In theconstruction industry, how the sales department works is changing rapidly. Theconstantly improving technological landscape has transformed how sellers andbuyers now interact. As a result of this, there is a severe need of more customizedand tighter sales processes today.
While thetechniques and tools surrounding modern day sales are rapidly evolving, thereis one thing that has remained somewhat consistent. That is, the importance ofsales meetings. In this regard, it does not matter whether you are in aface-to-face meeting or on a videoconference behind the screen. Regardless ofthe form or shape, sales meetings are a highly crucial piece of the entirepuzzle. These meetings allow managers to handle all the objects in real time,while establishing a connection between the prospects and the representativeson human levels.
While youcould easily track the sales of a construction business by integrating FollowupCRM with a sales tool, managing a sales meeting it is not an easy thing to do. Effectivesales meetings are supposed to be full of energy and interesting. All in all,they should be like an interactive event that allows the sales team members towork in unison.
Though, itis quite unfortunate that a big number of sales meeting that we happen toattend are the opposite of this. In the worst cases, time seems like it is notmoving at all. As a result of this, everybody ends up being emotionally andexhausted. In this case, the major culprit is poor planning and bad executionof the meeting.
In general,the best managers understand why such events are so crucial for the success ofa construction business. At the same time, successful managers recognize thefact that need to put deliberate effort in the planning and execution. Though,you may be wondering how it is done after all?
Well, inthis article, we aim to help you plan and executive successful constructionsales meetings. So, to learn how an effective sales meeting is run, read thebelow mentioned plan:
Last week’s accomplishments
The salesteam in any company must reflect on its past results, from time to time. Thiswill allow the sales team to come up with strategies and different methods toovercome the losses. At the same time, it may also help the sales team in growingitself further.
So, brieflydiscussing the accomplishments in the last week are of extreme importance. Thisis what all construction sales meetings should begin with.
Theseaccomplishments may also include the number of appointments that are visitedalong with the number of delivered proposals. At the same time, all the leadsthat require a discussion should be analysed.
In simplerterms, leads are all the opportunities that a business gets in selling itsproduct or service. In this regard, a lead may be classified as an organizationor an individual that is interested in what a business is offering. Often attimes, prospects and leads are both used interchangeable. However, in most ofthe organizations, these two words will have different meanings. Where on one hand leads provide the contactinformation of potential clients, prospects refer to a potential customer thatis yet to inquire about more information regarding the business.
Next up,captured contracts should be the subject of discussion in the sales meeting.These are the contracts that have been finalized with the leads (potentialcustomers). Captured contracts usually contain those contracts that have beenfinalized. Here, there is no turning back for the client.
However, incase a client has inquired about the project/service but has not yetsubscribed/used it, it cannot be classified as a contract. The value of thecontract in dollars should also be noted. Alternatively, sales reps can alsoconsider the number of contracts which is a much more reliable metric since the'value' is rather subjective.
Salespipeline refers to a visual display of all the sales prospects and the leadsalong with their purchasing history. Sales pipelines are also used to check theaccount forecast of the sales rep. They also indicate how close or far a salesteam is to reach the quota.
Value in Dollars vs Number
While somesales managers have their prime focus on having a high value in dollars of theopportunities/prospects. However, on the other hand, some sales managers preferto have a larger number of opportunities in their pipeline.
Your salesmeeting should essential describe where the team’s focus will be directedtowards. However, before settling for one, know that the estimates of dollarvalue are quite subjective. As a result of this, the number of opportunities isa significantly better metric.
Hots, Warms, and Colds
Salesinquiries can be divided into three different pipelines including HOTS, WARMS,and Colds. Hots are those leads that will say something like “I talked with Xand they had bought your service so I would like to buy it too!”
At the sametime, a warm call is when let’s say a form for leads has already been filledout but the project reflects lesser level of interest.
This isquite used in the construction industry. Active status suggests that forinstance, a property is still available for sale. These statuses must bedecided and set during a sales meeting because even Active statuses havecertain different types. All of these types have a different definitionaccording to the market that which you are using them in.
It is theratio between the sales leads and the closed sales number. Closed sales arethose sales that have successfully been carried out. So, in a sales meeting, itis extremely important to determine and estimate a suitable closing ratio. Ingeneral, businesses should strive to become better and better with time.
Anticipatedclosings may include the number of closings that were supposed to happen butnever did. By comparing this number with the closed sales number, one candetermine the ratio of prospects that end up being a closed sale.
Hot items this week
Next up,contractors need to talk about all the important tasks and deadlines that areto be met in the coming week. With proper planning and analysis, they canensure that everything will run very smoothly. Without that, though, things mayturn out to be a total mess.
At the sametime, this section of the meeting should not just focus on the things toachieve, but also on the methodology that is to be used in achieving them. Thisis when all the weekly targets along with the daily targets are finalized.
So,contractors should consider this part as the most important one in their salesmeetings. And without a doubt, this will also be the most extensive one. Thisis because whatever there is to learn from the past, will already be covered. Inthis section of the meeting, though, contractors could encourage and uplift thespirit of their team while setting them up to achieve great results.
Discussion topics withmarketing
A verystrong communication between the marketing and sales team is extremely crucial,for the success of both the teams. Sometimes, this requires the use of a singleintegrated system. Quite fortunately, Followup CRM can be integrated with arange of accounting/sales tools. Ultimately, it allows both sales and marketingteams to find access to all important data.
Indeed,both the sales team and the marketing teams go hand in hand. According to mostof the business experts, at least one marketing team member should be presentin sales meetings. So, contractors should invite one or a few over in everymeeting. This way, the sales representatives could be informed about all thechanges in the policies along with new upcoming marketing campaigns.
Thediscussion topics may include previous campaigns, results of those campaigns,communication with clients, clients’ persona, target audiences, change inpolicies, new campaigns in the pipeline, and a lot more.
Overall,the discussion topics will depend on the goals and tasks at hand. Since it isone of the most important aspects of any sales team meeting, contractors shouldnot skip this one out.
Within thissection, contracts shall also talk about all the chances in tools and policies.The new sales team members could be given an overview of the sales integratedCRM system, for instance. With that, the team could also be informed about allthe internal changes that include:
· Internal change in processes and newhiring priorities
· New policies that apply to thecompany (this will especially include all the employee benefits and compensations)
· The all-new technological tools. Forinstance, whenever a new change is planned to the Followup CRM system, salesreps should be allowed to ask questions about it.
Next up,discuss all the road blocks that the team may have to face. Since countlessproblems can arise and they most likely will, it is important to encourage thesales representatives to discuss all the possible challenges. It Is not a goodpractice to leave the sales representatives alone in an isolated environment. Ultimately,this will not yield the results that a contractor is looking for.
Especially,if the sales representatives are not experienced enough yet, discussing roadblocks could help them and the entire team big time! Ultimately, this will notonly reduce the unwanted pressure on the team, but will also be beneficial forthe entire organization.
So, takethe opportunity of turning a sales meeting into a supportive environment wherethe sales representatives could discuss all their difficulties and challengeswithout hesitation. In this regard, you could ask all the sales reps to talkabout their current struggles. After that, consider taking their output on waysin which their challenges/struggles could be conquered.
Ifcontracts want the sales reps to open up, it is very important to provide thema supportive environment. Otherwise, they are bound to hesitate, which willprevent them from opening up properly.
Number of referrals forthe week
Referralsare extremely important for the success of every business. Indeed, findingreferrals is also one of the prime duties of the sales team in any country. Incase the referrals are important for their particular organization, contractorsshould make sure that such a culture is encouraged among the team. While thesales representatives do not always have to ask for a referral, they still wantto be associated with referred leads.
This can bedone by talking about them via phone, demos, so0cial, emails, and of course, insales meeting. By communicating the value of referrals outwardly, they willstart coming out far more often.
Now, in asales meeting, contractors should specifically talk about the number ofreferrals that must be achieved in the week. This would be like a target forthe sales team. More or less, it is a part of their very job after all.
However,presenting vague targets to the team is not the best way forward. Rather, helpthem in devising a working action plan in the sales meeting. This way, thesales representatives will be able to bring better results to the table.Furthermore, a proper action plan will also take away a big amount of pressurefrom the team’s head. Ultimately, the team will be able to perform at its best.
Whilehunting for referrals, CRM tools such as Followup CRM could be extremelyhelpful. Since it keeps the entire track of communication with prospectiveclients, it can present a vast amount of useful data to the sales reps. So,some form of collaboration with the marketing team may also be needed in thisarea.