Sales organizations often take a very narrow view into their sales opportunities. The focus of each forecast call is often the contact, the opportunity and the account. Yet as we know, there are often many factors involved.
This is especially true for organizations that sell complex products or sell into complex industries. Smart sales teams take a wider perspective and look beyond the "deal" to encompass ALL of the moving parts that influence revenue generation.
An industrial manufacturer we recently helped fit this description. Their sales opportunities were somewhat dependent on a number of different parties such as contractors, architects, and lawyers. External and environmental factors were also involved and yet they maintained a narrow "show me the money" perspective.
Prior to our involvement, the sales leadership simply eyeballed a Salesforce.com report on a week-to-week basis. They struggled to understand why some sales reps performed better than others and were continuously shocked when seemingly obscure events impacted their deals.
This organization was failing to take a broader perspective into each of their accounts and Process Tempo was brought in to help.
Using a simple dataset extracted from their CRM system, Process Tempo was able to uncover patterns of sales activities that the organization was not aware of. In one incident, we noticed a single contractor was involved in 20% of their business! They had no idea of the scope and magnitude this contractor had on their revenue!
In another scenario, we uncovered why some of the top reps were more successful than others.
Certainly skill, charisma and experience were at play but the top reps chose their business partners based on a set of parameters the others had overlooked. This pattern quickly became policy and the entire sales team soon benefited.
This organization also began to rethink their pricing strategy. Analysis of the lifetime value (LTV) of a customer showed that in some cases they were woefully underbidding on services opportunities. This meant that they were actually losing money on some of the services contracts they sold. The CFO was not at all pleased.
Taking a broader perspective helped this sales organization find greater success. The data used in this exercise was already in their CRM system, they were simply not registering the bigger picture. This is where Process Tempo Revenue Analytics made a big difference.
Process Tempo Revenue Analytics
Process Tempo provides a unique set of capabilities that can help sales organizations:
Process Tempo achieves this by providing a comprehensive suite of analysis features in a simple to use platform which can often be deployed within a single day and with minimal impact on existing business.
Furthermore, these benefits can be achieved with minimal to no support from IT.
To get started, Process Tempo offers a low risk, 3-month Proof-of-Value designed to help sales organizations can gain advanced insight into their sales ecosystem and their sales processes. The POV often pays for itself by providing rich and powerful insight that can be acted upon immediately.
The risk is low, the potential benefit is immeasurable. To find out how Process Tempo Revenue Analytics can help your business, contact us to learn more.