If you’ve ever felt like pulling your hair out because you feel like you have to do everything, but you aren’t really sure of what is and isn’t working when it comes to sales, you are going to love this episode all about ANALYZING YOUR SALES PROCESS. In each episode of The Smarter Sales Show, you will get tech and technique to sell more and stress less. Here are the highlights of this episode…
Technique Tips from Merit:
Ask yourself or your team, “what don’t you have time to do?” Whatever they say is code for “I’m not comfortable doing that activity”. That’s where real training is needed.
Get clarity around the steps involved in prospecting, the things that you do to fill the funnel so that you know if you’ve got enough in your pipeline to have the business results that you want.
Track the number of leads that you’re working on.
How many of those leads turn into conversations?
How many of those conversations turn into appointments?
How many of those appointments turn into money, conversations, and closed deals?
How much are those closed deals worth or how much did you lose if it didn’t close?
Then ask, “What do I need to learn to be more effective in this particular part of that process?”
Take stock and look at what are you tracking. Are you using that information? Are there other metrics that would be more useful to you in meaningful ways that would inform your behavior change so that you can get to a better result?
Technology Tips from Julie:
First, what is important in sales? What should be measured?
Next, how do you know if you should measure it and what you do with that information when you have it?
Understanding what is a good conversion ratio. That would help you know if you are underperforming on that target ratio and it would help you predict the future results.
Lagging indicators track results achieved. Leading indicators are measures, metrics, behaviors or attributes that I can change in the process that will automatically create a change farther downstream.
There are three things that have to happen before you start really owning key performance indicators and really owning measurements and analytics around a process and listening
Know what matters- what data are you looking at
Know if that data is good or bad and at what point you high five
Know what to do if data is bad- have a plan
Once you have this information, the technology that you now add to that is appropriate for the situation and will give you the data that you need. But if you just go right to the tech, without understanding this technique part of it, you’re shooting yourself in the foot or you’ll spend a lot of money on tech that isn’t going to produce.
Smarter Sales Soundbites:
“I can imagine that every one of you can think of at least one time that a manager said, “I feel like you should be doing more of this.” And you thought, “Well, what does more look like? How will you know if more happens? How will you know?”
“You have to identify what you are trying to measure so that you can know where you want to make improvements. If you don’t understand the steps involved in getting to certain results and goals, then you can’t know whether or not you’re doing enough.”
“Track and measure the actual data and not just what you think or feel you are doing to be busy.”
“You can’t change the result. But you can change the behavior on their way to getting the result. And if you’re not tracking the right things, you can’t make those decisions.”
Referenced in this Episode:
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