A few months back, Nick Hedges, President and CEO of Velocify, gave a list of four factors that separate the exceptional sales reps from the average sales reps. His research found that only 20% of sales reps regularly meet their sales quota. Meaning that 80% fail to consistently live up to company standards every month, which is a significant portion of a company’s sales team that is underperforming on a regular basis.
Aside from motivating sales reps with extra compensation, competitions, and similar ideas, which are talked about frequently on the web, sales reps might need more tools for increasing efficiency. Here some key tools and strategies, ones that are far less talked about, that companies can do to increase the number of representatives meeting quota.
1. Contract Lifecycle Management Software
According to Hedges’ article, there is no factor as important to a sales representative’s success as organization. Leading reps had a tendency to have an organized system in place for their sales process. Some may use software, such as Salesforce, to track data and keep organized. Without proper organization, reps lose focus, lose data, waste time searching for information, and then panic because they can’t find what they’re looking for.
Using a CRM program can help your sales team organize itself and track data, but CRM is incomplete without contract lifecycle management (CLM). Using CLM software helps your sales team keep track of all of the contracts, data, and document needed for a sale to proceed. It’s always accessible, and your reps won’t waste time hunting down old contracts or sifting through spreadsheets for data. It’s always accessible, and it’s always organized.
2. Reduce Human Error with a Template Library
Over 80% of companies indicate that human error has negatively impacted their contract process, which translates into a negative impact on the sales cycle. Over 60% of companies state that an average sale cycle takes more than 3 weeks, and nearly 50% of companies take more than a month. The errors and inconsistencies throughout sales contracts cause the legal department to take an inordinate amount of time reviewing the deal for missing or incomplete data and clauses.
A template library, filled with preapproved language and preapproved clauses, reduces the time that legal has to spend reviewing each contract. A variety of prefabricated clauses and contracts can be used by your sales team to reduce the time they spend drafting a contract, as well as the time that legal spends redlining. All of this can decrease your sales cycle by 11%. With a reduction in sales cycle time, reps have more time to spend making deals and working towards quota.
3. Streamline the Approvals Workflow Through Automation
Once a contract is built, one of the most exasperating road blocks is the approvals process. Tracking down proper signatures and approvals is a hassle, as any sales rep can testify. Those with signing authority may be out of the office, working remotely, or even on vacation. With a paper-and-pen signature, that person must be physically present, or else have access to a fax machine in order to print, sign, and scan the document.
With automated contract management, the blockages in the approvals process are removed. Approvers can sign from any location, and from any device, using encrypted e-signatures. When the approver signs, the sales rep will receive a notification that the contract is ready to go. This reduces the contract cycle even further, meaning another increase in time for sales reps to use to increase sales.
Concord’s Success Platform can help your sales team stay organized, reduce sales cycle time, and streamline the approvals workflow process. Integrate with other services, like Salesforce, Google Drives, Box, and Dropbox, or use our API to improve your sales cycle.
5-23-2016 | by Ben Fleshman