Software sales is different from traditional product sales, because it is essentially selling products that are intangible. The value of software cannot always be determined outright, and software sales agents have to be well adept in selling techniques to generate revenues. The return on investment on software sales can be increased by proper sales force management to increase accountability.
Return on investment calculation for a software sales force is done by deducting the cost of running the sales force from the revenue generated, then dividing that amount by the cost of running the sales force. If certain metrics are tracked to ensure software sales reps produce more revenue per dollar invested on them, the sales ROI will increase. Field sales monitoring apps like CloudApper SalesQ can help in software sales ROI maximization through proper sales tracking.
Ways To Maximize Software Sales Return on Investment
Software and IT sales agents should be properly monitored and strategically guided to maximize ROI and yield desired profits for software industries. This can be achieved in the following ways:
Track Monthly Revenue
Sales targets of software and IT companies should be meticulously determined based on the size of the company, size of the software sales force, and the goals for the product. Once the target has been set, it should be tracked to determine the status of achievement. This can be done through tracking the target completions of individual sales reps. Tracking this sales metric can help increase return on investment as it is a vital indicator of sales force performance. SalesQ can help track target achievement for better sales performance.
Existing software customers can be leveraged through upselling opportunities by offering them new products and services. Software sales agents should be assigned upselling targets and pushed to achieve them, as upselling is a viable revenue maximization technique. Return on investment can be increased through properly guided upselling and cross-selling opportunities, which also reduces the cost of new customer acquisition.
Software sales return on investment can be increased through relationship management with customers. Advising customers about new products based on their feedback and tweaking product features by gathering customer feedback can lead to increased sales and positive word of mouth. SalesQ allows software sales agents to record customer feedback from the field, which can be accessed and analyzed from a central point. This can help software companies to come up with customized solutions to better serve customer needs.
Track Software Sales Force
The location of your sales force needs to be tracked to ensure that they are at the right place at the right time, so you do not miss out on closing important deals. This can be achieved through the use of Geo-fencing technology, which lets reps check in from their assigned territories only. This method increases the accountability of sales teams and reduces the challenge of managers not being present in the field. Remote management is easier too, through greater control.
Use Data Analysis
The sales process can be tracked to gather various sales metrics and data. There is data on what type of products customers buy more and locations that are better for sales among other things. SalesQ takes a deep dive into these data and provides dashboards to management that can help in making essential sales decisions. Latent sales metrics can help determine which products are doing better, to efficiently allocate development resources and efforts to attract and retain customers.
Software sales force return on investment can be maximized by properly managing sales team performance. Tweaking the sales operations process by viewing metrics and then guiding the sales force can help in maximizing revenues, which can maximize the ROI of software sales. CloudApper SalesQ is a field sales monitoring app that can help maximize software and IT sales ROI by sales force management. Sign up for a 14-day free trial now, no credit cards required.