There are dozens ways to look at revenue growth, and how exaclty to make that happen. Looking at the top of the funnel, that could mean increasing the volume of inbound leads, or attending a tradeshow, or buying a B2B lead list.
One of the most common mistakes made by B2B sales leadership is that when they need more growth, their first reaction is to hire more sales reps. This can be a costly mistake, and potentially waste valuable business development resouces. We suggest looking internally first; meaning find ways to squeeze more productivty and efficiency out of your current sales team. Once the porcesses and optimized, then it makes sense to start increasing the head count on your sales team. Here's a few tips to boost productivity and improve lead generation WITHOUT hiring.
Arguably, one of the easiest and most effective ways to boost your sales team's productivity is to offer a performance incentive. This is simple, but can be overlooked. We're not talking about adjsuting commision plans here, we're simply saying adding a small "kicker" can go a long way. In other words, you should reward salespersons for achieving a short term goal. For instance, you could reward salespeople who make 50 new sales per month with a free lunch, while rewarding salespersons who make 100 sales per month with a gift card to a nice restaraunt.
These “bonus” incentives encourage salespersons to go the extra mile, benefiting both them and the company for whom they work. Make sure the incentives are algined with your company's overal business objectives as well. If new clients are the goal, then make sure that's what they are rewarded for, etc, etc.
Automate Redundant Tasks
Some sales teams believe it's best to avoid task automation, assuming this allows for a stronger connection with prospective customers and clients. In reality, though, certain tasks can and should be automated, especially if they are redundant. There are literlally hundreds of tools that can allow you to acheive the same level of personalization through an automated process. Whether it is automated email workflows, or tools for scheduling and confirming appointments. There are plent of options out there.
Target Higher Quality Leads
Lead quality directly affects the performance and productivity of a sales team. If salespersons are given low-quality leads, they'll naturally have a harder time generating sales. So, make sure your sales team is given qualified, high-quality leads. You may even want to “vet” the leads before handing them over to your sales team.
Most businesses are able to identifiy "trigger events" that indicate a contact and/or a company will be seeking your products or services in the future. Essentially, trigger event are changes within a company that can open the door for new opportunities. A few hypothetical examples:
Want to learn more about trigger event based lead generation? CLICK HERE
You can't expect a sales team to perform unless they are a clear goal. Business owners and executives should set clear goals for their sales team to strive for, displaying these goals in a highly visible area. When goals such as these are presented in front of the sales team, they'll instinctively know what's needed to achieve them.
Target Existing Customers and Clients
Did you know it costs 700% more to sell to a new customer than an existing customer? Existing customers have trust and confidence in the business, making them easier to sell to. For this reason, sales teams should focus their efforts on existing customers and clients to improve productivity. This alone is a highly effective way to generate more sales in less time.
Even if you offer some type of incentive for salespersons to make sales, you should still recognize them for their hard work. According to the SHRM/Globoforce Employee Recognition Survey (2012), 41% of companies that implement peer-to-peer recognition experience increases customer satisfaction. And when customers are happy, they are more likely to buy your products or services.