Develop Your Sales Management Recipe

Develop Your Sales Management Recipe

 

When developing your sales management recipe, the best ingredients and proper measurements make all the difference.  Yes, if you build a strong sales process, being a successful sales manager can be as easy as following the recipe for your favorite dish?  Think about the parallels between sales managers and chefs.  Each chef has their own recipes to get a distinct taste.  Each sales manager has different tactics and measurements to ensure consistency in their sales process.

The best chefs try several variations of a dish before they add it to their menu.  They try different ingredients; vary the amount of each ingredient until they get just the right taste and consistency.  The effort they put in upfront on a new dish pays off when it produces word of mouth reviews of happy diners.

The best sales managers challenge themselves to always be looking at how to get the best results from their sales team.  Their ingredients are the processes they add or remove, what they measure or don’t measure, how leads are generated, reporting they add or remove, what they need to train or coach every salesperson on and countless other options at the disposal of every sales manager.

Both experienced and new sales managers should research what’s currently working in sales management in general and in their industry.  Information on the topic is more accessible than ever.   Online you can research any topic related to sales, you can join LinkedIn groups dedicated to selling and even start discussions in those groups on topics you would like to learn more about.  There are other traditional options at your disposal as well.  Things like going to the library, finding a mentor, discussing options with management.  All with the hopes of learning from others experiences to limit hurdles and pitfalls along the journey.

Below is a sampling of key sales management terms and measurements. If you are not familiar or up to date with any of these, challenge yourself to start learning more about the specific topic. After you learn more about it, you can reflect on it to determine if adding it to your sales arsenal would help take your team to the next level. Depending on your industry, length of sales cycle, product cost and many other factors you may determine this new sales tool is not a fit for your organization.  It is your job to determine just the right ingredients for your company.

Glossary of sales management tools

  • Account Ranking System
  • Accountability Standards
  • Benchmarking
  • Coaching and Mentoring
  • Commission Structure
  • Commitment Objective Management
  • CRM
  • Communication Process
  • Distribution Channel Strategy
  • Elevator Speech or Pitch
  • Lead generation
  • Lead Qualification
  • Management Ride-A-Long’s
  • Needs Analysis Management
  • New Account Development
  • New Account Onboarding
  • New Employee Onboarding
  • Performance Scorecards
  • Pipeline Management
  • Policies and Procedures
  • Post Call Reviews
  • Pre-Call Planning
  • Product Mix – Offering
  • Prospecting
  • Quota Management
  • Referral System
  • Reporting Requirements
  • Sales Budgets / Goals
  • Sales Cycle Management
  • Strategic Planning
  • SWOT Analysis
  • Territory Planning
  • Training Programs (Both Customers and Employees)
  • USP – Unique Selling Proposition
  • Value Proposition
  • Voice Of The Customer

 

Glossary of key sales management measurements

  • Age of Pipeline
  • Avg. Dollar Per Customer
  • Avg. Dollar Per Sale
  • Calls to Close
  • Closing Ratio
  • Conversion Rate
  • Customer Lifetime Value (CLV)
  • Funnel Leakage
  • Leads Generated
  • Length of Sales Cycle
  • Market Penetration
  • Market Segmentation
  • New Account Acquisition
  • Pipeline value
  • Pipeline value by Stage
  • Product Purchase Cycle
  • Profit Margin
  • Referral Rate
  • Repurchase Rate
  • Retention Rate
  • Sales By Contact Method
  • Sales By Rep
  • Sales Growth
  • Sales by Product Type
  • Sales Volume
  • Sales vs. Goal
  • Touches
  • Win-Loss Ratio

 

As you can see, your sales process and measurements is really your recipe.  Create it with the right components and correct measurements and you will be successful.  If you don’t update your skillset or look at how technology is changing sales, you will at some point find that your recipe will be replaced by a new one.

Please share your thoughts on developing your sales management recipe.  I look forward to your feedback.

 

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David Domos developed WhyBuyFromYou.com to provide content to help small businesses develop their branding, marketing and sales systems. In the past he held key leadership positions for a fortune 500 company. That company led the market in both sales and brand awareness and David was a significant contributor to its growth. David has been on the Amazon.com best seller list in their Direct Marketing, Communications and Entrepreneurship categories. He is a student of sales, marketing, branding & small business growth, continually focusing on the reasons people buy. Follow him on Twitter @WhyBuyFromYou or visit www.whybuyfromyou.com.
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