June 16, 2017
Written by Lori Mankin
When re-evaluating your organization’s sales process, there is one question you need to ask, “Is our sales team well-equipped with the right tools to handle the pressures of a competitive environment?” Creating a well-designed digital information hub for your sales team can prove to be a valuable addition to your sales strategy, increasing efficiencies and driving results.
Research shows that companies who excel at collaborative knowledge management see an increase of 25% in the number of sales reps who meet or exceed their quotas. By implementing a knowledge management solution, you give your salespeople the opportunity to retrieve the exact data and content they need to drive the buying process. Include the functionality of content curation and communication surrounding every piece of information, and the advantages of sharing knowledge are significant.
Sharing Successful Strategies
When your sales team collaborates on a successful sales strategy, it is important that they can refer to past initiatives. For example, you can record sales calls and outcomes in your knowledge management system so others can benefit from lessons learned. By examining what sales teams have done in the past, and learning what worked and what didn’t, they can avoid wasting time on a strategy that has not been successful, improve upon initiatives that need some finesse, or implement past plans that saw the best results. A well-kept database of strategies and sales team feedback ensures that every strategy is an improvement to those of the past.
Access To Up-To-Date Information
The advantages of knowledge management system in creating strategic sales plans move beyond just storing reports of past initiatives. It is essential for sales teams to have the most up-to-date information on products and services to educate potential customers. Take your knowledge management strategy one step further by collecting all learning materials of value and including the personal expertise of salespeople into one, centralized knowledge sharing system. Next, allow access wherever and whenever they need it, with the ability to communicate in real time about it, unifying your team and enhancing their effectiveness in the field. Best of all, your team will now be using, sharing, and commenting on the same up-to-date information.
Lead Effectively, Monitor Metrics
Beyond the basics of knowledge sharing and communication, successful sales teams rely on robust analytical tools to manage and lead their teams more effectively. Move beyond traditional knowledge management tools and invest in a system that allows you to track the frequency of usage of accurate information, how that content is being used, and encourage engagement. Integrate your CRM with your digital information hub to take your analytics one step further and track content usage on a deal-by-deal basis to associate which assets are most effective to move your leads through the buying process.
By being able to monitor the contributions of your sales team, your leadership will be able to determine who is working to share best practices and create a sales playbook that benefits the whole team.
To drive success from your sales team, adopt a strategic knowledge management initiative that encourages knowledge sharing. When a sales team is fully committed and recognizes the value of shared knowledge, efficiency, productivity, and sales successes are sure to follow.
Harness The Power Of Knowledge Sharing With Digital Transformation
Companies that grasp what the digital workplace is really all about are willing to change the ways people and applications connect across their organizations. By fostering a digitally driven culture of collaboration, they break down silos, share knowledge more effectively, and compete more successfully.Download Now