Importance of Business Acumen in Sales

What is that one thing that sets roof installation sales leaders apart from everyday reps? Why is it that some people are good and very effective in closing deals while others are not? Why is it that some reps are able to skyrocket their career growth so quickly? This is where business acumen comes in. Business acumen refers to the ability to combine experience, perspective, knowledge, and awareness to make sound business decisions. It is a practice of good judgment and the capacity to consider a holistic and long-term view of organizational needs.

There are many reasons why salespeople need business acumen and here are some of those reasons.

Becoming a better internal collaborator

Today’s world is highly connected and being a lone survivor in the area of sales will never work. Salespeople need to work within the context of their organization as a whole. If you close a new business by regularly offering huge discounts, you might hit the sales numbers and impress your manager but doing so will put the finance department in a huge fix. The salesperson will win because they have closed a deal, but the implementation and customer success teams will struggle to deliver on those promises.

Helps in understanding complex prospect situations

If you want to develop a good understanding of product features, service packages as well as business benefits, then a client may visit a site. However, there is something more they need from you, and that is guidance and assistance. You need to have a good understanding and consult with your prospects to understand their perspective.

To have a full understanding of business issues and opportunities, there are certain skills you need to develop. Here are important elements that can help you on matters of business acumen.

Assessment

You should be able to look at business situations and easily identify what factors come to play and how they can fit the big picture. If you are experiencing a high customer churn rate, you need to look at any issues facing your customers and have them resolved within the shortest time possible. If your company worked on a recent price change, chances might be your customers are churning because of those issues.

Long term vision and discipline

You need to think beyond daily outreach goals and quarterly numbers. You also need to consider the company’s yearly and long-term goals and align your actions and behavior to support your goals. If your company’s goal is to attract a smaller group of more qualified and high-end customers, ensure your goals are equally aligned. You can challenge yourself to read books about enterprise sales, or even find an experienced mentor who is really good.

Emotional intelligence

Business acumen is not only about meeting your own needs, but meeting the needs of your clients and company at large. You need to have a keen understanding of your clients, know what they might need, and work towards giving them solutions tailored to their needs. It is important for you to also learn about organizational processes.

How to Market to Improve your Digital Presence

We would be largely right to assume that a major part of today’s marketing for any towing company and other businesses is vastly digital. Consumers and businesses alike are almost always online and on the go. You want to be able to reach your prospect, observe their behavior, and how they interact with your business. But when you are growing a business, the digital landscape seems to be ever-changing. You can become easily overwhelmed by a lot of things you are required to handle.

Digital Marketing Strategy

A digital marketing strategy is a plan that helps your business achieve specific business goals through carefully selected online marketing channels be it paid, owned, and earned media. Digital marketing involves a series of actions you plan to take to achieve your overall marketing goal. Digital campaigns form the building blocks and actions within your strategy that help you to achieve your goals.

When creating a digital marketing strategy, here are some important aspects to put into practice;

Build your buyer persona

For any marketing to take place, the first step starts by identifying who you are marketing to. You need to start by building your persona. A buyer persona represents the ideal customers that you create as a result of researching, surveying, and performing interviews. The information you have should be based on real data and not assumptions, else your marketing strategy will move in the wrong direction.

Identify your goals

You need to identify your goals and the digital marketing strategies you will need. If you have a business goal of increasing revenue say by 20 percent, your marketing team might need to generate 50 percent more leads via the website and other methods. Whatever the digital marketing goal you set, you must be able to measure its strategy so as to know what is working and what needs to be improved.

Evaluate your existing channels

You will need to evaluate your existing digital channels and assets. It is important to determine what to incorporate in your strategy as having an evaluation of the big picture helps you not to get overwhelmed. Gather what you have and put it into respective categories to understand what you have as well as what you need to get.

Audit your owned media

At the heart of digital marketing is owned media and will always take the form of content. Nearly everything that your brand broadcasts will be in the form of content. Content will help you with your lead generation effort, help your brand online, and turn prospects into customers. If the content you post is SEO ready, it will help with boosting organic traffic. Whatever your digital marketing goal is, you must be able to include owned media and audit it appropriately.

You will then need to bring your digital marketing campaign together. This happens after you have done all the research and planning. You must have a solid vision of the elements that will make up your digital marketing strategy.

Customer Success Metrics That Matter

Many organizations judge the health a business through the productivity of its customer support organization. It can be on areas such as how many ticket reps are closing; how many emails reps are sending among others. Companies such as Virginia Beach towing service have been doing exceedingly well when it comes to customer service. Customer success metrics helps managers to determine whether their reps are doing work in the right way, and also know the areas they are falling short of delivering the right results.

Here are important customer success metrics you should always track.

Customer health score.

Customer health score might sound obvious, but that is not always the case. Beyond answering customer questions, tickets and emails, are customers seeing the value from your products and services? How often are your customers using your products and services? How successful are they after they purchase your product? What type of impact does it leave on the overall business? Customer support goes a long way beyond just responding to customer inquiries, but also involves looking into the products and services customers deliver.

Net promoter score

Customer satisfaction goes beyond how a customer feels towards support reps, but also includes feelings customers have towards a brand and the product itself. To evaluate customer satisfaction, you will be determining how contented your customers are while interacting with your business. Customers who are happier with the experience you are offering them are more likely to return and do business with you.

Qualitative customer feedback

Another important thing you should look at is your customer feedback. What are your customers saying about you and the services you offer to them? What do they like most or dislike about your business? Customers’ needs to be assured that they have a voice. You need to offer your customers a chance to give feedback and provide insights that would otherwise lead to meaningful and long-lasting relationships. Customer success managers can use surveys and questionnaires to collect qualitative feedback.

Customer churn rate

Customer churn is a great metric to measure. To calculate churn rate, you will first need to determine the timeframe for which your data applies. It can be a week, a month or even a year. Then determine how many existing customers where there at the start of this period as well as the number of customers that churned during the same timeframe. You then divide the number of churned customers by the total number of existing customers to determine the churn rate.

Monthly recurring revenue

Monthly recurring revenue is a great metric to use in determining how much in terms of numbers, your customers are spending, in terms of the growth your business has had. This metric will outline the amount of money that your customers are spending on your products and services for each month. You can compare this value over time, to determine whether your customers are succeeding with your products or not. This metric can be particularly useful especially when running a SaaS business that operates on subscription model.