A guide to mastering sales ROI in manufacturing

Posted on 19 Dec 2023 by The Manufacturer
Partner Content

CRM solutions provider, SugarCRM, has produced a series of insightful guides on mastering sales ROI in manufacturing.

The four-part series covers strategic lead and opportunity management; the art and science behind sales forecasting; automating sales processes for maximum efficiency; and navigating through a sea of data with strategic analytics and reporting.

Despite the manufacturing industry potentially turning a corner in terms of output, as signalled by the latest UK Manufacturing PMI figures, how 2024 begins will likely set the pace for the unfolding year for many organisations. But as SugarCRM points out: “In today’s volatile market, manufacturing sales have morphed into a complex tapestry”.

To succeed, manufacturers need a reliable KPI to tell them whether their efforts are being rewarded. One such KPI is sales ROI.

Here are some of the key takeaways from each SugarCRM guide:

1. Strategic lead and opportunity management

In part one on strategic lead and opportunity management, Emily Jahn, Content Marketing Manager at SugarCRM, says that simply attracting leads to your sales pipeline isn’t enough. Instead, “it takes regular marketing and sales touchpoints to move leads through each stage of your sales pipeline and get them to convert”.

But not all leads are created equally and that’s why categorising and prioritising leads, based on their potential to convert, is an important step. As Emily says, “this not only saves valuable time and resources but also ensures that sales teams can focus their efforts on leads that are most likely to result in successful partnerships, contributing to a more efficient and profitable operation”.

2. The art and science behind sales forecasting

Part two of the series, which looks at the art and science behind sales forecasting, highlights the fine line between getting sales forecasting right and wrong. Overestimate and it could lead to “huge discounts on the stocks that result in delayed product launches and enormous expenses in raw materials”. Underestimate and you could end up with products that are out of stock for extended periods despite high demand.

The key is to use smart tools that provide accurate predictions.

3. Automating sales processes for maximum efficiency

In part three on automating sales processes for maximum efficiency, SugarCRM looks at how to approach sales automation as a manufacturing enterprise. This is partiocularly important for manufacturing organisations because most inevitably have an extensive portfolio of complex products. The knock-on effect of this is your sales reps might find it difficult to adequately and accurately quote.

By taking advantage of automated workflows, manufacturers can free up their sales teams to focus on what really matters: closing deals.

4. Navigating through a sea of data with strategic analytics and reporting

In the fourth and final part on navigating through a sea of data with strategic analytics and reporting, the power of knowledge is outlined. Now we’re not talking just data, as that is only beneficial when you glean insights; we’re talking actionable insights that enable you to make decisions.

As SugarCRM points out: “Data analytics is essential for manufacturing enterprises because it can help improve processes, secure a better market position, and cultivate better relationships with existing customers and prospects”.

Hopefully that’s given you a little taste of what each guide contains. For a more in-depth dive, we encourage you to check out each guide individually.

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