Everything You Need To Know About Sales Enablement Tools
If you have been following the stock and crypto markets lately, you know that something unprecedented has been working its charm. Nobody in their right mind would have predicted that a global shutdown in the 21st Century would ignite an investment frenzy that would put the Tulip mania of 1637 to shame.
Total global equity traded in 2020 alone stood a whopping $137.64 Trillion, a steep 54.8% rise when compared to 2019 (according to Statista).
So what made investors jump onto the money wagon? It takes a keen eye to understand all the factors that contributed to this bullish growth:
- The pandemic caused massive behavioral changes due to lockdowns and free times.
- People were spending way less due to no social life and saving more.
- Relief packages from governments left them with some extra cash.
- Proliferation of digital apps and devices has made trading child’s play.
- Growth in support ecosystems, such as digital banking and online media, has contributed to superior accessibility.
In other words, it takes an entire ecosystem working in tandem for any major market movement to flourish and sustain, a prerequisite that Key Account Managers should aim for in the context of Sales Enablement.
There is no denying that if you create the right ecosystem for your sales reps to succeed, they will naturally close more deals and drive higher revenues.
But where do you begin? How do you find the right sales tools that foster sales enablement to the point that you can have a revenue squeeze of your own? Today’s blog aims to answer all this, and more.
What is meant by Sales Enablement?
Let’s start with the basics and understand what Sales Enablement is all about. Sales Enablement is a framework that provides the sales team of the business with the necessary tools and resources that they require to close more deals and, in turn, drive more revenue.
The tools and assets that are leveraged can include knowledge, key information, content, and anything and everything that makes the sales process more optimized and geared for better conversions.
It is a great practice for Sales Enablement to be owned by both Sales and Marketing teams as a function. While the marketing team often contributes with collaterals such as blogs and product guides, sales teams leverage them to the maximum by driving more contextual conversations with prospects.
What is Sales Enablement Strategy?
A Sales Enablement Strategy is aimed at helping sales reps to add more value at every customer touchpoint by defining a framework through which they can acquire all the necessary resources they need to effectively sell.
In practice, it defines and lays down the entire path of reaching the target sales figures with the best change management and process adoption strategies.
What are Sales Enablement Tools?
Now, this is where it gets interesting. Sales Enablement Tools bring everything together under one roof to cohesively drive content analytics, sales automation and analysis, customer experience, and other critical functions.
With the right winning strategy, they are bound to give your sales team enough oomph to boost the bottom line sales productivity. All you need to do is correctly analyze your needs and map them to the right solutions.
Sounds promising? Sales Enablement platforms have such huge market penetration today that the global market size was $988.9 million in 2019 and is expected to reach 3.075 billion by 2026, as reported by MarketWatch!
But what does the right solution look like?
Key capabilities to look for in Sales Enablement tools
No matter which sales tool you use, there are some basic capabilities that you should not compromise with at any cost. All leading tools have certain features in common that include:
- Performance Analysis: Tracking the performance and development of sales reps against set benchmarks and expectations.
- Training: Helping sales reps understand and access training modules and product documentation at the click of a button.
- Performance Tracking: Ability to record and track key performance metrics that provide more visibility into gaps that can be improved.
- Alignment: Synchronizing and aligning sales and marketing functions to promote a single version of the truth.
- Upskilling: Empowerment of cross-selling upskilling and virtual training to always keep reps up to date with the latest market moves.
- Standardization: Standardized reporting that includes key metrics such as deals won vs deals lost, leads generated, reps activities, and more.
- Sales Review: Sales process review that looks at the gaps in the sales process by finding correlations between key metrics.
- Lead qualification: Features that help reps to qualify the maximum number of leads in the least possible time.
How the right tools can positively impact sales enablement
With the right tools, your sales process can come out of the menial rabbit hole of manual tasks, be automated, and empower sales reps to leverage technology to better sales enablement, especially when it comes to key accounts. Some ways in which this can be done include:
- Automated prospecting: Sending calendar links to qualified prospects that directly schedule appointments with the sales reps.
- Contextual sales conversations: Driving conversations at the right place and time with contextual strategies, such as when the prospect is on the website.
- Automated email sequences: Creation and implementation of email sequences that are automatically triggered if a prospect has not replied for a set period. Personalization tokens even help to tailor the message to specific prospects.
- Centralized sales dashboard: Having a single dashboard for ‘all things sales’ with the right tool that allows reps to manage all their collaterals with ease. Reps can collaborate with the marketing teams or connect with customers at a click.
All such features help reps to save valuable time and avoid bad fit contacts with filtering criteria.
Top Sales Enablement Tools
Having covered the nitty-gritty of Sales Enablement, now let’s talk about the best Sales Enablement tools that you can get your hands on today. They will empower you in sales transformation by boosting the productivity of your sales teams and improve all aspects of your selling cycle, such as marketing missions and sales missions. So let’s get to the chase!
The top sales enablement platform on our list, DemandFarm comes with two primary offerings - Org Chart and Account Planner. Account Planner empowers sales leaders to create and execute next-gen key account plans that are data-driven and performed in real-time. It is integration-ready and native to both Salesforce and Microsoft Dynamics. On the other hand, Org Chart helps reps to monitor their key accounts with a hierarchical organization chart. It provides them with a visual representation of the organizational chart structure and the ensuing relationships, taking the guesswork out of the equation.
- Account intelligence
- White Space Analysis
- Communication Matrix
- Account Segmentation
- Competitor Stacking
- Farming Engine
- Relationship and Influence Mapping
A great data-driven sales readiness and enablement tool, Mindtickle empowers sales leaders to improve the performance of their sales reps via coaching. The goal is to impart better win-rates and increased deal sizes to the sales bottomline. All this and more provides a scalable ecosystem to prepare sales teams in fast-growing organizations, always keeping them up to date with the latest developments.
- Sales Knowledge Base
- Real-Time Updates
- Coaching Card
- Leaderboards and Triggers
- Profiles and Dashboards
A straightforward and user-friendly sales CRM tool that comes equipped with numerous features such as configure-price-quote (CPQ), sales analytics, pipeline management, and tracking, and much more. Built on the Hubspot CRM platform, Sales Hub takes key inputs from the same in terms of customer data to create a single source of truth. This will not only help you to drive excellent sales rep efficiency, but it will also lead to healthier insights, warmer leads, and better sales alignment on the whole.
- Contact & Account Management
- Opportunity & Pipeline Mgmt.
- Campaign and Lead Management
- Marketing ROI Analytics
- Sales Reporting and Forecasting
Seismic is another great and unique sales enablement tool that is driven by powerful content intelligence and analytics features. It empowers marketers and sales reps alike to understand what is driving their revenues and improve the impact of day-to-day functions on the bottom line. With various collaboration features, it enables sales reps to manage their documents in real-time, control the versions of the documents, implement customized templates, drive change management and compliance management, track the interactions of sales reps, and much more.
- Content Import
- Advanced Content Search
- Account-Based Engagement
- Live Presentation
- Email Tracking/Automation
- Workflow Management
Highspot is one of the leading sales enablement tools that puts reps at an advantage by helping them drive more relevant buyer conversations. It does this with the help of some amazing features such as guided selling, AI-powered search, in-context training, and much more. The USP of Highspot is that it functions as an intuitive library of useful content with powerful filtering options. Not only can it host sales-related content but key training materials as well. It integrates with over 70 apps and seamlessly syncs with the standard workflow of your sales team.
- Content Creation and Import
- Account-Based Engagement
- Email Tracking/Automation
- CRM Integration
- Advanced Content Search
A unification sales enablement tool that brings content management, training, and coaching under one roof, Showpad Content creates a centralized database that lets sales rep access and shares the latest content collaterals from the marketing teams. With key bottom-of-the-funnel insights, it lets leaders drive more valuable and intelligent discussions. Sales reps can connect existing CMS or DAS platforms, import key files, and synchronize their entire file library.
- Account-Based Engagement
- Content Utilization
- Alerts and Analytics
- ROI Reporting
- Pre-built Templates
A real-time knowledge management solution, Guru thrives to help your sales reps always be up to date with the latest knowledge updates without the sales reps having to look for them. And the best part? It is a self-learning platform that gets better every time you use it. Guru smartly captures all the information that sales reps need to close more leads, including the ones that exist in Google Docs, Slack threads, and more!
With the creation of a powerful sales ecosystem that is driven by the right resources, sales reps may suddenly find themselves in the middle of an institution that is created for the sole purpose of making them succeed! This can only translate to one thing - an increased trust in your business and overall brand value.
And as 2020 has taught us, this can easily translate into a bull trend that is hard to resist!