Research shows that more than 75% of companies that use sales enablement solutions boost their sales within the first year of inception. The ones that do will tell you they cannot imagine functioning without their sales enablement platform. But what is sales enablement?
What is Sales Enablement?
Sales enablement is the process of providing a sales team with the resources they need to more effectively engage with prospective clients and work toward closing business deals.
The resources provided as part of sales enablement include, but are not limited to, marketing collateral, sales training, product information, access to customer-related information, and CRM software. Anything that encourages your sales representatives to take part in useful conversations with prospective clients, and win an edge over your competitors, is part of the sales enablement process.
According to the market intelligence firm IDC, one out of every three sales are lost due to the absence of sales preparation, even though on average a salesperson spends almost seven hours every week searching for information that can help convert a prospect into a buyer. This is why more and more companies have started increasing their sales enablement expenditure. According to a report by Aragon Research, sales enablement technology is expected to rise from $780 million market size to $5 billion by the end of 2021.
7 Reasons You May Need Sales Enablement for Your Business
Here are 7 important reasons why you may need sales enablement:
1. Your Business’ Revenue is Not Growing
According to a Sales Enablement Optimization Study by CSO Insights, growing revenue was the top goal for businesses in the last few years. There is continuous pressure from investors and board members – small business owners, too -- to boost sales numbers. But the pressure doesn’t help; it’s not a motivator. A sales enablement strategy in place, however, will help them meet their sales goals.
2. Marketing is Getting Leads, But Sales is Unable to Convert Them
Nothing can be worse for a business than a sales funnel that doesn’t properly “flow.” In many scenarios, marketing doesn’t bring in the right leads. When this happens, during the sales closure process many prospective customers bail because they realize that the products or services presented are not what they’re looking for or they don’t have the budget for them. Sales enablement can resolve this issue.
3. Sales Training Completion Time is Too High
Research shows that it takes an average of six months to fully train a sales representative. And, the average tenure of a sales representative at a company is just two years. So, if you look at the numbers closely, a fourth of their time is spent on training. Sales enablement initiatives reduce sales training time and can increase the tenure of sales representatives in a company.
4. Sales Training Does Not Match the Actual Sales Process
It’s common for businesses to have standard operating procedures for their sales process. However, in many cases, the actual sales process is very different from the process introduced during training. As a result, there may be salespeople who "drift" into different processes. This can create confusion (or worse), and it can be difficult for a sales manager to make systematic adjustments. A sales enablement process can help make the necessary changes to fix this problem.
5. Sales Representatives are Not Spending Quality Time Selling
Based on a study by Accenture, it has been found that meetings consume almost 17.3% of the selling time of sales representatives. Travel, training, and even searching for sales information can lead to wasted time. A sales enablement plan can help sales representatives efficiently manage their time and keep their focus.
6. The CRM is Inaccurate, Outdated, and Complicated to Use
A study by Capterra shows that businesses spend almost $150 every month for every CRM user on the sales team. That’s a lot of cash for a process that doesn’t generate enough revenue. And this is where a solid sales enablement solution can help. It takes the good features from the CRM and leaves the inaccurate and outdated stuff behind.
7. You are Unable to Identify What’s Not Working for Your Business
Visibility is the key to a successful sales process. If you cannot identify areas that require improvement, monitor how your sales team is performing, or predict revenue growth, your comprehensive business strategy could fall apart. Businesses typically have lots of sales data hidden in CRMs but the data can be difficult to analyze. If this sounds like your business, a sales enablement plan will help you see the clear picture and update and improve your business plan.
Want to learn more about sales enablement and how it can help you? Contact us today!