Summary
Ringover gives you an insight into what a sales matrix is, and how you can use it to increase your sales with both new and existing customers.
Knowing how much effort to put into a prospect can be difficult. It’s a constant battle deciding which ones you should concentrate on, or if you should prioritise one over another. Different sales opportunities are worth different levels of effort in terms of pursuing.
The question is, how can you tell what those levels and reasons actually are? This is where you need the sales matrix to come into play and lend a hand.
But first...what is a sales matrix?
A sales matrix is a tool used to help you gauge the urgency and viability of sales opportunities. It’s a great way to help you prioritise your leads and coordinate your outreach more efficiently. Sales matrices are designed to show you how receptive a prospect might be to what your business has to offer.
Basically, they help you understand which prospects will be most eager to engage with and buy from you. You can then use this information with Ringover’s business phone system, nurture these leads to have a better chance at successful deals
Why should you build a sales matrix
A sales matrix helps you understand which prospects will be most responsive to your sales techniques and teams, which ones are the best to nurture, and which ones won’t be worth your time and will just end up as dead leads. But how do you determine the factors in a matrix?
Figuring it out is more straightforward than you would think. You should already have a good idea of what kinds of businesses are best suited for your service/product, which makes it easier to help narrow down, but here are some key points you should keep in mind!
What to keep in mind when building your sales matrix for new customers
- Compelling Events that Influence the New Market- This would be the trigger point that provides the new selling method opportunity. When did the event happen, and who will it affect? Which departments of the company should be the most concerned?
- Identify Key Players-The next step would be to list the names of the people that are likely interested in your product. In a multi-pronged strategy, you’re going to need to identify key contacts with each selling effort. In the sales matrix, chart out leaders, influencers, or people that are the most likely to be interested in your product.
- Speaking a New Language - When approaching new customers, there will be some new considerations to make. Contacts in these departments may relate to use cases that are different from those that you are more familiar with or are currently selling to. Even the lingo, acronyms, and common tools can be different. It may be challenging to try to sell to these new contacts if you cannot communicate with them.
- Total Cost Analysis - Make sure to explain every cost that your customer will need to pay, from purchase, through training, all the way to continued support. Large companies are going to demand the total cost beyond your current pricing model. Make sure to include installation costs, any recurring service costs, and any additional material costs. Say, for example, you identify that the company will need to upgrade their infrastructure to accommodate your service. If hardware investments need to be made, the company likely will need to start budgeting for new equipment. With these considerations, you can be proactive by mapping out the entire cost of acquiring and maintaining your product.
- Efforts to Reduce Costs - After itemising total costs, you’ll begin to see opportunities where the company can save money by using your product. Whether by integrating with their existing tools, or maximising the efficiency of staff to help increase revenue, identifying these cost reduction possibilities will help with developing your value proposition. Anything that’s going to help the target company be able to save money will provide a lot of value in the long run.
- Weighing Your Options with Your Resources -With a multi-pronged selling strategy, you will want to think of how to weigh your resources so that you can sell to the new market without overwhelming your staff and alienating your current customers. If you feel that this new targeting method could bring in 20% of your business, you can weigh your selling resources 80/20. The percentages are really up to you. Any staff that you delegate or increase to pursue a new market will no longer be solely dedicated to your core efforts. Make sure that you have the right balance of resources listed in your sales matrix to avoid spreading too thin.
Ways to make the matrix work for existing customers
Think of all the products and services you offer and all of your existing clients who use or could use them. A sales matrix should be able to identify your best-practises product solutions for clients.
Once you categorise a client based on industry, size, location or some combination, you should be able to fit them into your matrix and match them with the preferred solutions.Once you have identified your best clients, you can then work on them to either become customers or cross-sell to them.
With Ringover’s business phone system, this is easily done and will help your sales team efficiently reach these clients which you know you have a higher chance of closing a deal with.
Do you want Ringover to help support your sales matrix?
Contact us on phone 020 3808 5555 or send an email to [email protected] and we will be happy to help you!
