10 Ecommerce Trends That Will Influence Online Shopping in 2024

The banking industry is undergoing a digital transformation, and customer relationship management (CRM) systems are at the forefront of this change. By providing a centralised platform for customer data, interactions, and analytics, CRMs empower banks to deliver personalised and efficient services, fostering customer loyalty and driving business growth. We’ll look closer at the significance of CRM in banking, exploring its numerous benefits, addressing challenges in adoption, and highlighting future trends and innovations. Additionally, we present a compelling case study showcasing a successful CRM implementation in the banking sector. 10 Questions to Ask When Choosing a CRM in Banking When selecting a top CRM platform for your banking institution, it is necessary to carefully evaluate potential solutions to ensure they align with your specific requirements and objectives. Here are 10 key questions to ask during the selection process: 1. Does the CRM integrate with your existing, financial and banking organisation and systems? A seamless integration between your CRM and existing banking systems is essential to avoid data silos and ensure a holistic view of customer interactions. Look for a CRM that can easily integrate with your core banking system, payment platforms, and other relevant applications. 2. Can the CRM provide a 360-degree view of your customers? A CRM should offer a unified platform that consolidates customer data from various touchpoints, including online banking, mobile banking, branches, and contact centres. This enables bank representatives to access a complete customer profile, including account information, transaction history, and past interactions, resulting in more personalised and efficient customer service. 3. Does the CRM offer robust reporting and analytics capabilities? Leverage the power of data by selecting a CRM that provides robust reporting and analytics capabilities. This will allow you to analyse customer behaviour, identify trends, and gain actionable insights into customer needs and preferences. Look for a CRM that offers customisable reports, dashboards, and data visualisation tools to empower your bank with data-driven decision-making. 4. Is the CRM user-friendly and easy to implement? A user-friendly interface is essential for ensuring that your bank’s employees can effectively utilise the CRM. Consider the technical expertise of your team and opt for a CRM with an intuitive design, clear navigation, and minimal training requirements. Additionally, evaluate the implementation process to ensure it can be completed within your desired timeframe and budget. What is a CRM in the Banking Industry? Customer relationship management (CRM) is a crucial technology for banks to optimise customer service, improve operational efficiency, and drive business growth. A CRM system acts as a centralised platform that empowers banks to manage customer interactions, track customer information, and analyse customer data. By leveraging CRM capabilities, banks can also gain deeper insights and a larger understanding of their customers’ needs, preferences, and behaviours, enabling them to deliver personalised and exceptional banking experiences. CRM in banking fosters stronger customer relationships by facilitating personalised interactions. With a CRM system, banks can capture and store customer data, including personal information, transaction history, and communication preferences. This data enables bank representatives to have informed conversations with customers, addressing their specific needs and providing tailored financial solutions. Personalised interactions enhance customer satisfaction, loyalty, and overall banking experience. CRM enhances operational efficiency and productivity within banks. By automating routine tasks such as data entry, customer service ticketing, and report generation, banking CRM software streamlines workflows and reduces manual labour. This automation allows bank employees to focus on higher-value activities, such as customer engagement and financial advisory services. Furthermore, CRM provides real-time access to customer information, enabling employees to quickly retrieve and update customer data, thereby enhancing operational efficiency. Additionally, CRM empowers banks to analyse customer data and derive valuable insights. With robust reporting and analytics capabilities, banks can identify customer segments, analyse customer behaviour, and measure campaign effectiveness. This data-driven approach enables banks to make informed decisions, optimise marketing strategies, and develop targeted products and services that cater to specific customer needs. CRM also plays a vital role in risk management and compliance within the banking industry. By integrating customer data with regulatory requirements, banks can effectively monitor transactions, detect suspicious activities, and mitigate fraud risks. This ensures compliance with industry regulations and safeguards customer information. In summary, CRM is a transformative technology that revolutionises banking operations. By fostering personalised customer experiences and interactions, enhancing operational efficiency, enabling data-driven decision-making, and ensuring risk management, CRM empowers banks to deliver superior customer service, drive business growth, and maintain a competitive edge. The 10 Business Benefits of Using a Banking CRM 1. Streamlined Customer Interactions: CRMs enable banks to centralise customer data, providing a holistic view of each customer’s interactions with the bank. This allows for streamlined and personalised customer service, improving customer satisfaction and reducing the time and effort required to resolve customer queries. 2. Enhanced Data Management and Analytics: CRMs provide powerful data management capabilities, enabling banks to collect, store, and analyse customer data from various sources. This data can be leveraged to gain valuable insights into customer behaviour, preferences, and buying patterns. Banks can then use these insights to optimise their products, services, and marketing strategies. 3. Increased Sales and Cross-Selling Opportunities: CRMs help banks identify cross-selling and upselling opportunities by analysing customer data and identifying customer needs and preferences. By leveraging this information, banks can proactively recommend relevant products and services, increasing sales and revenue. 4. Improved Customer Retention and Loyalty: CRMs help banks build stronger customer relationships by enabling personalised interactions and providing excellent customer service. By understanding customer needs and preferences, banks can proactively address issues and provide tailored solutions, fostering customer loyalty and reducing churn. 5. Enhanced Regulatory Compliance and Risk Management: CRMs assist banks in complying with industry regulations and managing risks effectively. By centralising customer data and tracking customer interactions, banks can easily generate reports and demonstrate compliance with regulatory requirements. CRMs and other banking software programs also help in identifying and managing potential risks associated with customer transactions. 6. Improved Operational Efficiency: CRMs streamline various banking processes, including customer onboarding, loan processing, and account management. By automating repetitive tasks and providing real-time access to customer information, CRMs help banks improve operational efficiency and reduce costs. 7. Increased Employee Productivity: CRMs provide banking employees with easy access to customer data and real-time updates, enabling them to handle customer inquiries more efficiently. This reduces the time spent on administrative tasks and allows employees to focus on providing exceptional customer service. 8. Improved Decision-Making: CRMs provide banks with data-driven insights into customer behaviour and market trends. This information supports informed decision-making, enabling banks to develop and implement effective strategies for customer acquisition, retention, and growth. 9. Enhanced Customer Experience: CRMs help banks deliver a superior customer experience by providing personalised interactions, proactive problem resolution, and quick response to customer inquiries. This results in increased customer satisfaction and positive brand perception.10. Increased Profitability: By leveraging the benefits of CRM systems, banks can optimise their operations, increase sales, and reduce costs, ultimately leading to increased profitability and long-term success for financial service customers. Case studies highlighting successful CRM implementations in banking Several financial institutions have successfully implemented CRM systems to enhance their operations and customer service. Here are a few notable case studies: DBS Bank: DBS Bank, a leading financial institution in Southeast Asia, implemented a CRM system to improve customer service and cross-selling opportunities. The system provided a 360-degree view of customers, enabling the bank to tailor products and services to individual needs. As a result, DBS Bank increased customer retention by 15% and cross-selling opportunities by 20%. HDFC Bank: India’s largest private sector bank, HDFC Bank, implemented a CRM system to improve customer service and operational efficiency. The system integrated various customer touch points, such as branches, ATMs, and online banking, providing a seamless experience for customers. HDFC Bank achieved a 20% reduction in operating costs and a 15% increase in customer satisfaction. JPMorgan Chase: JPMorgan Chase, one of the largest banks in the United States, implemented a CRM system to improve customer interactions and data management. The system provided a centralised platform to track customer interactions and data, allowing the bank to gain insights into customer behaviour and preferences. As a result, JPMorgan Chase increased customer interactions by 15% and improved data accuracy by 20%. Bank of America: Bank of America, the second-largest bank in the United States, implemented a CRM system to improve sales and cross-selling opportunities. The system provided sales teams with real-time customer data, across sales and marketing efforts enabling them to tailor their pitches and identify potential cross-selling opportunities. Bank of America achieved a 10% increase in sales and a 15% increase in cross-selling opportunities.These case studies demonstrate the tangible benefits of CRM in the banking industry. By implementing CRM systems, banks can improve customer retention, customer service, cross-selling opportunities, operating costs, and marketing campaigns. Overcoming challenges to CRM adoption in banking While CRM systems offer numerous benefits to banks, their adoption can be hindered by certain challenges. One of the primary obstacles is resistance from employees who may be reluctant to embrace new technology or fear job displacement. Overcoming this resistance requires effective change management strategies, such as involving employees in the selection and implementation process, providing all-encompassing training, and addressing their concerns. Another challenge is the lack of proper training and support for employees using the CRM system. Insufficient training can lead to low user adoption and suboptimal utilisation of the system’s features. To address this, banks should invest in robust training programs that equip employees with the knowledge and skills necessary to effectively use the CRM system. Training should cover not only the technical aspects of the system but also its benefits and how it aligns with the bank’s overall goals. Integration challenges can also hinder the successful adoption of CRM software in banking. Banks often have complex IT systems and integrating a new CRM system can be a complex and time-consuming process. To overcome these challenges, banks should carefully plan the integration process, ensuring compatibility between the CRM system and existing systems. This may involve working with the CRM vendor to ensure a smooth integration process and providing adequate technical support to address any issues that arise. Data security is a critical concern for banks, and the adoption of a CRM system must address potential security risks. Banks must ensure that the CRM system meets industry standards and regulations for data protection. This includes implementing robust security measures, such as encryption, access controls, and regular security audits, to safeguard sensitive customer information. Finally, the cost of implementing and maintaining a CRM system can be a challenge for banks. CRM systems require significant upfront investment in software, hardware, and training. Banks should carefully evaluate the costs and benefits of CRM adoption, ensuring that the potential returns justify the investment. Additionally, banks should consider the ongoing costs associated with maintaining and updating the CRM system, as well as the cost of providing ongoing training and support to users. Future trends and innovations in banking CRM Navigating Evolving Banking Trends and Innovations in CRM The banking industry stands at the precipice of transformative changes, driven by a surge of innovative technologies and evolving customer expectations. Open banking, artificial intelligence (AI), blockchain technology, the Internet of Things (IoT), and voice-activated interfaces are shaping the future of banking CRM. Open banking is revolutionising the financial sphere by enabling banks to securely share customer data with third-party providers, with the customer’s explicit consent. This fosters a broader financial ecosystem, offering customers access to a varied range of products and services, while fostering healthy competition and innovation within the banking sector. AI has become an indispensable tool for banking institutions, empowering them to deliver exceptional customer experiences. AI-driven chatbots and virtual assistants provide round-the-clock support, assisting customers with queries, processing transactions, and ensuring swift problem resolution. Additionally, AI plays a pivotal role in fraud detection and risk management, safeguarding customers’ financial well-being. Blockchain technology, with its decentralised and immutable nature, offers a secure platform for financial transactions. By maintaining an incorruptible ledger of records, blockchain ensures the integrity and transparency of financial data, building trust among customers and enhancing the overall banking experience. The Internet of Things (IoT) is transforming banking by connecting physical devices to the internet, enabling real-time data collection and exchange. IoT devices monitor customer behaviour, track equipment status, and manage inventory, empowering banks to optimise operations, reduce costs, and deliver personalised services. Voice-activated interfaces and chatbots are revolutionising customer interactions, providing convenient and intuitive access to banking services. Customers can utilise voice commands or text-based chat to manage accounts, make payments, and seek assistance, enhancing their overall banking experience. These transformative trends necessitate banks’ ability to adapt and innovate continuously. By embracing these technologies and aligning them with customer needs, banks can unlock new opportunities for growth, strengthen customer relationships, and remain at the forefront of the industry. How LIKE.TG Can Help LIKE.TG is a leading provider of CRM solutions that can help banks achieve the benefits of CRM. With LIKE.TG, banks can gain a complete view of their customers, track interactions, deliver personalised experiences, and more. LIKE.TG offers a comprehensive suite of CRM tools that can be customised to meet the specific needs of banks. These tools include customer relationship management (CRM), sales and marketing automation, customer service, and analytics. By leveraging LIKE.TG, banks can improve customer satisfaction, increase revenue, and reduce costs. For example, one bank that implemented LIKE.TG saw a 20% increase in customer satisfaction, a 15% increase in revenue, and a 10% decrease in costs. Here are some specific examples of how LIKE.TG can help banks: Gain a complete view of customers: LIKE.TG provides a single, unified platform that allows banks to track all customer interactions, from initial contact to ongoing support. This information can be used to create a complete picture of each customer, which can help banks deliver more personalised and relevant experiences. Track interactions: LIKE.TG allows banks to track all interactions with customers, including phone calls, emails, chat conversations, and social media posts. This information can be used to identify trends and patterns, which can help banks improve their customer service and sales efforts. Deliver personalised experiences: LIKE.TG allows banks to create personalised experiences for each customer. This can be done by using customer data to tailor marketing campaigns, product recommendations, and customer service interactions. Increase revenue: LIKE.TG can help banks increase revenue by providing tools to track sales opportunities, manage leads, and forecast revenue. This information can be used to make informed decisions about which products and services to offer, and how to best target customers. Reduce costs: LIKE.TG can help banks reduce costs by automating tasks, streamlining processes, and improving efficiency. This can free up resources that can be used to focus on other areas of the business. Overall, LIKE.TG is a powerful CRM solution that can help banks improve customer satisfaction, increase revenue, and reduce costs. By leveraging LIKE.TG, banks can gain a competitive advantage in the rapidly changing financial services industry.

A good sales coach unlocks serious revenue potential. Effective coaching can increase sales performance by 8%, according to a study by research firm Gartner.Many sales managers find coaching difficult to master, however — especially in environments where reps are remote and managers are asked to do more with less time and fewer resources.Understanding the sales coaching process is crucial in maximising sales rep performance, empowering reps, and positively impacting the sales organisation through structured, data-driven strategies.If you’re not getting the support you need to effectively coach your sales team, don’t despair. These 10 sales coaching tips are easy to implement with many of the tools already at your disposal, and are effective for both in-person and remote teams.1. Focus on rep wellbeingOne in three salespeople say mental health in sales has declined over the last two years, according to a recent LIKE.TG survey. One of the biggest reasons is the shift to remote work environments, which pushed sales reps to change routines while still hitting quotas. Add in the isolation inherent in virtual selling and you have a formula for serious mental and emotional strain.You can alleviate this in a couple of ways. First, create boundaries for your team. Set clear work hours and urge reps not to schedule sales or internal calls outside of these hours. Also, be clear about when reps should be checking internal messages and when they can sign off.Lori Richardson, founder of sales training company Score More Sales, advises managers to address this head-on by asking reps about their wellbeing during weekly one-on-ones. “I like to ask open-ended questions about the past week,” she said. “Questions like, ‘How did it go?’ and ‘What was it like?’ are good first steps. Then, you need to listen.”When the rep is done sharing their reflection, Richardson suggests restating the main points to ensure you’re on the same page. If necessary, ask for clarity so you fully understand what’s affecting their state of mind. Also, she urges: Don’t judge. The level of comfort required for sharing in these scenarios can only exist if you don’t jump to judgement.2. Build trust with authentic storiesFor sales coaching to work, sales managers must earn reps’ trust. This allows the individual to be open about performance challenges. The best way to start is by sharing personal and professional stories.These anecdotes should be authentic, revealing fault and weakness as much as success. There are two goals here: support reps with relatable stories so they know they’re not struggling alone, and let them know there are ways to address and overcome challenges.For example, a seasoned manager might share details about their first failed sales call as a cautionary tale – highlighting poor preparation, aggressive posturing, and lack of empathy during the conversation. This would be followed by steps the manager took to fix these mistakes, like call rehearsing and early-stage research into the prospect’s background, business, position, and pain points.3. Record and review sales callsSales coaching sessions, where recording and reviewing sales calls are key components aimed at improving sales call techniques, have become essential in today’s sales environment. Once upon a time, sales reps learned by shadowing tenured salespeople. While this is still done, it’s inefficient – and often untenable for virtual sales teams.To give sales reps the guidance and coaching they need to improve sales calls, deploy an intuitive conversation recording and analysis tool like Einstein Conversation Insights (ECI). You can analyse sales call conversations, track keywords to identify market trends, and share successful calls to help coach existing reps and accelerate onboarding for new reps. Curate both “best of” and “what not to do” examples so reps have a sense of where the guide rails are.4. Encourage self-evaluationWhen doing post-call debriefs or skill assessments – or just coaching during one-on-ones – it’s critical to have the salesperson self-evaluate. As a sales manager, you may only be with the rep one or two days a month. Given this disconnect, the goal is to encourage the sales rep to evaluate their own performance and build self-improvement goals around these observations.There are two important components to this. First, avoid jumping directly into feedback during your interactions. Relax and take a step back; let the sales rep self-evaluate.Second, be ready to prompt your reps with open-ended questions to help guide their self-evaluation. Consider questions like:What were your big wins over the last week/quarter?What were your biggest challenges and where did they come from?How did you address obstacles to sales closings?What have you learned about both your wins and losses?What happened during recent calls that didn’t go as well as you’d like? What would you do differently next time?Reps who can assess what they do well and where they can improve ultimately become more self-aware. Self-awareness is the gateway to self-confidence, which can help lead to more consistent sales.5. Let your reps set their own goalsThis falls in line with self-evaluation. Effective sales coaches don’t set focus areas for their salespeople; they let reps set this for themselves. During your one-on-ones, see if there’s an important area each rep wants to focus on and go with their suggestion (recommending adjustments as needed to ensure their goals align with those of the company). This creates a stronger desire to improve as it’s the rep who is making the commitment. Less effective managers will pick improvement goals for their reps, then wonder why they don’t get buy-in.For instance, a rep who identifies a tendency to be overly chatty in sales calls might set a goal to listen more. (Nine out of 10 salespeople say listening is more important than talking in sales today, according to a recent LIKE.TG survey.) To help, they could record their calls and review the listen-to-talk ratio. Based on industry benchmarks, they could set a clear goal metric and timeline – a 60/40 listen-to-talk ratio in four weeks, for example.Richardson does have one note of caution, however. “Reps don’t have all the answers. Each seller has strengths and gaps,” she said. “A strong manager can identify those strengths and gaps, and help reps fill in the missing pieces.”6. Focus on one improvement at a timeFor sales coaching to be effective, work with the rep to improve one area at a time instead of multiple areas simultaneously. With the former, you see acute focus and measurable progress. With the latter, you end up with frustrated, stalled-out reps pulled in too many directions.Here’s an example: Let’s say your rep is struggling with sales call openings. They let their nerves get the best of them and fumble through rehearsed intros. Over the course of a year, encourage them to practice different kinds of openings with other reps. Review their calls and offer insight. Ask them to regularly assess their comfort level with call openings during one-on-ones. Over time, you will see their focus pay off.7. Ask each rep to create an action planOpen questioning during one-on-ones creates an environment where a sales rep can surface methods to achieve their goals. To make this concrete, have the sales rep write out a plan of action that incorporates these methods. This plan should outline achievable steps to a desired goal with a clearly defined timeline. Be sure you upload it to your CRM as an attachment or use a tool like Quip to create a collaborative document editable by both the manager and the rep. Have reps create the plan after early-quarter one-on-ones and check in monthly to gauge progress (more on that in the next step).Here’s what a basic action plan might look like:Main goal: Complete 10 sales calls during the last week of the quarterSteps:Week 1: Identify 20-25 prospectsWeek 2: Make qualifying callsWeek 3: Conduct needs analysis (discovery) calls, prune list, and schedule sales calls with top prospectsWeek 4: Lead sales calls and close dealsThe power of putting pen to paper here is twofold. First, it forces the sales rep to think through their plan of action. Second, it crystallises their thinking and cements their commitment to action.8. Hold your rep accountableAs businessman Louis Gerstner, Jr. wrote in “Who Says Elephants Can’t Dance?”, “people respect what you inspect.” The effective manager understands that once the plan of action is in place, their role as coach is to hold the sales rep accountable for following through on their commitments. To support them, a manager should ask questions during one-on-ones such as:What measurable progress have you made this week/quarter?What challenges are you facing?How do you plan to overcome these challenges?You can also review rep activity in your CRM. This is especially easy if you have a platform that combines automatic activity logging, easy pipeline inspection, and task lists with reminders. If you need to follow up, don’t schedule another meeting. Instead, send your rep a quick note via email or a messaging tool like Slack to level-set.9. Offer professional development opportunitiesAccording to a study by LinkedIn, 94% of employees would stay at a company longer if it invested in their career. When companies make an effort to feed their employees’ growth, it’s a win-win. Productivity increases and employees are engaged in their work.Book clubs, seminars, internal training sessions, and courses are all great development opportunities. If tuition reimbursement or sponsorship is possible, articulate this up front so reps know about all available options.Richardson adds podcasts to the list. “Get all of your salespeople together to talk about a podcast episode that ties into sales,” she said. “Take notes, pull key takeaways and action items, and share a meeting summary the next day with the group. I love that kind of peer engagement. It’s so much better than watching a dull training video.”10. Set up time to share failures — and celebrationsAs Forbes Council member and sales vet Adam Mendler wrote of sales teams, successful reps and executives prize learning from failure. But as Richardson points out, a lot of coaches rescue their reps before they can learn from mistakes: “Instead of letting them fail, they try to save an opportunity,” she said. “But that’s not scalable and doesn’t build confidence in the rep.”Instead, give your reps the freedom to make mistakes and offer them guidance to grow through their failures. Set up a safe space where reps can share their mistakes and learnings with the larger team — then encourage each rep to toss those mistakes on a metaphorical bonfire so they can move on.By embracing failure as a learning opportunity, you also minimise the likelihood of repeating the same mistakes. Encourage your reps to document the circumstances that led to a missed opportunity or lost deal. Review calls to pinpoint where conversations go awry. Study failure, and you might be surprised by the insights that emerge.Also — and equally as important — make space for celebrating big wins. This cements best practices and offers positive reinforcement, which motivates reps to work harder to hit (or exceed) quota.Next steps for your sales coaching programA successful sales coach plays a pivotal role in enhancing sales rep performance and elevating the entire sales organisation. Successful sales coaching requires daily interaction with your team, ongoing training, and regular feedback, which optimises sales processes to improve overall sales performance. As Lindsey Boggs, global director of sales development at Quantum Metric, noted, it also requires intentional focus and a strategic approach to empower the sales team, significantly impacting the sales organisation.“Remove noise from your calendar so you can focus your day on what’s going to move the needle the most — coaching,” she said. Once that’s prioritised, follow the best practices above to help improve your sales reps’ performance, focusing on individual rep development as a key aspect of sales coaching. Remember: coaching is the key to driving sales performance.Steven Rosen, founder of sales management training company STAR Results, contributed to this article.

The role of a sales manager is all-important to the success of any sales team. They are responsible for motivating and inspiring their team, setting sales goals, and developing sales strategies. Today, sales managers need a varied skill set that includes both technical and soft skills. This blog post will discuss the essential skills that every sales manager needs in 2024, including technical skills such as data analysis and CRM software proficiency, as well as soft skills such as leadership and communication. We will also provide tips on how to be a good sales manager and how LIKE.TG can help sales managers be more successful. What are the roles and responsibilities of a sales manager? Today more than ever, sales managers are at the centre in driving revenue growth and achieving organisational success. They are entrusted with the critical task of leading, developing, and motivating a team of sales representatives to consistently exceed sales targets. A competent sales manager oversees the entire sales process, from prospecting and qualifying leads to nurturing customer relationships and closing deals. Furthermore, they work closely with the marketing team to generate qualified leads and develop effective sales strategies that align with market trends and customer needs. Sales managers are also responsible for designing and implementing training programs to enhance the skills and knowledge of their sales team, ensuring they possess the necessary expertise to navigate the complexities of modern sales environments. Another important aspect of a sales manager’s role is managing the sales budget and forecasting sales performance. They must allocate resources efficiently, optimise sales operations, and accurately predict future sales trends to support strategic decision-making within the organisation. By fulfilling these diverse responsibilities, sales managers empower their teams to achieve peak performance, drive business growth, and contribute significantly to the overall success of the company. 5 Technical skills of a sales manager It’s imperative for sales managers to possess a solid foundation of technical skills to drive success. One such crucial skill is the ability to analyse and interpret data effectively. Sales managers must be proficient in utilising data from various sources, including CRM systems, sales reports, and market research, to gain insights into sales performance, customer behaviour, and market trends. This enables them to make data-driven decisions, optimise sales strategies, and identify areas for improvement. Another essential technical skill for sales managers is proficiency in using CRM (Customer Relationship Management) software. CRM systems serve as central hubs for managing customer interactions, sales activities, and pipeline management. Sales managers must be well-versed in navigating and utilising CRM software to track sales progress, monitor team performance, and ensure effective customer relationship management. This proficiency allows them to streamline sales processes, enhance customer satisfaction, and drive overall sales growth. Excellent presentation skills are another vital technical skill for sales managers. They are often required to deliver presentations to their sales team, stakeholders, and clients. Effective presentation skills enable sales managers to convey their ideas, strategies, and sales pitches with clarity, confidence, and persuasion. Whether presenting during team meetings, sales conferences, or client pitches, sales managers must be able to engage their audience, deliver compelling messages, and inspire action. Project management skills are also essential for sales managers. They are responsible for managing sales campaigns, projects, and initiatives, often involving multiple team members and stakeholders. Effective project management skills enable sales managers to plan, organise, and execute sales projects successfully. This includes setting clear objectives, allocating resources, tracking progress, and managing timelines. By mastering project management techniques, sales managers ensure that sales initiatives are completed efficiently and effectively, contributing to overall sales success. In today’s digital era, understanding e-commerce and online sales has become a crucial technical skill for sales managers. With the rapid growth of online shopping, sales managers must possess knowledge of e-commerce platforms, online marketing strategies, and digital sales techniques. They need to be able to leverage technology and digital channels to reach and engage customers effectively, optimise online sales performance, and drive revenue growth through e-commerce. By staying updated on the latest e-commerce trends and best practices, sales managers can adapt their sales strategies to meet the evolving demands of the digital age. 10 Sales management skills that make a sales manager stand out Today, sales managers are pivotal in driving revenue growth and achieving organisational success. To be successful in this kind of environment, sales managers must possess a diverse range of skills that go beyond technical proficiency. While technical skills are undoubtedly important, it is the combination of technical expertise and soft skills that truly sets exceptional sales managers apart. Here are 10 essential sales management skills that make a sales manager stand out in 2024: Strategic Vision and Planning:The ability to develop and execute a well-defined sales strategy is crucial for sales managers. They must have a clear vision of the sales goals and objectives, and the ability to create a roadmap to achieve those targets. This involves analysing market trends, identifying growth opportunities, and allocating resources effectively. Motivating and Inspiring Leadership:Sales managers are responsible for building and leading high-performing sales teams. To do this, they must possess strong leadership skills, including the ability to motivate and inspire their team members. This involves creating a positive work environment, recognising and rewarding achievements, and providing ongoing support and guidance. Effective Communication:Excellent communication skills are essential for sales managers. They must be able to clearly articulate their expectations, provide constructive feedback, and effectively resolve conflicts. Additionally, they must be able to communicate effectively with customers, building strong relationships and fostering trust. Expert Negotiation:Sales managers often find themselves in negotiation situations, whether it’s with customers, suppliers, or team members. Strong negotiation skills enable them to achieve favourable outcomes while maintaining positive relationships. This involves understanding the interests of all parties involved, finding common ground, and reaching mutually beneficial agreements. Closing Deals: The ultimate measure of success for a sales manager is the ability to close deals. This requires a combination of sales acumen, persuasion skills, and the ability to handle objections effectively. Sales managers must be able to identify and address customer concerns, build trust, and ultimately convince customers to make a purchase. Time and Resource Management:Sales managers have a lot on their plates, and effective time and resource management skills are essential to their success. They must be able to prioritise tasks, allocate resources efficiently, and manage their time wisely to achieve their goals. This involves setting clear priorities, delegating tasks, and avoiding distractions. Data Analysis and Decision-Making: Sales managers must be able to analyse and interpret data to make informed decisions. This involves understanding sales metrics, identifying trends, and using data to drive sales strategies. By leveraging data, sales managers can optimise their sales processes and improve overall performance. Relationship Building:Building strong relationships with customers, team members, and industry peers is crucial for sales managers. They must be able to establish trust, rapport, and mutual respect with all stakeholders. This involves listening actively, understanding customer needs, and providing exceptional customer service. Adaptability and Resilience: The business outlook is constantly changing, and sales managers must be adaptable and resilient to succeed. They must be able to quickly adjust to new market conditions, embrace change, and learn from setbacks. This involves staying up-to-date with industry trends, being open to new ideas, and continuously seeking opportunities for improvement. Continuous Learning and Development:The world of sales is constantly evolving, and sales managers must be committed to continuous learning and development. They must stay updated with the latest sales techniques, technologies, and industry trends. This involves attending workshops and conferences, reading industry publications, and seeking out opportunities for personal and professional growth. By cultivating these 10 essential sales management skills, sales managers can position themselves for success in 2024 and beyond. They will be able to lead their teams to exceptional performance, drive revenue growth, and achieve organisational objectives, making them indispensable assets to their organisations. Sales metrics that managers should keep on top of Sales managers should closely monitor key performance indicators (KPIs) to assess their team’s performance and identify areas for improvement. These metrics serve as quantifiable measures of sales success and help managers make data-driven decisions. Here are some essential sales metrics that managers should keep on top of: Revenue and Profit: These are the fundamental indicators of a sales team’s success. Managers should track total revenue, profit margins, and revenue growth rate over time. By analysing these metrics, managers can assess the overall financial performance of the sales team and make adjustments to sales strategies as needed. Sales Growth Rate: This metric measures the percentage change in sales revenue over a specific period, usually compared to the previous year or quarter. A positive sales growth rate indicates that the sales team is effectively expanding its customer base and increasing revenue. Managers should analyse trends in the sales growth rate to identify periods of growth or decline and take appropriate actions to sustain or accelerate growth. Customer Acquisition Cost (CAC): CAC measures the cost incurred to acquire a new customer. It includes expenses such as marketing, advertising, and sales commissions. Managers should monitor CAC to ensure that the cost of acquiring new customers is sustainable and does not outweigh the revenue generated from those customers. By optimising CAC, managers can allocate marketing and sales resources more efficiently. Customer Lifetime Value (CLV): CLV represents the total revenue that a customer is expected to generate throughout their relationship with the company. It considers factors such as average purchase value, purchase frequency, and customer retention rate. Managers should track CLV to identify high-value customers and develop strategies to retain them, as they contribute significantly to long-term revenue growth. Sales Team Productivity: This metric assesses the efficiency and effectiveness of the sales team in generating revenue. It can be measured by metrics such as the number of sales per salesperson, average deal size, and sales cycle length. By monitoring sales team productivity, managers can identify underperforming individuals or areas and implement training or process improvements to enhance overall team performance. Sales Forecast Accuracy: Sales forecasting involves predicting future sales based on historical data and market trends. Managers should track the accuracy of sales forecasts to evaluate the effectiveness of their sales planning and decision-making. Accurate forecasting enables better resource allocation, inventory management, and proactive response to market changes. Win Rate: The win rate measures the percentage of sales opportunities that result in closed deals. It provides insights into the effectiveness of the sales team in converting leads into customers. Managers should monitor the win rate to identify any issues in the sales process and take steps to improve conversion rates. Customer Satisfaction: While not directly a sales metric, customer satisfaction plays a major role in long-term sales success. Managers should track customer satisfaction metrics, such as customer retention rate, customer feedback, and Net Promoter Score (NPS), to ensure that customers are satisfied with the products or services and the sales experience. High customer satisfaction leads to repeat business, positive word-of-mouth, and increased customer lifetime value. By closely monitoring these sales metrics, managers gain valuable insights into the performance of their teams and can make informed decisions to drive revenue growth, optimise sales strategies, and enhance customer satisfaction. How to be a good Sales Manager? To be a successful sales manager, it’s important to set clear goals and expectations for your team. This means communicating the organisation’s overall sales objectives and breaking them down into individual targets for each sales representative. Make sure your team understands what is expected of them and provide them with the resources and support they need to achieve their goals. Regular feedback and coaching are essential for helping your sales team improve their performance. This involves providing constructive criticism, as well as recognising and rewarding achievements. By offering guidance and support, you can help your team members identify areas where they can improve and develop their skills. Motivation and inspiration are key to driving success in sales. As a sales manager, it’s your role to create a positive and supportive work environment where your team feels valued and motivated. This can be achieved through recognition and rewards, as well as by providing opportunities for professional development and growth. Finally, it’s important to create a positive and supportive work environment for your sales team. This means fostering a culture of collaboration and teamwork, where team members feel comfortable sharing ideas and supporting each other. By creating a positive work environment, you can help your team stay motivated and engaged, which will ultimately lead to improved sales performance. How LIKE.TG can help LIKE.TG is a powerful customer relationship management (CRM) tool that can help sales managers be more successful. It provides a variety of features and tools that can help sales managers with sales forecasting, lead management, opportunity management, sales performance management, and reporting and analytics. With LIKE.TG, sales managers can easily create and manage sales forecasts, track leads and opportunities, and monitor sales performance. They can also use LIKE.TG to generate reports and analytics that can help them identify areas for improvement and make informed decisions. In addition to its CRM capabilities, LIKE.TG also offers a variety of other tools that can help sales managers be more successful. These tools include: LIKE.TGIQ:A lead generation and management tool that helps sales managers find and qualify leads. Pardot: A marketing automation tool that helps sales managers nurture leads and convert them into customers. Einstein Analytics:A business intelligence tool that helps sales managers analyse data and make informed decisions. By using LIKE.TG and its suite of tools, sales managers can improve their efficiency and effectiveness, and ultimately drive more revenue for their organisations.