Even though 2016 just started, it’s obvious that the digital economy is changing the world around us. And if there is one area of your business that is most affected, it’s your sales operations. For decades, sales reps have accurately targeted qualified buyers that are ready to select a product and finalize the purchase. They could lead the potential customer through the purchase journey – one step at a time. Thanks to the Internet and social network, those “simpler” times are a thing of the past.
Sales processes have accelerated to the point where it’s difficult to see who is considering your products, services, and competitors. In fact, CEB reported that the average buyer is 57% done with the purchase decision process even before their first interaction with a sales rep or channel. Plus, there’s no real customer loyalty since brands comprise only 12% of their customer’s mindshare during the buying experience.
In essence, the digital economy has made the sales process more complicated and less transparent. However, it can also fix this common problem. With a commitment to digital transformation, sales organizations can provide multiple touch points that make the brand more accessible to every existing and potential customer throughout the customer experience.
How can sales teams adjust to this highly digital world? According to The Total Economic Impact™ Of SAP Jam, a March 2015 commissioned study conducted by Forrester Consulting on behalf of SAP, social collaboration may be the right first step.
Did you know sales deals close 9% faster with social collaboration?
One question, one delay, or one miscommunication can shut down an entire deal at a moment’s notice. To avoid this situation, sales reps need to access expertise, information, and customer data together in one place at all times. With an average of seven people scattered across business areas and geographies involved in a single deal, a collaborative team approach powered by a Web-based, mobile-enabled social collaboration platform can help win new business.
Forrester’s research indicates that a reduction of one week (9%) in time to close new business results in $9.63 million in new deals over three years. The average time required to close a deal decreased from 13 weeks to 12 weeks, which enabled sales professionals to close more deals per year. Furthermore, with an average of seven people working on every deal, that saved time means increased productivity for those workers.
How your sales team can benefit from social collaboration: Say goodbye to the painstaking, time-consuming process of gathering information through email, phone, and the Internet! All of this information is now a click away. As a result, your team can close deals one week sooner – leading to more sales and higher win rates.
Did you know social collaboration reduces onboarding and training costs by 13%?
The sales organization is known to be a source of high turnover. Whether the reason is low earnings or disengagement, proper onboarding and training are a key part of lowering that rate. But at the same time, the business needs reps in the field as soon as possible and closing profitable deals.
In the composite analysis, Forrester found that social collaboration reduces onboarding and training costs by 13% – a savings of nearly $1.7 million. This advantage is attributed to the creation of a community where new hires engage with one another, work together on onboarding activities, and receive support from experts in other departments.
How your sales team can benefit from social collaboration: When sales reps are supported with expertise anytime and anywhere, they are liberated and empowered. With direct access to the intellectual power of the entire organization, they can avoid common pitfalls, mitigate potential risks, and strengthen their sales acumen. And this can create a scenario where reps meet or exceed their quotas every quarter and effectively close more deals.
Did you know social collaboration can help you resolve customer issues 10% faster?
In every business, the customer experience is everything. And this is most likely the case for your sales reps. Nothing is worse than having a customer who is unhappy with your products and services and unwilling to purchase more or looking to go elsewhere.
Using social collaboration for customer service, employees can quickly locate the best experts and information across the company to answer any need. They can also access a complete customer view, including service and sales histories, and quickly gather the right team to handle escalations of any degree of difficulty. Through its composite analysis cited above, Forrester found that this capability leads to a 10% faster resolution of customer and internal issues with an associated annual benefit of approximately $384,600.
How your sales team can benefit from social collaboration: Improving this side of the customer experience can also dramatically impact the success of your sales reps. By connecting service agents with critical customer information such as a pending deal or ongoing sales activities, the customer service and sales functions can work together to make sure the customer remains happy and identify ways to accelerate the close of the deal.
Real-time transparency, access to information, and communication
For years, organizations have struggled to collaborate in the most efficient way without getting lost in email chains and outdated spreadsheets. And for sales, this scenario can spell disaster. By centralizing collaboration to streamline and connect business processes, sales operations can hasten the advancement of sales opportunities, decision making, and understanding of customer needs.
Are you interested in learning more about social collaboration? Check out The Total Economic Impact™ Of SAP Jam, a March 2015 commissioned study conducted by Forrester Consulting on behalf of SAP.