Sales organizations of all sizes have numerous hurdles to overcome to close a deal. Having to interact with buyers whose buying process is non-linear or managing a disjointed set of sales tools can lead to internal silos, lack of collaboration, and fractured sales processes.
In short, not having the right trading management system can lead to lost productivity and revenue. For small and medium-sized businesses, these challenges can seem daunting. So right now we’re going to talk about the right tools and approaches.
What is commercial management?
Commercial management is a series of techniques and strategies that a company uses to reach its target audience and sell its products and services to the outside world.
Achieving the sales target while maintaining customer satisfaction and expanding the market are some of the great challenges that any company faces. To deal with them, it is essential to have a clear strategy, a good quality system, and coordination with the different areas of the company.
How to improve commercial management in your company
Implementing a trading and commercial management system not only allows small and medium-sized business sales teams to increase productivity and revenue but also:
- develop stronger customer relationships;
- improve collaboration;
- optimize the sales process;
- personalize interactions;
- optimize performance.
For this reason, below, we talk about six strategies to improve sales management and modernize your sales process.
Meet customers at any point in the buying process
According to the statistics, more than 70% of buyers interact with sellers late in the buying process, after having identified their needs.
Buyers expect a flexible sales process that adapts to their conditions. They have a wealth of resources to help them decide what they want before they even speak to a sales rep. However, at some point in this process, which is not linear, they will be prepared to interact with a sales professional and take the final steps of the purchase.
The right sales technology, for example, by the InfoReach company, can help you quickly understand and respond to buyers’ demands the moment they choose to interact with you.
Implement transparent solutions
All of sales leaders plan to invest in technology to help salespeople interact with buyers more efficiently. That is typical for modern business development.
It’s very likely that the professionals on your sales team will be overwhelmed by the number of tools they have to manage. If those tools don’t interoperate transparently, they’ll be frustrating for marketers and salespeople who are likely to stop using that technology.
Give your sales reps, in one location, everything they need to do their business management work:
- lead generation,
- to-do management,
- co-creation of sales documents, and more.
A cohesive solution that works seamlessly across all types of mobile devices allows them to get more work done, even on the go.
Enable communication and information exchange
We think that more than 50% of global B2B service decision-makers are striving to improve collaboration across internal organizational silos to drive digital sales transformation.
In order to serve your customers and resolve their issues quickly, salespeople need to communicate and act cohesively. Like any modern business, your sales organization requires healthy collaboration (that makes teamwork work) work, as well as exchanging ideas and information to promote efficiency and drive growth.
If your sales team is very busy and doesn’t have time to learn how to use productivity tools. So, as such, it’s essential to choose trading management systems that integrate seamlessly with the tools that fit the way you work.
Optimize engagement
Also it worth to note that in most cases, purchasing decisions (in a B2B buying group) usually involve about ten people on average. So we have a situation when sellers manage multiple accounts at once, they may not be able to deliver the level of personalized interaction that stakeholders expect.
Additionally, if the sales team’s data goes through numerous different channels, it becomes more difficult to track the information and ultimately close deals.
In this multi-channel world, it’s important to take a unified approach to stakeholder interactions in business management that allows salespeople to interact with prospects in a personalized and scalable way.
Facilitate onboarding and alignment
It is also worth noting that it is a common phenomenon in the corporate world that most companies do not have a well-developed sales process.
While the steps to close a deal vary depending on the account, your team could miss out on their opportunities if they’re not prepared from the get-go. Hiring quickly and using a sales process that is learned without extensive training is vitally important.
That’s why it’s important to have an intelligent, event-driven sales process that can clearly define expectations and focus everyone’s attention on achieving optimal results, according to the experts at InfoReach.
Break down organizational silos and provide a clear view of every step to the close of a deal with integrated sales force automation workflows that make sense for your business and your team.
Gain comprehensive insights into performance
It is also worth talking about the fact that many companies recognize the value of data and strive to develop it, but only a third of those surveyed actually act on the basis of data.
So be aware that as your business grows, it can be difficult to track sales and sales rep performance. Conflicting priorities arise and often not all team members are on the same page.
Sales reps and leaders need to understand how they’re performing against business goals so they can set goals, make decisions, and be accountable at all times.
Conclusion
In conclusion, there are a number of reasons why it is critical to apply commercial management in your company:
- It enables you to learn more about the relationship between the business and the client and to assess whether any changes are required to increase the effectiveness of the business proposition.
- Raising consumer happiness will increase their brand loyalty.
- Because you can calculate the amount of product required to fulfill demand and modify prices, this boosts profitability.
- This boosts the company’s competitiveness and reputation.
- A business can increase productivity by understanding the market to which the product or service belongs.
As we have seen, commercial management is one of the pillars on which a company’s success is based and, therefore, it is not a subject that should be left alone, but requires time and planning.
