Implementing a sales methodology is an investment. An investment in time, money, and resources. You’d think an investment like that would warrant a detailed plan to measure ROI. Oddly enough, this isn’t always the case.
Organizations are spending big money on sales methodologies and training programs and some of them have absolutely no idea if they actually move the needle.
According to the American Society of Training and Development (ASTD), companies spend around 20 billion a year on sales training. Surprisingly, many sales leaders report low ROI’s from sales training initiatives.
This level of investment makes it crucial to have the right processes in place. Rolling out your methodology correctly, collecting the right data, and continuing evaluation are all critical to success.
We’ve outlined some steps below to help you get started.
1. Make Sure Your Sales Methodology Process is on Point
Before you dive right into metrics, make sure your sales methodology is being used. Organizations spend big money on sales methodology, but they don’t all follow through. This wastes resources and leaves your sales team high and dry when it comes to a guiding path for their practices.
Not sure if your organization has formally implemented a sales methodology? Let’s recap.
A sales methodology combines techniques, skills, and behaviors to create a guide for getting a rep through the sales process. In contrast, the sales process is the path and steps needed to get from the beginning to the end of the sale.
Your organization can choose any sales methodology that aligns with their values. The corresponding principles are then used in the organization’s coaching and training programs. Ultimately, they guide the reps through the sales process steps.
Popular sales methodologies include SPIN Selling, Challenger Sale, SNAP Selling, CustomerCentric Selling, and Conceptual Selling.
If your organization hasn’t implemented a methodology yet, learn more about Why Sales Methodology & Sales Coaching Go Hand In Hand.
If you know you’ve implemented a methodology, use the following tips to make sure you’re on track:
- Check in on your training programs. Your training should focus on learning and fine tuning the particular skills necessary for your methodology. Assess your current training efforts for alignment. After all, it doesn’t make sense to analyze if your sales methodology is working if it’s not integrated correctly.
- Make sure your sales reps are on board. The best way to see how your individual sales reps are adopting your methodology it to see them using it. Jump on a few client calls, or join in on client appointments. Seeing your reps in action will help you assess their understanding of the message.
After you’ve ensured your sales methodology is being utilized correctly, it’s time to dive a little deeper into the actual analytics.
2. Dive into the Data
If you’re using a sales methodology program you’ll want to start regularly assessing your success using data.
One of the easiest ways to get started is to leverage existing information in your CRM. But first, make sure the data is accurate. How likely is it that your organization has some data integrity issues?
A global Experian study reported that common data errors affect 91% of organizations, and on average companies in the United States believe about 25% of their data is inaccurate.
To identify your own potential problems, start by spot checking for issues like unassigned accounts, lack of data, duplicate accounts or low levels of activity. To get to the root of the problem, watch out for common causes like poor training, confusion, individual style differences, and sometimes even laziness.
If you find any of these red flags you’ll want to take some additional time getting data reporting practices in shape. You won’t be able to properly track results without accurate data.
You also want to make sure you’re collecting the right data to begin with.
The answer to what this data is will depend on your organization. At a minimum you can get started with these common data points most groups find at the top of their list:
- Lead Source
- Deal Size
- Deal Movement
- Close Rate
Once you have the right data in place, it’s as simple as scheduling regular reporting and checking on the results.
The beauty of leveraging your CRM is that after you’ve finished the right setup and training, most of your workflow should be automized.
3. Looking Beyond the Numbers
Don’t stop at quantitative data. Your team should be able to look beyond the numbers and gain other insights too. Let’s use customer experience as an example.
There are several ways to gauge whether your customers are satisfied or not. First signs might include metrics, but it’s possible to dig a little deeper with qualitative data too.
There are several ways your group can get information about your customer experience that goes beyond the typical CRM data points:
- NPS Score. Net promoter scores measures how willing your customers are to recommend your product or services to someone else.Whether this number is changing gives your organization insight into whether your customer experience is improving or worsening. This performance could be tied to sales methodology success.
- Customer Feedback Surveys. One way to capture additional customer feedback is to send a simple survey after a completed engagement. This can be a valuable way to collect feedback and assess your levels of success.
- Verbal Feedback. Leverage your sales reps to collect this critical type of feedback. Sales reps or managers should should be able to connect over the phone or in person to follow up on the sales engagement, recording important trends.
The ability to combine your CRM data with other information like customer feedback will provide the best overall picture of whether or not your sales methodology is truly working.
It’s important to use a variety of methods to get a holistic view before pointing fingers at what’s working and what’s not.
Do you have other ways your organization has successfully measured whether your sales methodology is working? We’d love to hear about them.