Function: Other Functional Leads

What is a Sales Process Workflow?

A sales process workflow is a systematic and visual representation of the stages and activities involved in the sales process. It outlines the sequence of steps from identifying leads to closing deals and post-sale follow-up.

The primary goal of a sales process workflow is to provide a clear roadmap for the sales team to follow, improve their performance, reduce errors and be more efficient.

It can also help identify bottlenecks or areas where the process can be improved. A well-designed sales process workflow ensures that every opportunity is properly managed, tracked and nurtured to maximize potential.

Let’s discuss the different components of a sales process workflow and provide guidance on how to develop and optimize a sales process that works for your business.

Overview of Sales Process Workflow

A sales process workflow is a structured approach to selling that outlines the steps involved in closing a sale. It typically includes four key stages: research, prospecting, sales call and close, and relationship-building. By having a well-defined sales process, sales reps can spend more time on activities that drive revenue and less time on non-productive tasks.

LISTEN: Top 5 Private Equity Podcasts

Developing a Sales Process Workflow

The first step in developing a sales process workflow is to gather input from your sales reps and stakeholders. This can include feedback on the current sales process, as well as suggestions for improvements.

Once you have this input, you can begin mapping out the workflow. This involves identifying the key stages of the process and determining the criteria for moving prospects through the pipeline.

READ MORE: Automating Accounts Payable: Benefits of the Best Software

Mapping Your Sales Process Workflow

When mapping out your sales process workflow, it’s important to consider the different stages of the buyer’s journey. This can include the research stage, where the prospect is gathering information about your product or service, the prospecting stage, where the sales rep is reaching out to the prospect, and the sales call and close stage, where the sales rep is working to close the deal.

Each stage should have clear criteria for moving the prospect through the pipeline, such as a certain level of engagement or likelihood to convert.

READ MORE: What is the Voice of the Customer Survey?

Lead Categorization

Lead categorization is the process of organizing your leads based on their level of engagement and likelihood to convert. This can include categorizing leads as hot, warm, or cold, based on their level of interest in your product or service.

This step allows you to prioritize your sales efforts and focus on the leads that are most likely to convert.

Pipeline Methodology

There are different pipeline methodologies that you can use to structure your sales process workflow. The traditional sales funnel is a popular approach, where prospects move through the funnel from awareness to consideration to decision.

The more modern flywheel approach focuses on creating a continuous cycle of attracting, engaging and delighting customers. Each approach has its benefits and drawbacks, and it’s important to choose the approach that works best for your business.

Working with an experienced third party that’s familiar with your industry can be a great way to build the most efficient pipeline for your particular business.

READ MORE: What is Commercial Due Diligence?

Metrics and Analytics

Tracking metrics is an important part of optimizing your sales process workflow. Key metrics that should be tracked include conversion rates, time-to-close and customer lifetime value.

By analyzing these metrics, you can identify areas for improvement and optimize your sales process for maximum effectiveness.

READ MORE: How To Analyze Sales Data: Tools, Examples, KPIs

Process Redesign

If your sales process workflow is not working effectively, it may be time for a redesign. This involves identifying bottlenecks and areas for improvement, testing new processes and iterating until the process is optimized.

It’s important to involve your sales reps and stakeholders in this process to ensure that the new process is effective and sustainable.

CASE STUDY: Sales Benchmarking, Growth for Construction Company

The BluWave-grade service providers in the Business Builders’ Network are equipped to help businesses with this exact process, whether you work in healthcare, manufacturing, technology or other sectors.

Training and Coaching

Training and coaching are important aspects of implementing a sales process workflow. Sales reps should be provided with the tools and resources they need to be successful, including training on the sales process, product knowledge and objection handling.

Ongoing coaching and feedback can help to improve performance and ensure that the sales process is being followed effectively.

Depending on your situation, an interim CFO may be just the person you need to get set the tone internally and chart a strong path forward for your sales team.

READ MORE: Interim CFO for a Financial Crisis

Technology and Sales Process Workflow

Technology can play an important role in optimizing your sales process workflow. This can include tools for lead generation, sales enablement and CRM software. It’s important to choose the right technology for your business and to integrate different technologies for optimal results.

READ MORE: Tech Stacks of Companies: How To Choose

Evaluating and optimizing your sales process workflow is critical to getting the most out of your business. Whether you’re a private or public company, or a private equity firm working with a portfolio company, getting expert third-party guidance can be a fast track to success.

You don’t have to be a private equity firm to use PE-grade resources. Every service provider in the Business Builders’ Network has been vetted and approved by multiple PE firms.

When you contact our research and operations team, you’ll get connected to a tailor-made service provider from the invite-only network in less than one business day.

Product Positioning Framework

Product positioning refers to the strategic process of establishing a distinct and favorable perception of a product in the minds of consumers relative to its competitors. It involves creating a unique and compelling position in the market that differentiates the product from others and resonates with the target customers.

It is also a strategic marketing process that of identifying and communicating a product’s or service’s key attributes, differentiators and positioning statements to target customers.

To effectively position a new product, it is important to have a deep understanding of the factors that influence its adoption within a specific market segment. This involves gathering and analyzing facts, as well as formulating hypotheses and incorporating them into a dynamic model.

READ MORE: Voice of Customer Process: Methodologies for Better Service

The goal of product positioning is to create a favorable perception of the product in the minds of consumers, giving it a competitive advantage in the market and driving customer preference and loyalty.

Let’s dig deeper into the importance of product positioning and what it entails.

Positioning Framework Strategy

The right strategy will help private equity firms and their portfolio companies, as well as public or private companies, to position their products and services as favorably as possible.

This can be done by conducting voice of the customer interviews, as well as other market research. By speaking with existing customers, organizations can better understand why people use their product or service.

Speaking to non-customers, however, can be just as important as it sheds light on why people are not using your product or service.

CASE STUDY: In-Depth VoC Study To Drive Future Growth in Healthcare Company

This information can then be used to determine current perceptions, and assess growth opportunities and requirements for deeper market penetration.

Customers – existing and potential – can also be segmented in a way that allows the company to understand which group would be most valuable. Future strategies could then be geared toward those segments.

Many companies seek outside expertise for their particular industry in these situations. Whether healthcare, manufacturing, industrial, technology or more, there are niche-specific third-party service providers that do this on a regular basis.

Indications

Indications are important considerations in product positioning as they help define the target market and communicate the value proposition of a product. They provide information about the specific problems, needs or desires that a product is designed to address or fulfill. They can be based on various factors, such as the product’s functional attributes, performance characteristics, intended user demographics or usage scenarios.

For example, in the healthcare industry, product positioning for a pharmaceutical drug may involve indicating the specific medical conditions or diseases for which the drug is approved, the recommended dosage, patient age groups or other relevant factors.

In the consumer goods industry, product positioning for a household cleaning product may include indicating the types of surfaces or stains the product is effective on, the recommended usage instructions, or the target market segment, such as families with young children or pet owners.

CASE STUDY: Enhancing Customer Insight for Healthcare Investment Success

Indications help guide consumers in understanding how a product can fulfill their needs or solve their problems, and they can also help differentiate a product from competitors by highlighting its specific use cases or advantages.

Clear and accurate indications are crucial in marketing and branding strategies to ensure that the product is positioned effectively in the market and resonates with the needs and preferences of the target customers.

READ MORE: Product Vision Roadmap: What is it?

Product Features and Benefits

Effectively marketing your product’s features and benefits is crucial to a product positioning strategy. Here are some of the more important elements:

• Differentiation: Positioning a product as unique or superior based on its features and benefits can create a competitive advantage and set it apart from similar offerings.
• Value Proposition: A well-crafted value prop highlights the unique features and benefits of a product to customers, justifies its price and creates a compelling reason to choose it over competitive alternatives.
• Target Market Alignment: Understanding the target market’s requirements and desires and aligning the product’s features and benefits accordingly can help position the product as relevant and appealing.
• Communication: Clear and effective communication of what the product offers through marketing messages, packaging, branding and other promotional materials can create awareness, generate interest and influence perception of the product.
• Customer Needs Fulfillment: Ultimately, the purpose of a positioning strategy is to fulfill customer needs or solve customer problems. By aligning the product’s features and benefits with customer needs, the positioning strategy can establish the product as a viable solution that addresses pain points and provides value, increasing customer satisfaction and loyalty.

Price Analysis in Positioning Strategy

A price analysis is conducted to assess and determine the optimal strategy for a product or service based on its intended market positioning.

Pricing is a critical element of a positioning strategy as it affects how a product or service is perceived by consumers in terms of its value proposition and competitive positioning. It can affect the perceived value of a product, influence customer perception of quality, impact customer willingness to pay and affect overall market positioning.

For example, if a product is priced too low, it may be perceived as of low quality or lacking premium features. On the other hand, if a product is priced too high, it may be perceived as overpriced and not providing adequate value.

READ MORE: Pricing Consultants: Hire an Expert

Here are three examples of pricing strategies:

• Cost-Based Pricing: This strategy involves setting prices based on the production costs, such as materials, labor and overheads, with a desired profit margin. Cost-based pricing can position a product as affordable and budget-friendly, but may not necessarily convey premium quality or unique value.
• Value-Based Pricing: This strategy involves setting prices based on the perceived value that a product offers to customers. It takes into account the benefits, features and unique value proposition of the product, as well as the target market’s willingness to pay. Value-based pricing can position a product as premium, high-quality and worth the investment.
• Competitive-Based (Market-Based) Pricing: This strategy involves setting prices based on the prices of competitors’ products. It can be used to position a product as competitive and comparable to other products in the market. It may not, however, necessarily differentiate the product or highlight its unique value proposition.

READ MORE: How To Analyze Sales Data: Tools, Examples, KPIs

Competitive Analysis in Positioning Strategy

Competitive analysis is a critical component of positioning strategy as it provides insights into the competitive landscape, helps identify market opportunities and threats, and guides the development of an effective positioning strategy.

Some key aspects include:

• Understanding Competitors: This understanding enables a company to identify the competitive advantages it can leverage and the potential vulnerabilities it needs to address in its positioning strategy.
• Identifying Market Opportunities: By understanding the unmet needs of customers or the gaps in the offerings of competitors, a company can position its product or service to address those gaps and capture market share.
• Assessing Competitive Threats: This may include competitors launching new products, changing their pricing strategies or implementing aggressive marketing campaigns. By understanding the competitive landscape, a company can anticipate and respond proactively while adapting its positioning strategy accordingly.
• Differentiation: Competitive analysis helps in identifying the unique selling propositions (USPs) of competitors and their positioning strategies. By offering unique features, benefits, or pricing strategies that are distinct from competitors, a company can create a competitive edge and attract customers who are seeking something different or better.
• Refining Positioning Strategy: By monitoring competitors’ actions, customer feedback and market dynamics, a company can make informed decisions about adjusting its positioning strategy to stay relevant and effective.

Proven marketing strategy firms know exactly how to position products and services like yours in a competitive market. As margins become tighter and the economy more uncertain, getting the best value for what your business offers is paramount.

CASE STUDY: Voice of Customer Research Critical for Add-On Acquisition

The invite-only BluWave-grade network of service providers are expertly vetted for these exact situations. We only connect you to those with a proven track record and who also have multiple recommendations by the world’s leading PE firms.

No matter what your business’s need, we’ll connect you with tailor-made resources in less than 24 hours.

When you’re ready to launch or refine your positioning framework template, contact our research and operations team to start your project.

Platform modernization is the process of updating the infrastructure, architecture and features of existing platforms to bring them up to current standards. This makes the platform more efficient, secure and valuable.

Outdated platforms can be a major business liability, leading to performance issues, security vulnerabilities and compliance problems. Fixing this can help save money on operating costs and improve customer experience.

App modernization can be a complex and time-consuming process, but it is essential for businesses that want to remain competitive. There are a number of different approaches, all depending on your specific needs and your business’s industry.

If you are evaluating your application modernization strategy, it is important to carefully consider your needs and goals. These should be formulated with time, costs and the impact it will have on your business in mind.

An experienced outside resource may be just what you need do make sure your applications modernization is done right, and we already know the perfect fit for your business. In the meantime, here’s a little more about the benefits of the process, and the steps that go into it.

READ MORE: The Power of AI, Data Analytics in IT Due Diligence

READ MORE: Technical Recruiter (IT): Find the Right Candidate Fast

The Need for Modernization

Platform modernization is essential to improving the customer experience. As expectations continue to rise, a modern platform allows for customization and a better overall experience. Here are some of data platform modernization trends and benefits.

Platform Modernization Benefits

This crucial IT strategy step provides many benefits:

1. Enhanced Scalability and Sustainability: Modern platforms are designed with scalability and sustainability in mind, enabling them to handle increased user base and data load without incurring exorbitant maintenance costs. This feature makes them appealing to potential acquirers seeking platforms that can support their plans to grow.
2. Enhanced Security: Cybersecurity is especially important to companies these days because it protects against potentially catastrophic disruptions caused by cyberattacks. Modern platforms are more secure compared to older platforms. State-of-the-art security technologies and best practices are employed to safeguard against unauthorized access, data theft and destruction.
3. Cost Optimization: Known for their cost-effectiveness, modern platforms are designed to operate efficiently and utilize resources judiciously. This translates into reduced operating costs, which can be a significant advantage for potential buyers.
4. Enhanced User Experience: Prioritizing UX, modern platforms leverage cutting-edge technologies and user-centric designs to offer a superior experience compared to older platforms.
5. Innovation Potential: Modern platforms are synonymous with innovation, leveraging open standards and technologies to facilitate seamless integration of new features and functionalities.

READ MORE: IT Due Diligence for M&As

Software Modernization Process

1. Assess your current platform. The first step is to assess your current platform and identify its strengths and weaknesses. This will help you to determine where improvements should be made as well as to prioritize them.
2. Develop a modernization plan. Once you have a good understanding of your current platform, you can develop a modernization plan. This should include goals, the steps you need to take and the resources you’ll need.
3. Migrate your data and applications. The next step is to migrate your data and applications to the new platform. This can be complex and time-consuming, so it is important to plan and execute carefully.
4. Test and deploy the new platform. As you get closer to a larger rollout, you need to test the new platform to make sure everything functions as expected. Deploying to production is a safe way to do this while monitoring performance.
5. Train employees on the new platform. Before clients or customers get their hands on the modernized platform, make sure your employees know it inside-out, upside-down. Not only do you want to make sure they can use it effectively, but they should also be able to help the end user with any issues. Training can be done through classroom instruction, online training or in an on-the-job setting. Whichever route you go, make sure it’s hands-on.
   Even for apps or software that are for internal use only, you want to make sure key leaders understand how it functions before performing a wider rollout.
6. Support and maintain the new platform. Once the new platform is live, you need to maintain it. This includes providing support to users, fixing bugs and making security updates. True platform modernization is a never-ending process in today’s business environment.

When going through this process, consider starting small. Don’t try to modernize your entire platform all at once. This will help you to build momentum and learn from your mistakes.

Related to that, you should also use a phased approach to reduce the risk of disruption and make the process more manageable.

Lastly, get buy-in from stakeholders before you begin to ensure everyone is on the same page.

Whatever your approach, be prepared for change and be willing to adapt.

READ MORE: What is a Product Vision Roadmap?

Whether you’re a private or public company ready to upgrade an existing system, or a private equity firm looking to boost a portfolio company’s value, we’re here to help.

The BluWave-grade service providers in the Business Builders’ Network have extensive experience with platform modernization, no matter what your industry.

They understand the importance of upgrading not only with speed, but also quality, with the end user in mind all the time.

Our research and operations team will connect you with two or three best-fit options for your exact situation within a single business day. Reach out today to get your platform modernization project started ASAP with an experienced team of experts to guide you.