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Five Best Practices for Optimizing Revenue

CSO Insights and by LogMeIn delivered a webinar, structured around the five best practices that companies should employ to ensure they hit their revenue targets. The best practices cited were a result of the research CSO Insights has conducted.

Many questions were asked at the end of the webinar that the presenters did not have time to answer. To continue our commitment to ensure that anyone who asks a question will get an answer to it, the following are the questions and answers from the webinar: Five Best Practices for Optimizing Revenue.

Questions and Answers:

1. Do you believe these practices apply across a multi-cultural, multi-national organization?

Yes. Particularly when you look at Social Selling. The proliferation of social media like Facebook and Twitter is global and used in many multi-national firms to promote their offerings. When you look at virtual selling, remember the story about the Australian company that displaced the incumbent in China without having an office in China. Every company, regardless of where they do business, needs to understand their perfect prospect and always adapt to changes in their marketplace, whether these changes occur at the macro or micro level.

2. How do small business clients react the first time you suggest a virtual meeting?

The size of the company hasn’t shown to be a factor in terms of acceptance of virtual meetings, but we have seen different adoption rates based on age. Millennials are accustomed to using technology and are therefore very active users, whereas Baby Boomers who don’t actively use technology as part of their daily workflow may be less likely to accept a first time virtual meeting.

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3. Which sectors are adapting better to new selling technologies and practices, according to your experience?

In our past studies, the top five market segments that are the most active adopters of technology and innovative sales practices are Software, Business Consulting, Technology Consulting, and Medical Products.

4. For outbound cold calling, do you record the calls the rep is making?

I don’t know of any professional today with enough spare time that when they get a cold call they would say, “Sure, let me drop what I am doing and let’s talk.” The main purpose of cold calling is to get a prospect to agree to spend more time on a follow-up call discussing their needs. Don’t complicate the first interaction with a prospect by asking them if it is ok to record the call. However, during the next call if there is going to get into a deeper level of detail, ask to record it.

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5. Is selecting a perfect prospect profile limiting the creativity your sales force uses to recruit new customers?

Not at all. The perfect prospect profile describes just that: your perfect prospect. These are the prospects that you want to focus the majority of your sales and marketing efforts on in order to persuade them to buy from you. There are those who are unlikely to buy, those who are likely, and those who are very likely. Your perfect prospect profile are the key attributes that define a person/company that is ‘very likely to buy’ as shown in the territory distribution curve from the webinar. If marketplace changes dictate a different distribution curve, sales is on the front-line to see this.

6. How do you overcome bad reviews that prospects find of new technology?

Social media can help and hurt a company. The best way to overcome a bad review is with good reviews from a trusted source: an existing customer testimonial, an analyst assessment of your offerings, news article on your firm or offering, etc.

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