When re-evaluating your organization’s sales process, there’s one question you need to ask: “Is our sales team well-equipped with the right tools to handle the pressures of a competitive environment?” If the answer is no, consider whether a knowledge management collaboration tool could help your sales team improve their processes.
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 knowledge management collaboration see an increase of 25 percent in the number of sales reps who meet or exceed their quotas. By implementing a knowledge management collaboration 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, they need to be able to refer to past initiatives. Consider recording 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 a knowledge management system in creating strategic sales plans go beyond just storing reports of past initiatives. It’s 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 in one, centralized knowledge sharing system. Next, allow access wherever and whenever the sales team needs 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 platform that allows you to track the frequency and usage of accurate information and encourage engagement. Integrate your CRM with your digital information hub to take your analytics one step further. Track content usage on a deal-by-deal basis to determine 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.