, in record time. In this first post, we’ll discuss how an optimized lead to money process will generate more deals.
The Lead to Money Process
Each step of the lead to money process is geared towards generating more deals for your organization. The process starts by maximizing the number of leads your sales team receives with a “caller ID” for your website, nurturing of cold leads into warm leads, and a strong SEO strategy to drive inbound leads. To ensure that you are taking full advantage of the increase in leads generated it’s important to have a plan for what to do with them. By optimizing your territories using historical data and future growth projections and by coaching your reps to exhibit proper selling behaviors, your reps will be able to close a higher percentage of their deals and surpass their assigned quotas. You can further enhance your win rate by enabling sales with knowledge of your top subject matter experts, playbooks, and the ability to generate quotes on every sales call. And finally, you can close more deals by using commissions and incentives that reinforce proper selling behaviors and align to corporate objectives.
Where the Process Leads
Many companies are seeing the benefits that the different steps in the lead to money process can have on their business but few companies are realizing the full potential by coherently linking the steps into a single, transformative sales strategy. Linking the solutions together will bring your entire selling organization; Sales, Marketing, and Finance into harmony, ensuring that everyone is working towards the same end.
Bridging the Gap Between Sales, Marketing, and Finance
When the lead to money process is optimized the flow of leads from marketing to sales becomes seamless. Your Marketing Automation platform can be leveraged by both your marketing and sales teams to generate leads. Marketing will continue to fill the top of the funnel with ongoing outbound marketing campaigns, and sales can leverage marketing created email templates to personally target named accounts. The leads that are generated through this process will flow to the appropriate sales reps automatically based on territories. By utilizing enablement tools marketing and sales can ensure their messaging is consistent across the organization, when sales and marketing are aligned, more deals are closed.
Finance also needs to be brought into the mix to make sure that revenue targets are based on accurate territory definitions and linked to equitable sales quotas. This will ensure sales reps are being appropriately compensated and evaluated leading to better and more consistent sales performance. Bringing finance and sales together will lead to better utilization of Configure, Price, Quote (CPQ), sales compensation, and learning management tools that will completely transform the way sales people quote and close deals. Now when a quote or proposal is generated in CPQ your sales rep will see their potential commission. By showing the rep what their commission will be, you create a situation in which the rep feels like that money is theirs already, and are therefore much more likely to go the extra mile to keep it. As Daniel Kahneman, in Thinking Fast and Slow, has shown us; people have a tendency to fear losses more than we value gains. By bringing finance and sales together you are able to leverage compensation plans to not only motivate sales to hit quotas for the quarter or the year, you can also impact the way they handle each and every sales cycle during the quoting process. You can further increase the likelihood of closing more deals by embedding your LMS into your CPQ system giving your sales rep the ability to view a training of the product or solution they are selling, to ensure they are positioning the product in the best way possible for your customers.
The bottom line is when you sync the lead to money process you bring together your disparate departments by leveraging each of their strengths, culminating in the closing of more deals.