Use a sales leads rating system to hasten revenue for your tech startup
Tech innovators looking to sell IT products into Fortune 500 business markets and other (mostly public) markets with large groups of users need to implement a sales lead rating system to make best efforts to ramp up selling efforts in a progressive manner. As of the spring of 2012, sales leads rating systems are a commodity. These systems are either available as shrink wrap software or as a time share (so called “cloud based” Software as a Service – SaaS) accessed through an Internet connection via a web browser. A sales leads rating system affords management the ability to plot the position of a sales opportunity along a timeline that matches the typical sales cycle for products and/or services offered by a business.
For tech innovators just starting up, a reliable picture of the length of time required to move an opportunity from the stage of identifying a lead to the moment that payment is received from a customer may not yet be available. Identifying the average length of time required for this process to complete establishes the length of the sales cycle for a product or service.
Nevertheless, the familiar characteristics of each stage in the development of a sale should (and, in fact, must) be discernible to management . Therefore, by analyzing the results of each point of prospect interaction to determine a stage in the development of a sale, management can plot an opportunity along a sales development continuum. This continuum will, eventually, afford management an opportunity to determine what, realistically, constitutes a typical sales cycle. Once an accurate length of a sales cycle has been established, then management can determine the volume of leads required to fund the business on a cash positive basis at some future point. Finally, management will be able to realistically forecast funding requirements based on the probable number of leads, the length of the sales cycle, etc.
We think that sales leads rating systems are worthwhile tools for our clients to utilize. We load a tool with our set of the stages of a sales cycle. The earlier in the business cycle that a sales leads rating system can be implemented, the quicker management will obtain a realistic, predictable sense of the pace of sales revenue along with periodic volume. Of course, all of this data is crucial to business planning.
We welcome opportunities to learn about emerging tech businesses targeting our markets. Please call Ira Michael Blonder at +1 631-673-2929 to further a discussion. You may also email Mike at email@example.com
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