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Visibility – The WHY That Helps Drive Your ROI

Brian Gardner No Comments

I’ve found through my talks at different meetings typically 70-80% of those in attendance are using some type of CRM within their company. And that only 10% feel they are getting ROI out of their CRM. One of the factors that lead to success is setting the stage for WHY from the beginning…including getting management buy in.
Visibility is a key component in showing “why” you’ve chosen a CRM. Think about this…we all have visibility of the back end of our sales, via the ERP we are using to quote and process our orders. BUT, do we have visibility on the Front-End? This is where the CRM tool comes in to play and it is huge in helping to manage visibility of our leads and opportunities.

One of the tools within a CRM is your dashboards and these offer outstanding visibility and help support “why” with your sales team! In my experience CRM success and visibility comes from creating a dashboard that is your leading indicator and promoting this to your sales team as such. How are you managing your business? How do you know if you are reaching your sales goals? Most companies will answer, the back-end bookings and order history data. That’s good…keep doing it, but within CRM we can create what I call Load Input Goals. That’s where we’ll set up a formula to determine what kind of input do you need to reach your sales goals. There is a formula that I use and we can imbed that into the CRM and set up a dashboard to view that.

I am a huge believer on trending input…how old is the data in our pipeline? In the dashboard example above their total pipeline $ which is great to track, but that does not tell the entire story. The opportunity input trend show how the team is performing against Load Input Goal. If you are trending below the red line (Load Input goal) this is your leading indicator for future bookings. Let the sales team manage this! In doing this, you are giving them the tool to keep their eye on the ball. I believe it’s not just about “pipeline”, it’s managing the trend for the load input goal, I think a great dash board to manage from.

New Load Input vs. Pipeline:

Pipeline is NOT the same as New Load Input!

Pipeline = Total Open Opportunities

New Load Input = NEW Opportunity identified

Need to put focus on New Load Input #’s.

Sales Goals = Base Business + (NLI x Hit Rate)

*Hit rate is the moving target. I have asked a lot in the industrial market “what do you think the it is?” and I typically get an average of 25-35% as Hit Rate. So, if you really are not sure, start with that…it’s not an exact science.

You should be getting buy in from your salesforce if you work with them to come up with the Hit Rate. By doing this, you are giving them a tool to own and grade themselves. Get the sales team involved early in this! Allow them to have visibility of their business and drive it. During an association webinar a member offered this insight, “If the CRM dashboard and measurements aren’t treated in the same respect as your operational dashboard and KPI’s on a daily, weekly, and monthly basis you will not get out of it what you could”.  I could not agree more! Visibility is a key component to success.

Be sure to visit our resources page for more information on “Load Inputs” and other valuable downloads. Sign up for our e-newsletter to receive blogs from the new series right in your inbox, and be sure to follow us on social media.

CRM is a Revenue Generator – Not a Cost

Brian Gardner No Comments

Many companies, including industrial manufacturers, distributors and representatives tend to view any kind of technology investment as a cost. Part of that stems from the need to budget the investment, which is typically done under the eye of the CFO.

Cover image CRM survey page

CRM Survey Now Open – Deadline Nov. 3

Brian Gardner No Comments

Some industrial sales organizations are getting great ROI on their CRM investments, while others continue to struggle. What factors separate these two groups?

To find the answer, SalesProcess360 has partnered with Modern Distribution Management to administer a short survey to distributors, manufacturers and manufacturers’ reps.

Skeptical senior businessman standing in boardroom

How to Get Executive Buy-in for Your CRM Initiative

Brian Gardner No Comments

Last month, I conducted a webinar on ROI from CRM in partnership with Modern Distribution Management (available on-demand here). Among the questions I received: “What tips do you have for bringing the executive team on board after purchase?”

Perceptions of Pay and Prestige

Perceptions of Pay and Prestige: Obstacles to Sales Realignment

Brian Gardner No Comments

Recently, I worked with a client to analyze the alignment of their sales force. Using 4-D account profiling (learn about that profiling technique here), we discovered that many of the accounts visited by the client’s hunters – reps aggressively seeking new business – had small current volume and very little potential for growth.

What Millennials Want: The Latest Tech – Including CRM

Brian Gardner No Comments

We’ve all heard plenty of statistics about how the millennial generation is impacting distributors from the buyer side; the trends of millennials being more likely to buy products online and of millennials having growing influence in B2B buying have attracted plenty of attention.

Happily Ever After: Tips for a Strong Union Between You and Your CRM Vendor

Happily Ever After: Tips for a Strong Union Between You and Your CRM Vendor

Brian Gardner No Comments

I often tell companies searching for a CRM vendor that finding the right CRM partner – and building a long-lasting, successful relationship with them – is a lot like a marriage. Here are some tips to make that “marriage” strong

Why Sales Should View CRM as a Big Help, Not ‘Big Brother’

Brian Gardner No Comments

When consulting with distributors implementing CRM technology, I’m often involved in the training of the sales team. I like to start each sales team training session with this question: “Why do you think your company is moving forward with CRM?”

What Sunday’s Super Bowl Win Can Teach Your Sales Team

Brian Gardner No Comments

On Tuesday, I presented an MDM webcast on long-term CRM success, just two days after the Patriots won Super Bowl LI. I couldn’t resist drawing a parallel between a contributor to their success and a characteristic of successful sales teams: teamwork.

Feb. 7 Webcast Preview: 3 Critical Focus Areas for Long-Term CRM Success

Brian Gardner No Comments

Managing CRM according to the status quo will only yield status-quo results. I’ll be presenting three focus areas you can focus on for long-term success with CRM in my upcoming Feb. 7 webcast with MDM.com. It’s free: Register today.

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SalesProcess360 Videos featuring Brian Gardner

Get insights based on decades of experience in industrial markets, including why you should think beyond outside sales, how to take a proactive approach to sales opportunities and how to let sales process drive your CRM wish list.