Are your hard-won sales enquiries falling through the cracks????
There is no point of getting new leads if none or a few will only be converted into sales. Did you know that lead conversion can boost your company’s success with little or no cost at all? According to some studies, It’s not uncommon for businesses to increase their sales levels by 20% , just by focusing on their lead conversion target.
What is Lead Conversion?
Lead Conversion is a process of turning a lead into an opportunity or converting prospects into customers.
What are Lead conversion Rates?
Lead conversion rate is the percentage of leads that became customers.For example, the percentage of prospective leads who showed interest in your business model, call your company and purchased your services or products or the old customers who renewed their company’s contracts with you.
What is the meaning of Sales Order?
The sales order, is an trade or order issued by a business or sole trader to a customer. A sales order may be in form of a products and/or services.
How to increase Conversion Rates to Improve Profits?
Lead generation is important for business success, but lead conversion leaves a deeper dent on your overall business profitability. There are many factors associated with a lead to be converted to a successful sales order. You need to identify all these factors and work in a systematic manner to accomplish the goal. Let’s now understand some of the ways to increase sales orders effectively.
1. Understanding your customer
To create sales orders, we need to first understand who is our prospective client. There are different types of leads which will be reported to the sales team. For example – some of them are genuinely interested clients, rest are some leads which are picked through word of mouth or some conference or some random lead source. Understanding your lead type is a very crucial part of converting a good lead to sales orders. As a business, we should first understand our target market.
The target market of your company is a particular group of people within the entire economic market which you, as a business enterprise, aim to connect and provide marketing and sales efforts onto. Prior to designing your lead generation strategies and sales order process, we should make sure to properly identify your customer base and understand their behavioral pattern. Customer details and behavior may differ according to some of the following segments :-
- Demographic Data – Age, gender, personality, education level, employment, business model etc.
- Geographic Data – Location, region, country.
- Purchase Behavior – Company’s brand loyalty, regional purchases, buying triggers.
With a clear view of your target market, you can now focus on key factors and strategies which will affect their buying decisions. Various Inventory and order management applications in the market help in strategizing your sales order process by providing valuable inputs based on your target market and client environment. Customized sales order management for different customers gives us an edge over our competitors and a feel good factor to our clients as well.
2. Integration with CRM softwares
Conventional approaches to sales order management can be disorganized, resulting in potential sales losses because of lead leakages. The implementation of automation into the sales order management process is imperative for extracting consistent workflow operations and establishing a productive response system for potential leads. Utilizing a CRM software for automated lead assignments and response emails is an imperative part to minimize the lead response times. Among the suggested CRM solutions for productive sales order management is SalesBabuCRM.
By deploying a sales order monitoring software such as SalesBabuCRM, businesses can benefit from a comprehensive solution that acknowledges all their sales requirements. Such order management application regulates the monitoring of several data points, including:
- Contact Details: CRM software gathers up the comprehensive information on prospective and current customers, recording the information that is payment history, pending orders, queries, concerns, acknowledges the changes, and more in a centralized cloud-based database. Such information is reachable to all stakeholders in the company at any time.
- Leads/Activities/Quotations/Sales Orders: From interested clients to prospective customers, every factor of their purchase information, product interests, follow-up details, item quotations, discounts, delivery techniques, and more is documented in several databases within sales order monitoring software. Such information is then utilized to build efficient sales deals, prioritize leads depending on their level of interest, and implement follow-up strategies to transform them into sales orders.
- Reports: Customized reports associated with promising leads or sales orders can be generated to strategize several sales order processes. These reports support marketing strategies by delivering the insights into customer preferences and product interests. Furthermore, they contribute to better customer service by monitoring past experiences and interest details.
- Inventory and ERP Management: Sales order monitoring software keeps a detection of customer delivery information and inventory management. Real-time reports, dashboard snapshots for pending leads, seamless task escalation for prompt response, and other functionalities contribute to productive sales order process management.
Moreover, by utilizing the Sales Order Apps on several gadgets and smartphones, team members can stay connected at all times with complete information on any interested lead or prospective sales order. A cloud-based sales order monitoring the software like SalesbabuCRM ensures that relevant information is updated and maintained in a common repository, accessible 24/7 to all relevant parties.
3. Customer retention
According to studies from Bain and company, 5% of customer retention can increase a company’s profitability by 95%. With Sales order tracking softwares, we can gather data related to old and loyal customers. We can keep constant contacts with these profitable customers to understand their requirements and concerns.CRM softwares will have email and SMS tools integrated to it which will help to send automated emails and follow up messages to customers with promotional offers and other update details. These constant updates from your company’s profile will assure customers on your overall business performance and further strengthen your relationships with them.
With different reports and tracking system , we can fetch various dead leads in our contact database and re-approach them on casually on a regular basis. We can collect different data about if they have contacted some other vendor or if they are satisfied with their new vendor’s services or not. There will be almost 50% chance that you can crack an unsatisfied lead this time. Also, using these sales order tracking system you can track down their previous issue with your services and act accordingly. Even if you don’t land the deal, you can improve on the genuine feedback you get from these clients with current interactions.
With Sales order management software, you can constantly track your happy customers and highlight their testimonials on social media and on your official website. Your company’s brand can market itself if you have great reviews. The more customers give positive feedback about you, the more trust you gain from your target sales market. A positive feedback your satisfied customer gives you is equivalent to a great word-of-mouth. A lot of prospective clients check for online reviews and other customer’s feedback before investing in any business deal. Hence to make your business grow, you should not only get new leads but also make sure you retain your local customers.
4. Customer Services
In today’s world of technology, prospective customers can be anywhere and everywhere. Supporting them and being available on their preferred mode of communication is one of the most important way to convert a lead to a sales. A lot of your prospective customers judge your business model with how your sales team handles their complaints and issues.
With these sales order management softwares, customers can be supported on multiple channels of communication and resolve their issues in real time. With automated email services and auto-assignment facilities in sales order management softwares, the lead response time can be drastically reduced.
Most of the customers have their own prefered channel of communication and regularly following up with leads in their comfort zone will definitely lead to fruitful results.
5. Strengthening your Sales Team
As we all know, sales and marketing teams are the backbone of a successful business.With a highly skilled sales team, all you can expect is to have a constant high rate of lead conversions. However, with increased competition and high customer expectations, we need to constantly work on upgrading our sales skills by attending regular training and product information sessions.
Continuous investments in training and reinforcement results in over 50% higher net sales per employee, nearly 40% higher gross profits per employee and a 20% higher ration in market-to-book value. One of the most efficient ways of leveraging your business is to continuously train your staff in non-manipulative, strategic selling principles, methods and understandings. Along with the skill to sell your business, training on body language and language usage skills also help in creating better lead conversions. With better presentation and speaking skills we can definitely aim at higher sales from our teams. Many studies suggest that what we say represents just 7% of the communication experience, whereas how we say it has five times more impact. Also, our body language represents 55% of the total impact of your presentation. Research also shows that people retain 20% of what they see, 20% of what they hear, and 50% of what they see and hear.
Using the sales order marketing software, we can also set individual targets for each sales representative, which will keep a track of individual and overall team performance and give pointers on our area of improvement. Live location tracker in sales order apps will help to track the current location of the sales and marketing agents, which can help in better planning of resources and manpower.
Conclusion
In a world where every company is competing for a better sales and marketing targets, we should choose our strengths wisely by selecting a good sales order marketing software which not only understands and create a productive work environment for our employees and customers, but also take care of our after sales business support. These additional functionalities of a sales order tracking software will provide end to end support for the customers. A good CRM software support like SalesbabuCRM will definitely be a asset to the company sales order process management.
