Business

FIVE WAYS TO TWEAK UP BUSINESS SALES TO GENERATE REVENUE

No matter how sky rocketing your sales process runs, there's always a need for improvement.

Regardless of the size of your organization, understanding the necessary adjustments to your sales process can go a long way in helping you land more customers and increase your revenue. And below are five ways to tweak up your business sales process to generate revenue.

1. Make demos focused on benefits not features

This mindset is especially pertinent when offering a sales demo to a prospect, focus on all the features your product provides, and you can easily overwhelm them. Demonstrate its true value and potential impact by focusing on benefits, and you reveal how it will solve their problems. Making your sales process focused on benefits requires extensive buyer research. But when your team understands the actual problems prospects need to solve, it will be far easier to make a successful pitch.

2. Shorten the free trial period

One common pitfall is that providing a full month for prospects to test the software can actually be too much time. This can reduce the sense of urgency, especially among prospects who simply want to get a closer look to see what your solution provided. Instead, offering a shorter trial period (such as seven to 14 days) can create that sense of urgency that drives prospects to actually use their free trial. This can encourage a deeper dive that makes them more likely to convert.

3. Use CPQ (configure, price, quote) tools

One of the best ways to enhance your sales process is to use a CPQ (configure, price, quote) tool to streamline your team’s ability to generate accurate quotes for prospects, these programs use automation based on a set of rules preprogrammed by your company, such as acceptable discount thresholds, product customizations and other factors.

4. Offer additional plan options

One can improve the sales process simply by also giving customers the option to choose from annual pricing plans. An annual plan can lower customer churn and increase their lifetime value by ensuring that they will remain customers for an extended period of time. This will also improve your organization’s cash flow and make customer acquisition costs more manageable.

5. Focus on your existing and former customers

It typically costs between six to seven times as much to acquire new customers as it does to retain existing customers. Needless to say, your sales team should be dedicating a significant amount of its processes to how it will generate more revenue from your current customers. One of the best ways to do this is through upselling or cross-selling. For example, if your business offers multiple subscription tiers, you could upsell a customer to go to a higher-paying tier.

As with the initial sales pitch, upselling and cross-selling pitches must be tailored to the individual needs of the client. This time, however, your team has information on past interactions and how they are using your current services, making it easier to custom-tailor the pitch.

Creating a better sales process

By following these best practices for enhancing your sales process, you ensure a better experience for prospects and customers, as well. This doesn’t just help you close more deals and earn higher revenue off the initial sale.

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