We’re continuing our series on how a lead to money process brings about more deals for more money in less time. In this post we will take a closer look at the third outcome of the lead to money process: closing deals in record time.
Lead to Money
In part one of this series we saw how every technology that can be used in the lead to money process is geared towards closing more deals. In the second part of this series we dug into how many of the same technologies can generate bigger deal sizes. In this final post in the series we will explore how the tools can accelerate sales cycles to close deals in record time.
Closing Deals in Record Time
Automating your lead to money process will allow your sales teams to spend more time selling and less time on administrative tasks. By eliminating some of these admin tasks your sales teams can shift their attention back to what matters most, selling. It is vitally important that your reps are able to respond to new leads, to new questions, and to negotiations in the buying cycle as quickly and as efficiently as possible. The longer it takes to follow up with your prospects, the less chance you have of converting leads into sales.
To ensure that your reps are following up on new leads as soon as they come into the funnel, it is important to setup a workflow within your marketing automation platform that diverts leads instantaneously to the appropriate rep for engagement. Automating this process will reduce the amount of time being spent on consolidating leads together, combing through them manually, and then uploading them into the CRM to be dispersed appropriately. Once the lead has been routed to the right rep, more time can be saved by enabling sales to share content with the prospect based on the needs the prospect has. Having the ability to create a custom portal with analytics that show when and how the prospect is engaging with the information that you have shared will give you insights into where they are at in the buying cycle, so your rep can engage at the most opportune moment.
Additionally, generating a quote or proposal quickly and without errors is paramount to closing deals in record time. Sales reps need to have the ability to configure an accurate quote that ensures all business rules are met and all components work together. Using CPQ gives them that ability and leads to faster deals, streamlined approvals, and happier customers. You can further shorten the length of sales cycles by streamlining the negotiation process. Delivering quotes to your prospects online, having them send back changes or counter offers, allowing reps to make discounts within defined business rules, while protecting margins will consolidate the amount of time it typically takes to get from quote to close.
Using commissions is a great way to drive your sales performance as the vast majority of sales people are financially motivated. While paying commissions is mostly a positive thing, it can have a negative impact on productivity if it is not handled correctly. In order to avoid time consuming shadow accounting that reps often practice when they are not confident that they are being paid accurately, you should automate the commission process. Automating the process gives reps access to their commission statements throughout the month/quarter/year leading to better transparency and more confidence. The more transparent the payouts are the less likely reps will waste their time on double checking their pay. The time they are saving can then be spent working their prospects to close deals faster.
The Big Picture
The lead to money process will bring about more deals for more money in record time. Not only is each piece of the process geared towards one or more of those outcomes, but each of those outcomes amplifies the others. Take a look at the below diagram to see which tools lead to which outcomes, and how many of the tools lead to all of the outcomes.