How much money does your business spend on outreach? In 2014 the average amount ranged between 9 and 12 percent of sales revenues and could go up to 50 percent when new products are launched. Sales acceleration incorporates strategies that allows sales teams to automate processes and therefore reduce the number of resources spent on outreach. Before a company can make the most of this results-oriented strategy, it is essential to understand what sales acceleration is, how it creates an efficient sales funnel and which technologies are able to boost results even more.
Sales Acceleration Defined
Sales acceleration started gaining traction during the peak of sales automation when it became apparent that a need for more efficient sales outreach tactics was required. Traditionally, sales automation allowed a company to utilize technology to strengthen customer relationships and therefore notice an increase in conversion rates. Although sales automation positively impacted the lead generation process, researchers were still intent on improving the lead-to-customer conversion time and boosting overall revenue. Sales acceleration was created to shorten the sales cycle by using a diverse range of tactics such as immediate response times, increased social media interaction and larger databases of analytical information. These strategic methods, especially when combined with sales automation, can increase the number of leads contacted and converted while decreasing the number of resources required to complete the job. Some businesses have even noticed up to an 85 percent reduction in production time thanks to sales acceleration. In addition to having more available resources and a shorter sales cycle, these combined initiatives lead to an essential goal that all companies strive to achieve – more revenue!
Creating a More Efficient Sales Funnel
Sales acceleration makes the sales funnel more efficient by using smart strategies that lower costs by incorporating relevant social media messaging, tailored outreach and prompt responses. Sales acceleration makes the most of companies’ wide databases of customers information so they can appropriately address the leads that they contact. Every interaction is recorded to provide sales teams with the most detailed schedules and task lists. This increased knowledge that companies will possess about their leads will boost sales team productivity and give managers the chance to monitor the status of their employees. Notable business trends like social media interaction and the need for tailored outreach are giving sales acceleration tactics a chance to make an even greater impact on conversion rates. Whether it is the amount of knowledge captured online or incorporating the most appropriate engagement, sales acceleration lowers costs with smart strategies that encourage efficiency so customers can more readily convert.
Capitalizing on Emerging Technologies
As of 2013, North American companies had spent $12.8 billion on sales acceleration technology. This technology is key to gathering and analyzing large amounts of data. This compilation of information can then be used to optimize sales team practices and inform companies on the strongest strategies. The increased understanding of leads will reduce the amount of time spent on research and will open up resources to allow companies to handle even more incoming prospects. Companies can be assured that, even with increased outreach conducted, their responses are specific to each of their leads. The amount of relevant analytics being conducted on each lead can come from company software, social media platforms and more. Incorporating tailored outreach can overcome the weaknesses of customer relationship management technology by building a bridge that quickly and easily converts leads into customers.
In 2014, more than 45% of companies had made the transition to sales acceleration strategies. While older tools are capable of making an impact on the lead generation process, incorporating sales acceleration is the new way to efficiently and effectively induce more customer sales. Shortening the sales cycle, reducing the number of resources utilized and tailoring each outreach measure to the lead’s specific needs not only appeals to modern business trends but gives companies the information they need to appropriately interact and boost conversion rates.