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If you’ve not already introduced sales enablement in your organization, you should. But most pieces on Sales Enablement talk about data and statistics, which are not money. So, how does sales enablement drive revenue for organizations?
Companies that have implemented sales enablement have seen three times more growth in their revenue compared to companies without sales enablement. A lot of companies that surpass their revenue targets have a well-defined sales enablement function. Most of the companies are considering sales enablement as one of their top priorities.
Let’s take a look at how sales enablement drives revenue for organizations.
Hiring new sales reps is never an easy task. Sales is one of the few jobs in market in which the demand exceeds the supply. You might find a lot of candidates that are willing to hit the floor but whether they’re able to is a different story altogether. The primary differentiating factor between a top-performing sales rep and an under-performing one is accountability. Over-performing reps consider themselves accountable for meeting the sales quota as opposed to the rest.
One way sales enablement drives revenue for organizations is through salesforce enablement. It equips the sales reps with the right tools and information that helps them achieve sales targets faster. Therefore, companies that have a sales enablement plan are more likely to draw top sales reps than a company that doesn’t have an enablement plan.
In addition to that, an effective and quick hiring process will result in faster sales quota attainment. Sales enablement tools allow sales enablement managers to identify the shortcomings of the enablement team and improvise accordingly.
Another problem faced by organizations is onboarding, training, and retaining the reps without spending a lot on the process. A recent Aberdeen Group Study found that it takes seven months and almost $30,000 to recruit and onboard a new rep. For a lot of sales organizations, that is a huge amount of money and time to invest plus if the rep turnover rate is high, it can all go to waste.
Naturally, most organizations aim at wrapping up this process as quickly as possible so that the reps can get to work and start being productive. But, more often than not, such one-and-done training is forgotten by the reps within weeks.
Salesforce needs ongoing training to ensure they’re in touch with the latest happenings and insights of the industry. Companies should focus on creating more knowledgeable reps if they want to sell more in the long run. Sales enablement can drive revenue for organizations by enhancing this process.
An ongoing sales training program is very important for sales reps to succeed. This training requires accurate insights and active involvement from the managers and both of which can be delivered by sales enablement.
Sales enablement drives revenue for organizations by helping a great deal in sales training. Real-time stats allow reps to gather knowledge on critical points of sale. It helps them keep the prospect engaged throughout the journey by making effective use of content and information. It not only helps the salesforce close more deals but also the organization as a whole, since more sales mean more revenue.
The time spent by the sales rep on anything other than selling is considered unproductive. If they are spending time looking for the right content, they are not spending enough time on their core activity that is sales. We agree that high-quality content is one of the primary sales drivers, but that does not justify sales reps spending their time to find one.
Enabling sales reps means allowing them to gather detailed knowledge of the products and services quickly as a part of your sales enablement training course. This will empower them to add value to the conversation and offer effective solutions to customer problems.
Sales enablement platforms are capable of storing and organizing content in a manner that is easily accessible at the right time. It also allows you to create and keep templates of regularly used content that can be used by the teams instead of spending the additional time creating it.
Spending your time, money, and resources on sales training programs would mean nothing if there is no way to measure its effectiveness. A mechanism that allows you to measure these efforts will help you figure out the loopholes in your sales training, and it’ll also highlight what’s working best for you.
Furthermore, sales enablement analytics can help you amplify the effectiveness of internal compliance training and measure capability gaps. It can also show you actionable data such as an approximate time-money investment required to train each sales representative. Such data and insights from a sales enablement tool will drive revenue for the organizations by helping them make data-driven decisions, reduce inefficiency, and boost productivity. ‘A good, modern sales enablement platform will provide content usage, customer engagement and revenue influence analytics, and possibly other business metrics such as velocity uplift and deal size uplift. These platforms provide the in-depth analytics needed to show content usage by sales, and importantly, content usage by clients and prospects,’ says Jeff Day of the Association for Talent Development.
Referred customers often generate higher margins than other customers simply because they stay with the organization for longer. When your current customer refers you to their colleague, what they’re telling their colleague is that you can be trusted. Trust is the biggest hurdle that a sales rep faces and referrals eliminate that hurdle.
You can only win the trust of your customer by having a complete understanding of their needs and being able to position yourself as an expert by offering effective solutions to their problems. This is exactly what sales enablement does to drive revenue for the organization! It ensures that your sales reps have the information they need to build a long-lasting relationship with the customers which will lead to more referrals.
Sales enablement drives revenue for organizations by eliminating non-selling tasks, allowing managers to manage instead of track and report, and enabling the team to keep the prospects engaged. If your organization is looking for a 360-degree sales enablement tool that delivers a long list of features, EnableU is a great option. EnableU offers an all-in-one sales excellence platform that combines a proven framework of standards with sales readiness and enablement tools.