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The pressures of longer sales cycles and declining sales productivity are forcing companies to streamline and automate how sales information is processed and the mechanics by which deals get done. Specifically, sales teams that miss quotas and face stalled opportunities are under mounting pressure to remain competitive in their respective industries and provide service to increasingly discerning customers. In a recent survey conducted by Aberdeen Group, a Harte-Hanks Company (NYSE: HHS), 96% of Best-in-Class companies reported year over year improvements in Bid-to-Win performance due in large part to the implementation of several key process, performance and organizational capabilities. The Best-in-Class deploy a number of different strategies to improve sales effectiveness, but they generally focus on a two-pronged approach that increases sales representatives’ use of information by improving knowledge of products and customers (26%) and deploying sales processes to help sales representatives leverage that information, such as increasing the quality of leads (33%) and sales win rates (30%). Best-in-Class companies are able to maximize their sales effectiveness by implementing a structured approach to competitive, market and sales intelligence (91%), creating a central repository of account, contact and opportunity information (96%) and utilizing formal and documented sales processes (95%).

Sixty-seven percent (67%) of Best-in-Class companies cite longer sales cycles as the top challenge they face in regards to sales effectiveness. Although the BIC differ from the Industry Average (55%) and Laggards (56%) who cite low sales productivity as a top pressure, a consistent theme that emerged throughout the research is the propensity for companies to do more with existing resources to alleviate business pressures. Sales Managers are focusing on lead quality (33%), not solely the number of leads coming down the pipeline. In fact, increasing the quantity of leads is rated among the lowest strategic priorities (7%). This need for sales teams to develop a knowledge-based sales culture has caused 83% of the BIC to implement sales knowledge management solutions.

“In an ever-changing business environment, it is important for sales management to use all of the tools at their disposal to create a learning organization and knowledge-based culture,” says Andrew Boyd, SVP and Research Director at Aberdeen Group. “The research reveals that organizations are developing knowledge-based cultures through the combination of process and information enablers. Historically, these two different types of enablers have been mutually exclusive; however, the research also suggests that there is currently a convergence of the two underway.”

The research shows companies that improving the customer and product knowledge of their sales representatives and implementing sales processes to help sales representatives leverage that information will ultimately have a positive affect on overall sales effectiveness. By creating both investing in standardized sales process and developing a knowledge-based culture within the sales, companies are able to increase sales effectiveness. findarticles.com