How to Manage Your Sales Relationship Database for Better Prospects

Is your sales team operating at its optimum level? Are your leads converting to your satisfaction? How viable are your company’s prospecting methods? Good leads and effective conversion strategies are critical to the sales process. Vetting and converting prospects into warm leads is also the most challenging aspect of sales.

Fortunately, we exist in a time where data gathering has hit an all-time high, and the collection and analysis of data have become a powerful tool in every facet of business today. Customer and prospect databases have always been key in building and maintaining a robust sales division. 

Today, with customer relationship management (CRM) and machine learning software, prospect database engagement has become increasingly more efficient. These modern technologies, along with effective sales strategies and sales training, are the recipe for boosting sales and, subsequently, your company’s profit margin. Let’s take a look at some ways your business can manage its database for better prospects.

Maximize Your CRM Efforts

CRM platforms are software systems designed to manage a company’s interaction with current and prospective customers. These systems manage, categorize, and analyze customer and prospect data with the intention of engaging with the individual and converting them into customers or clients. . 

A CRM platform will utilize a variety of elements to achieve its intended goal. Among the elements used are:

  • Lead Management
  • Sales-Force Automation
  • Marketing
  • Customer Service
  • Workflow Automation
  • Analytics
  • Reporting

CRM’s and other sales enablement software empowers teams to sell at a higher and  more efficient level. Because sales enablement is an ongoing process, it’s important to give your reps the tools they need to consistently engage with prospects across the buying journey. But, these tools are only effective when reps know how to use them properly, so make sure they’re trained on every tool in your tech stack.

Know Your Demographic

Who exactly is your ideal customer? This is the question that demographic research answers for smart businesses that understand the importance of identifying their target audience. 

Companies that have the best demographic profiles know their ideal prospect’s: 

  • Job Role
  • Age
  • Education 
  • Income
  • Marital Status
  • Geographical Location
  • Cultural Background

Knowing this information gives businesses the advantage of knowing who to market to and where their marketing dollars and efforts are best spent. This  laser-focus will also paint a clear picture of your prime customer in the minds of your sales team, so make sure that your sales training program educates reps on your key demographics.

Define a Strong Lead

It’s common for new sales reps to spend a lot of time working weak leads that are unlikely to convert to customers. When tell-tale signs of a strong lead are never vividly described, sales reps often spend time attempting to cultivate bad leads. 

The high rejection rate, when prospecting, causes some to put false hope in leads merely because they were able to make contact at some point. There are prospects who will be nice and seem  interested but don’t actually have the motivation to spend any money with your company. Your sales team needs to know all of the signs of a strong lead versus a bad one.

Be Realistic About Your Pipeline

Cleaning up your prospect pipeline to identify those who are not strong leads gives you a more realistic perspective of the deals that you have on the table. If you have prospects who haven’t converted, answered your calls, or responded to your emails for weeks, it’s  safe to say they are not a good lead. 

Have every member of your sales team go over their prospect pipeline to discern which of their prospects is likely to convert within the next month. Any leads that are not likely to close within that period should be purged from the pipeline.

Follow-Up in a Timely Manner

The follow-up is extremely important when attempting to convert a prospect. Following up is also a great way to keep your sales prospects warm. The decline in morale that occurs when people are inundated by  rejection  causes some reps to slack in certain areas. This means that the follow-up is an area that tends to get overlooked and put off. 

Scheduling follow-up time for your team will greatly increase the level of engagement and conversion in your organization. Maintaining an ongoing line of communication with prospects is what vetting and cultivating a lead is all about. 

Build Rapport with Prospects

Your sales reps also need to build rapport with prospects in order to be truly effective. People are more comfortable doing business with people that they feel share some similarities. Train your team to find common ground with prospects early in the process. 

Building rapport can be as easy as talking about the weather or family. Just the mere acknowledgment of similarities or things that the prospect is interested in is enough to build rapport. This does not mean spending excessive time discussing things that are not pertinent to the product or service. 

Hold Regular Sales Meetings

Sales meetings are a wonderful way to build the morale and confidence of your sales team. During this time, have your reps share their positive—or even negative interaction. This will help the rest of your team know that there are prospects out their willing to do business. These meetings also give those reps the opportunity to share their strategies with the rest of the group as well. 

Conclusion

If your sales division is under-performing, it is obvious that there are some changes that need to be made. Dissect your approach and procedures piece by piece to see how each step can be enhanced. Use technology as much as possible, while also ramping up your traditional sales and marketing processes.  

Interested in learning more about adding Lessonly to your sales enablement tech stack? Check out this video. ?

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