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Sales prospects are different in behavior. Therefore, they need special and particular attention. Opportunities are at different stages and need to be pursued.
The better way to assess the degree of urgency in dealing with a particular prospect is by employing the sales matrix.
What is a sales matrix?
The easiest way to understand a sales matrix is that it is a tool used to help you determine the seriousness and viability of sales opportunities. The sales matrix helps you assess the level of interest that prospective customers have in your offering. The customer’s level of interest determines how much attention they will be given.
While assessing the fit for your company, concerning interest, you categorize a client based on industry, size, location, or some combination; you should be able to fit them into your matrix and match them with the preferred solutions.
The relevance of a sales matrix
Traditional prospecting is more intended for finding out if individual companies are a good fit for your product.
Strong sales skills can help you close deals, build relationships, and increase overall productivity in the sales process. A sales matrix can help you build and assess these skills. An individual can use a sales matrix as a self-assessment tool. It is an indicator of performance and can show you where improvement is needed. On a larger scale, managers and business owners can use the sales matrix to gauge and compare the performances of the different sales personnel.
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There are tells from which you can know that these companies are interested in your product, and an excellent place to start is the website visits. If you can track and identify these visits, you can tell who is interested and what exactly they are looking for. It can be as simple as the more visits to the website, the more willing to buy what you are selling.
Types Of Sales Matrices
A variety of matrices exist, each designed to track different aspects of the sales process.
Lead tracking matrix: A lead tracking matrix is used to track prospects that have been identified as potential customers. It helps salespeople track who they’ve contacted and when and what the outcome of the interaction was.
Opportunity tracking matrix: An opportunity tracking matrix is used to track deals that are in progress. It helps salespeople keep track of the status of each deal, who is working on it, and what the next steps are.
Customer tracking matrix: A customer tracking matrix is used to track current customers. It helps salespeople track their customers, when they last contacted them, and their needs.
Sales pipeline matrix: is used to track the entire sales process from start to finish. It helps salespeople see where each deal is in the process and the next steps.
Sales forecast matrix: is used to predict future sales. It helps salespeople see what deals are likely to close and when.
Sales performance matrix: A performance matrix is used to track sales metrics. It helps salespeople see how they perform against their goals and where they need to improve. the different types of sales matrix
Importance of sales matrix
A sales matrix is an important core tool that every sales representative should not waste time on prospects that are not worth it. Here are a few highlights of the importance of the sales matrix.
Aids a sales representative to know which leads to being reached out to first and made number one priority.
Helps a sales rep point out prospects that are not worth their time, and those who are friendly and more likely to appreciate the sales representative's efforts.
Also helps sales reps know which prospects need a little nurturing and which ones need a lot of time and attention to be convinced.
Components of a sales matrix
1. Events and trends
The marketing game is constantly evolving, and you need to keep up with what’s new. These tips tend to give you a direction on which techniques to employ and how to be best manipulate the status quo to your favor.
Staying compliant with the government becomes key to any business plan, with everything else optional. Make sure to note what level of priority the exciting event falls under.
2. The Key players
These are the people who matter most to you and your product - people who can influence your product’s purchase. These can be leaders, influencers, or even the actual buyers.
Each of the people in these groups needs strategies tailored specifically for them, so it is prudent to
3. Total cost savings
A customer always wants to stay ahead of any financial implications. That is why you must go over and beyond in explaining the total cost implications. If the customer is a large entity, they will demand the total cost.
Make sure to include installation costs, any reoccurring service costs, and any additional material costs.
4. Cost reduction maneuvers
While your customers align your product with their work, look out for ways your tools can improve their efficiency or even ease their existing tools to eliminate redundancies.
When you provide the company with ways to save money, the long-run benefits are immense.