Managing a sales team can be a job where you wear a lot of different hats. Add in an inconsistent economy, and a hybrid/remote working puzzle and the job gets exponentially more difficult. From constantly checking on accounts, to securing and forecasting the right revenue projections, a sales leader’s time is spread quite thin.
That’s why Time is Ltd. is imminently launching our customer engagement analytics platform, which will allow revenue leaders to better manage and structure their teams. By leveraging digital communication data from tools like Slack, Zoom, Google Workplace, etc. you can see exactly how your external-facing folks interact with prospects and customers. On top of that, our integration with Salesforce, enables leaders with a crystal-clear view of knowing the type of behavioral patterns that are most likely to either acquire or retain more customers.
3 Ways Time is Ltd.’s Customer Engagement Analytics Boost Revenue Performance
1. Identify Where your Sales Team is Allocating Most of their Time
“Time is money.” Imagine one of your Account Executives is spending hours with a prospect. They’re putting together value props, presenting demos, developing contracts, and pulling in expensive internal resources like Solutions Engineers. Then as the deal nears the finish line, you realize the prospect doesn’t fit into your Ideal Customer Profile. They’re too small, the revenue isn’t great enough, or there isn’t the right product-customer fit.
Now let’s magnify that problem. It’s not just one of your Account Executives that has that behavior, it’s 40% of your sales staff. And not only are your Account Executives spending too much time on the wrong prospectus, but they’re also spending too little time on the prospects with the greatest revenue potential. Well, needless to say, this is every sales leader’s worst nightmare. Not only have you wasted money on high overhead, but you’ve also lost out on new revenue opportunities that would have been more lucrative.
Now let’s imagine a world where you’re leveraging collaboration data to see whether or not your sales team is spending the right amount of time, with the right prospects. In the chart below, you see how much time is being spent on external partners relative to expected sales revenue. With this invaluable insight, sales leaders can re-train sales behavior and ensure the right amount of effort is going towards accounts with the highest revenue possibility.
2. Fine Tune Your Sale Team’s Behaviors
Alright, now that we know how to reallocate the Account Executive’s time towards the right prospects, how do we ensure they’re prospecting in the most effective manner? Is email key to closing a deal? Is it getting prospects on a Slack channel? Do you need to have a meeting with them once a week or twice a week? Does the communication method change as the deal moves down the funnel?
The long and short of it is that it’s going to vary company to company. However, that’s EXACTLY why you need to use your own team’s collaboration data to see exactly what type of selling behavior is most likely to get the signature on the dotted line.
But for the sake of tackling a common problem that will be ubiquitous across EVERY sales team; let’s take a look at response times to external emails. The graph below demonstrates the average response rate for the team. It's taking your Account Executives over 13 hours to respond to potential paying customers. In a world of instant gratification, this is unacceptable.
So, are you looking for an easy-to-understand behavioral change that will increase revenue almost immediately? No problem, by onboarding Customer Engagement Analytics, you’ll be armed with insight to see the average response time plus you’ll have the ability to drill down into individual response times. Once you have this analysis, all it’ll take is a quick 1+1 with those less-responsive with emails and then tracking their response times over time. 'Cha-ching'. You’ll have more deals coming your way in no time.
3. Reallocate Internal Resources Towards The Most Valuable Accounts
Think about your team. Do you have that one Account Executive that’s constantly calling you in for executive sponsorship? Do you have that other Account Executive who never calls you in? Do some of your team members leverage Solutions Engineers, while others prefer the maverick style? Is your sales team’s feedback making it to the product team? You may be thinking, “well ya, but we’re still putting up numbers, so what does it matter.”
Well what if you were able to see:
- The other departments that are being brought into the sales cycle
- And then correlate this data to the revenue potential of each individual prospect
Well then there’d be no more guessing as to when, with whom, and how much time Account Executives bring other team members into a sales cycle. You could not only save on needless overhead (P.S. your CFO will love you), but you can also dedicate more resources towards the accounts that have a high likelihood of a big payoff. $$$ is in your future.
Tune in to our webinar to learn how to utilize external engagement data. Enhance and arm your leaders with the best information available to them to elevate their sales teams.
As corporate belts are being tightened throughout the world, there’s a greater need to train, organize, and deploy your sales team in the most effective manner possible. That’s why it’s critical to look at your team’s collaboration data and pair that to revenue data.
If you’re interested in learning more about how to leverage collaboration data to drive revenue, then don’t hesitate to contact us today.