Successfully managing a sales team is aided by the integration of a system that provides sales representatives with the ability to update management on client progress in real time. Real time updates are beneficial for a variety of reasons. CEOs and sales managers are constantly faced with the issue of being unable to guide their sales representatives through negotiations in a timely manner, which in turn could allow competitors to swoop in and steal the sale. By negotiating in real time, businesses can prevent the loss of sales and gain a competitive advantage in their field.
Time efficiency also extends to valuable hours spent updating sales reports. While members of a sales team are consumed with data entry and updating sales reports, their competition is busy enticing potential clientele, translating directly into lost revenue for the company. Sales management that can't see current data until the end of the day, week or month is at risk of losing valuable prospects and closing important deals.
In addition, sales representatives that spend countless hours updating customer relationship management (CRM) systems are using time that would be better spent making sales calls or meeting clients in person. These are common issues that plague the sales industry, however many organizations are at a loss for how to increase their prospect coverage and geographical spread while decreasing the hours their sales team spends filling in sales reports.
More Time, More Sales
In response to increased demand from organizations, new sales representative relationship management systems are being developed to increase revenue and become more efficient.
The fact remains that if each sales representative in an organization could conduct one extra sales call per day, annual revenue would increase substantially. Consider the following example:
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1 additional call per sales rep x 220 work days per year = 220 additional calls per sales rep annually;
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With an estimated ratio for closing a sale at 1:10, that means 22 more sales per year;
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If each sale generates $1000, the total increased revenue per sales person is $22,000 annually.
The need to increase sales time for staff is undeniable, yet the majority of current CRM systems in place still require staff to spend long hours inputting data and updating client profiles. Companies are demanding more time-efficient methods of exchanging crucial data by sourcing out systems that use up-to-date technologies that all representatives have at their disposal.
Benefits of Real Time Updates
The best contact management software enables sales people to complete updates within 30 seconds using SMS text messaging. Regardless of the representative's geographical location, they can efficiently inform their management team of important details pertaining to meetings, calls and clients.
After each call, meeting or prospective interaction, the sales person will send a short-coded message to the server. This message takes 10 to 15 strokes and less than 30 seconds to send. When the server receives the message it identifies the sender, marks the date and time of the sent message, deciphers the code and provides the management team with real time sales updates and metrics.
Efficiency is the cornerstone of any successful sales force and can be achieved with real time updates, which increases productivity, profits and morale.