The importance of management
Much has changed in the world of sales, but the importance of managing sales prospects remains high. An active interaction between the sales manager and his outside sales reps (OSR) should occur monthly. OSRs must be able to discuss specific details, including expected close dates, regarding their Top 10 prospective accounts.
These prospective accounts should be listed in a funnel, as depicted in this spreadsheet format.
| Account Name | Strategy: Goal, Next Step, Date | Estimated Sales | Estimated Margin |
Strategy
In managing sales, I recommend using the strategy described below.
- Goal: Identify the specific product or service goal that will cause your prospect to buy from you. Successful sales professionals are consultative partners. With today’s digital tools, your CRM, aided by AI, can help you understand what the prospect expects/needs before agreeing to buy.
For example, AI finds that a prospect has a recorded safety violation. You can offer to help remedy that with your products. In another instance, AI reveals a manufacturing company in your territory is expanding and will need the newest innovative production equipment your company sells.
- Next Step: Digital tools can assist the OSR in identifying prospect behavior, engagement patterns, and buying signals. AI can track email opens, website visits, content downloads, and social media interactions to gauge and tailor your next step. Your next step is to be sure the decision maker will buy your solution to their problem.
- Date: Each next step must be completed by the date presented to the sales manager. Your monthly reviews with the OSRs are strategic for assisting them in developing and maintaining a solid game plan.
- Estimated Sales and Margin: Use predictive AI analytics to estimate customer and prospect sales and margin reliably. The total of your active funnel sales and margin must be at least 4 times the dollars you need to meet your new account growth for the year.
What is required for success
Managing sales prospects is required for success. Monthly personal sales management reviews allow the professional salesperson to know what is needed to achieve this. Lastly, the key to today’s sales prospect management lies in combining technology with genuine relationship building, ensuring prospects feel and understand valued throughout their buying journey.
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