How to Create B2B Sales and Contract Management System For Your Company
The B2B industry is in need of more personalized relationships, faster customer service, and quick interaction with customers.
As B2B transactions are often very complex and time-consuming, a lot of modern companies use sales and contract management systems. Let's review the benefits of such solution and tips on how to create a B2B sales and contract management system for your industry.
Gaps in modern sales management in B2B industry
Managing sales in a B2B industry is a responsible process, that influences company success, its relationships with the clients, and сapacity to support them during all stages of the sales funnel.
According to Forbes Insights report, organizations rank sales productivity as the most important key area of management.
And here is a report on the top things that hold organizations back from achieving their full potential.
As you can see, the major goals of most organizations today when it comes to sales management are:
- Faster close first deals
- Quickly onboard and train new sales representatives
- Shorten sales cycles
- Improve the accuracy of sales forecasts
- Increase the size of deals
- Understand the influence of content on the sales cycle
If we talk about the B2B industry, things become slightly harder. B2B transactions are often of large volumes and their processing involves a lot of people.
Modern B2B customers, in their turn, expect personalized approach, quick contract management, and fast delivery.
What is contract and sales management system and how it can grow your business
B2B sales management systems allow to control the internal sales processes and provide customers with a high-level service. As each company has its own needs and business model, there is no one-fit solution for becoming a sales guru.
Before jumping into the development of custom sales management system for your company, it is recommended to do the following:
- Conduct a survey among your team
Ask them about the difficulties and challenges they face during the contract management and sales process, as well, as brainstorm together on the ideas on how to improve it and what gaps to fill.
- Ask your customers about their experience of working with your company
Have you met their expectations? How fast were their orders processed? How would they evaluate your service from 1 to 5?
- Analyze your sales and marketing activity
How do you support your clients during the sales funnel? At what stage do your prospects tend to drop off? What is the reason for this? How can the sales management system improve this?
Plan the features of your future sales management system only after you have a clear understanding of the gaps in your internal processes and ideas about how to bring them to the higher level.
Here are some of the features to think about
Contract and sales management system features
- Сontract management
Processing contracts in the B2B industry is a complex process. To manage it effectively, provide your team with a set of tools, that will help to streamline the workflow and speed up the customer service.
- Custom dashboard with personalized features for employers of different job positions
- Contract repository
- Advanced search
- Contract import
- Contract templates
- Payment management
- Commission control
Let your B2B sales managers track the commissions they receive after each sale. Make sure to include such bonuses:
- Real-time reporting and visibility
- Performance analytics
Allow your salesman to easily view the sales analytics, conversion rate, number of leads, and organize these data into insightful reports.
- Contact and lead management
With the help of lead management feature, your employers can easily add or integrate lead contacts, track sales activities, analyze their interactions with contacts, and better nurture leads.
- Team workflow management
Sales managers can easily organize their teams, assign tasks, track the activity, and be on the one page with another member of the sales department.
- Billing management and invoicing
- Import invoices manually or from the email
- Scan and process invoices
- Invoice report generation
- Customer records creation
- Invoice templates
- Inventory and warehousing management
Inventory management is an integral part of any B2B business, as it helps you to better track your goods: from production to shipping. Integrating features for inventory management will give you full control over your supply chain.
- Materials tracking
- Order management
- Barcode scanning
- Automated ordering
Our experience in developing custom sales management systems
Recently, our team has finished working on the B2B sales management software for mobile network operators and distributors - Pro.con.
Pro.con - is an advanced software for network operators and distributors for selling mobile phone deals, hardware, and managing contracts. The main goal of Pro.con is to provide sales managers and distributors with software for managing internal sales processes, contracts, commission claims, and communication.
Apiko's task was to make the system more advanced by developing a set of custom features.
- Contract management
- Commission control and management
- Marketing automation
- Additional commissions management
The way you manage sales and other internal processes in your company has a direct influence on your reputation among customers and ability to build long-lasting relationships with them.
B2B customers are more demanding now and require high-level and custom service as in B2C industry. By developing a sales management system for your industry, you will make the operations inside your company more effective and, as a result, improve customer service.