In the fast-paced hospitality technology world, small to mid-sized vendors often face challenges in scaling their sales operations.
Many organizations face growing pains as they evolve, adapt to market changes, and expand their customer base. These challenges could include high churn rates, the need to reinvent legacy customer bases, and the skill set mismatch between salespeople and various business segments.
Failing to address the challenges head-on can lead to stagnant growth or decline. Companies may lose customers, miss potential revenue, and fail to capitalize on market opportunities. Without a proactive approach to sales optimization, organizations risk being left behind while competitors seize growth opportunities.
Whether they are a family-owned or publicly operated a startup or mid-sized range, these hospitality tech vendors already have a certain level of sales processes in place. However, at certain points in the organization’s lifecycle, it’s common that they require a strategic reset to further their growth and overcome existing challenges.
An objective-based audit, or Sales 360, of sales teams and infrastructure provides a comprehensive solution for vendors seeking to optimize their sales operations. It acts as a sales playbook, enabling vendors to evolve and scale their business development efforts effectively.
A Sales 360 revolves around an objective-based audit of an organization’s sales operations. It encompasses a comprehensive sales team review, competencies, proposal processes, value propositions, sales solutions or CRM usage, and pipeline management. Additionally, the audit examines the alignment between sales and support departments, such as marketing, and any partnership or distribution models in place.
The audit’s success ultimately depends on two things. First, selecting the right person to lead the engagement. This person should possess a deep understanding of sales and business development, capable of guiding the sales team and aligning departments. Their expertise and experience are vital in maximizing the benefits derived from the Sales 360 results.
The second factor for success is having a C-level sponsor, such as the CEO or co-founder. Their involvement ensures a high level of commitment to addressing the challenges and implementing the necessary changes. Depending on the company’s size and structure, the CEO or co-founder may possess the requisite sales background to drive the transformation effectively.
Other involved parties include the human resources department for contractual matters, the partnership or corporate strategy team, and subordinates who contribute to the audit process.
Several success stories highlight the effectiveness of a Sales 360. For example, a large company recovering from bankruptcy significantly reduced churn rates after instilling confidence in its sales organization and future business development strategies. In another instance, a startup successfully achieved its goal of acquiring 12 to 15 new clients per month after completing the audit. However, it is important to note that results also depend on follow-up actions, including hiring the right talent and aligning departments.
Whether it involves offsetting high churn rates, reinventing legacy customer bases, or managing diverse market segments, an effective audit or Sales 360 provides guidance and actionable insights. It helps companies overcome their challenges and prepares them for sustained growth.
Conclusion
The Sales 360 empowers small to mid-sized hospitality tech vendors to unlock their growth potential. The solution enables organizations to address challenges, optimize their sales operations, and drive sustainable growth by conducting a comprehensive sales audit and providing actionable insights. Companies can achieve remarkable results and seize expansion opportunities with a C-level sponsor, the right leadership, and the dedication to follow through.