⦁ How do you generate leads? ⦁ How do you engage leads? ⦁ How do you convert leads into customers? ⦁ How do you onboard new customers? ⦁ How do your customers behave? ⦁ How do you retain customers, generate referrals, and maximize their LTVs?
Your reviewing process then branches out into two possibilities:
A. You Have Structured Processes with KPIs
This is ideal. You have strategic processes, and you consistently monitor them with KPIs.
If that’s the case, pay attention to what works, and what doesn’t work.
For example, you may be attracting leads through inbound (e.g. SEO) and outbound (PPC advertising) methods. Jot down your numbers and identify which method is more successful.
B. You Don’t Have Structured Processes and/or Don’t Use KPIs
If this is the case – don’t panic!
Your goal at this stage should be to just identify the things you’re doing, and how successful they are.
Again, you may not have a sales process written down on paper.
It’ll help you motivate your reps while monitoring your performance.
Step 2. Create a Sales Process Improvement Strategy
Identify Problematic Areas
For example, your lead pipeline may not be attracting enough leads. You may be facing problems generating referrals from existing customers.
Leverage what your sales process is already doing well, and then double-down on it.
If it’s looking like you need help across the board, it’s time to…
Get the Data
Before you get strategic, it’s important to aggregate all the data:
⦁ Processes and KPIs from Step 1 ⦁ Customer behavior data ⦁ Target audience research
If you’ve been in business for a while, you probably know a few things about your customers:
⦁ How do they find you? ⦁ What makes them convert? How long does it take for them to convert? ⦁ Which offers do they respond best to? ⦁ Which channels do they use to find information? ⦁ Which sources do they trust for making decisions?
In short, you should have both demographic and psychographic data about your customers. If you’re in the B2B space, you should understand who the decision-makers are, and what influences their decisions.
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