Even under relatively stable conditions, the force of entropy is constantly pulling our selling processes and systems ever more “out of tune” over time. But when there’s increased turmoil and uncertainty in the market, this degradation tends to accelerate and things can get very sloppy, very quickly.
As a result, even the best run sales operations can discover that they’ve sprung some costly revenue leaks while their time and attention has been focused elsewhere.
We discuss this phenomenon in the “Closing Your Mostly Costly Revenue Leaks” webinar. In this recorded session, we highlight how and why things shake loose even with the best of intentions; and we explore a number of the most significant revenue leaks that other teams have discovered, including:
- Strategic Priorities Getting Fuzzy Or Going Out the Window
In periods of turmoil and uncertainty, it’s very easy to lose sight of strategic priorities. In most cases, it’s an unintentional slide as people blur the lines and definitions, little by little, over time. It could be, however, that the former priorities are actually no longer relevant or ideal in light of dramatic changes in the marketplace. In any case, strategic decisions and prioritizations should be deliberate and thoughtful, rather than random or reactionary. - Consistency in Sales Execution Processes Deteriorating
It’s challenging enough to get sales reps to stick to the processes and policies under normal market conditions. But when market conditions get a bit more sketchy, it seems that everyone involved…including managers and analysts…will begin to waffle and rationalize all sorts of deviations from the established procedures, policies, and rules. Here again, while some of these deviations might be valid and warranted, they shouldn’t be happening in an ad hoc or random fashion. - Deficiencies Developing in Lead Generation and Cultivation
When lead generation and cultivation is outside the purview of Sales, it’s easy for qualitative and quantitative disconnects to develop. Staffing changes and turnover can lead to weak treatments and inconsistent execution. And on top of that, budgetary pressures can lead to poor investments and improper metrics. The bottom line is that you have to have your own set of lead generation indicators and be vigilant about staying on top of them! - Efforts To Identify Organic Growth Opportunities Losing Steam
While many sales operations have begun to leverage whitespace analysis to identify untapped cross-sell and up-sell potential within existing accounts, the rigor and frequency of this analysis can fall off over time. As a result, the accuracy and timeliness of the findings can degrade, producing more and more false signals. And with more false signals, sales reps and managers can become complacent and less diligent about working the findings. - Value Messages Devolving Into Just Price and Availability
Given the supply chain issues we’ve seen in almost every sector, it’s no surprise that price and availability are major concerns for almost every buyer. The problem is that many Sales and Marketing teams have begun to message as though price and availability are the ONLY concerns. No matter the market condition, differential value messages can positively influence buyers’ perceptions and preferences.
Keep in mind that these revenue leaks are by no means mutually exclusive. You can definitely be suffering from more than one at the same time. In fact, if you find that you have leaks in one area; the odds are pretty high that you’ve sprung some leaks in other areas as well, because the causal dynamics behind the leaks are all very similar.
Now, this article only touches on a sampling of the revenue leaks that may have sprung up in your business while you weren’t looking. It’s not intended to be a comprehensive list, as the particulars aren’t really the point.
The point is that with the way the markets have been, it’s a near certainty that at least some aspects of your sales operation have gotten sloppy…and it’s costing you. And while it’s not hard to fix these leaks, you do have to be deliberate about tracking them down.
Closing Costly Revenue Leaks
In this recorded webinar session, we explore common revenue leaks that can appear when the economy is roiling, your business is under intense pressure, and everyone has been scrambling to deal with the chaos.
Diagnosing Sales Problems
Failing to identify the true root causes of sales performance problems often leads to a frustrating game of Whack-A-Mole. In this on-demand training webinar, learn how to identify and correct the real root causes behind sales performance issues.
Assessing Your Sales Operation
How do you know how your sales capabilities really stack up? How can you tell? In this on-demand webinar, learn how to leverage "3 P" assessments to figure out where you're at and where you need to improve.
