What Drives Revenue Growth?

The Foundation of Revenue Growth

In the face of constant change and uncertainty in the business world, driving revenues requires a strategic focus on three pillars: people, process, and technology. These are the main topics at our Sales 3.0 Conference in Las Vegas, Sept. 7-8th.

By understanding the composition of these three pillars, businesses can effectively lead their revenue generation efforts and thrive amidst uncertainty.

1. People:

Attracting, recruiting, training, and retaining the right individuals form the core of any thriving sales organization. However, in an uncertain world, this task becomes more intricate. The challenge lies in finding sales talent that is adaptable, innovative, and capable of navigating change. One of the mistakes that organizations make is matching salespeople to the company’s specifications instead of matching them to customer expectations.

Training salespeople is often a competency challenge that sales leaders outsource. At the upcoming Sales 3.0 Conference in Las Vegas, you’ll hear keynote speakers from proven providers like ValueSelling Associates, Carew, Janek Performance Group, Ignite Selling, and Practis.

Salespeople don’t always trust their company’s commission statements; that’s why successful companies use advanced compensation solutions like Anaplan. But money isn’t the only motivator to help salespeople outsell their competition. Gamification solutions like SalesScreen (a Hi-Five solution) create more reasons to go the extra mile for the company and the customer.

The big question is, who motivates the motivator? Some sales organizations see performance dips when leaders fail to focus on what’s truly important.

During economic turbulence, effective leadership lies in providing clarity, compassion, and personal centeredness. Leaders can navigate the chaos and uplift their teams by focusing on what is known, embracing diverse perspectives, and fostering emotional stability. Remember, holistically caring for oneself is the foundation for making sound decisions and increasing productivity.

2. Process:

Establishing efficient and effective processes is vital for revenue generation.

One good question for a Sales Leader to ask during a sales coaching session is: what is a good sales process??Edward Deming once said, “If you can’t describe what you are doing as a process, you don’t know what you’re doing.”

A good sales process can be defined as a systematic and structured approach that guides sales professionals through the steps necessary to effectively engage with potential customers, identify their needs, and close deals.

The six pillars of a good sales process are:

1. Clarity: Outline and define stages, milestones, and objectives, ensuring everyone involved understands the progression of the sales cycle.

2. Consistency: Provide a standardized approach that can be replicated across different sales situations, allowing for a consistent customer experience and predictable outcomes.

3. Customer-centricity: Place the customer at the center, focus on understanding their needs, challenges, and goals, and tailor the sales process accordingly to provide value and build trust.

4. Adaptability: Allow for flexibility and adjustment based on individual customer preferences, market dynamics, and evolving business needs, ensuring the process remains relevant and practical.

5. Collaboration: Effective leaders insist on collaboration and alignment between sales teams and other departments to enhance customer engagement and satisfaction.

6. Measurement and Analysis: Incorporate metrics and key performance indicators (KPIs) to track progress, identify bottlenecks, and continuously improve the sales process.

The difference between a milk carton and a sales process is that the milk carton has an expiration date. ?Every sales process has an invisible expiration date, and sales leaders often need to be more vigilant when the sales process is outdated. An innovative software company called Salespath+ created a solution enabling sales management to deploy its best practices across the entire sales organization. Another solution that sales leaders in larger companies often adopt is partnering with outside consultants like LSA Global.

3. Technology:

Technology is pivotal in accelerating revenues in an era driven by digital transformation. However, selecting the right technologies, integrating them seamlessly, and achieving high user adoption takes time and effort.

With over 4,000 sales tech tools, even the brightest sales leaders can’t keep up with the latest innovations. The task becomes easier when you focus on the six tech categories that drive revenue:

1. Customer Relationship Management (CRM) software: CRM platforms like Salesforce, or HubSpot, provide a central database to manage customer information, track interactions, and streamline sales activities.

2. Sales Engagement Platforms: These tools help sales teams automate and optimize their outreach efforts. Examples include Outreach and SalesLoft

3. Sales Intelligence Tools: These tools provide valuable insights and data about prospects and leads, enabling sales teams to personalize their approach. At the Sales 3.0 conference, you can meet with leaders from companies like Owler, Modigie, and Marketjoy to explore their solutions.

4. Sales Analytics Software: Analytics tools help analyze sales data, identify trends, and make data-driven decisions to improve sales performance. A proven software solution is eSpatial, a power mapping software that increases sales effectiveness and creates more selling time.

5. Proposal and Contract Management Tools: Platforms like DocuSign streamline sales proposals and contracts.

6. Sales Enablement Platforms: These tools provide content management, training, and collaboration features to assist sales teams in delivering the right message at the right time. Allego and SalesHood are prominent examples. The Enablement Group helps companies unlock their potential with managed learning services. Another great tech tool to humanize selling is Vidyard.

Keep in mind that technology is like medicine. It has side effects. That's why CROs call for help from leading consultants like Deloitte Digital. The best B2B sales technologies depend on your unique needs, budget, and business requirements.

Conclusion: In an uncertain world, organizations must focus on aligning the three key pillars - people, process, and technology - to successfully drive revenues. If you can travel to Vegas on Sept. 7-8th, you can meet the top experts in the field and walk away with new ideas, fresh strategies, and innovative solutions. To get a free virtual ticket to the event, use this link to sign up today: https://bit.ly/44AyGgP