The Importance of Business and Sales Transformation
If your business is not moving forward, it is moving backwards. The largest and most successful companies continue to grow & evolve and adopt a continuous improvement approach. They iterate and re-iterate constantly.
Whether it is an ongoing mindset and approach or a strategic pivot or transformational project, the importance of business and sales transformation is simple. It can be the difference between a business thriving or barely surviving.
To ensure success, you need to have a transformation strategy that considers all parts of your organisation:
- People & Capability
- Activity & Reporting
- Systems & Technology
Understanding Business Transformation
The team at Learning Elements has helped hundreds of businesses transform and we understand it is the key to sustained growth.
Successful business transformation looks at implementing fundamental improvements to your business to ensure you:
- Stand out from competitors
- Drive efficiencies and growth
- Improve staff performance, satisfaction and retention
- Increase customer satisfaction, loyalty and referrals
- Increase sales and revenue
Our expert consultants work closely with you to understand your unique situation, challenges, and opportunities.
Strategies for Revenue Growth
Consider your entire marketing and sales funnel.
The journey and experience your prospects and customers have with every touch point with your organisation.
- Who is your specific target market? What is the persona of your ideal customers or clients?
- How do you reach them?
- What messaging would grab their attention. How can you help them?
- What problems do you solve for your customers and how do you help?
- What is your unique value proposition? How do you stand out from your competitors
Implementing Sales Process Optimization
Ensure you consider the entire sales pipeline when implementing sales process improvements in your business.
Measuring Sales Performance
It’s important to have standard processes and frameworks in place that you measure. Without a consistent approach it is impossible to track performance accurately in order to:
- Understand what needs improvement and
- How do you improve?
With ongoing measurement and management you can then track improvements and performance over time.
SOME of the Key Performance Indicators (KPI’s) to have in place include:
- Number of leads
- Customer contact and outreach (calls, follow up calls, emails)
- Number of meetings / sales presentations
- Conversion rate – overall
- Conversion rate – by pipeline stage
- Retention rate
- Adherence and compliance
- Sales Quality Metrics based on desired activities and behaviours
- Revenue – New customers and Existing Customers (upsell, cross sell)
- Revenue by Product or Revenue by Segment
- Length of sales cycle
- Growth – Month on Month, Year on Year
- Referral rate
- Lost Opportunity Percentage
- Lost Opportunity Reasons
The Role of Leadership in Driving Business Transformation
Successful leaders must build their capability in multiple areas in order to perform their daily role or to drive a successful change or transformational project.
This includes their role as:
- Leader. Set the vision and inspire your team forward.
- Manager. Help keep thjem on track, manage day to day activities and processes
- Coach. Support and guide your team and empower them to grow
For more details on the role of the Leader, Manager and Coach see our Leader Manager Coach training program.