Data Driven Sales Review – Monitoring entire sales cycle health
For Managers running reasonably sized teams, there is so much of activity happening on a daily basis. There are priority areas such as Top Account Closures, Customer escalations, Proposals to be written, Attending to the sales reps and supporting them on their sales calls, Large Account Management, Managing team attrition to name a few. This leaves them with no time to understand the health of the sales team on how they are doing as per the goals set for them.
In reviews, many of the managers have time only to find out the top closures for the week/month and begins focussing on those. However, what is not done is understanding what happened the previous day/week, what issues they are facing and where are the efforts not producing results.
Reviews are taken either in the Top of the Funnel (How many Prospects?) or in the Bottom of the Funnel (How many Closures?)
But Reviews should happen over the entire sales cycle
What would make sense is to analyze the data that can be derived from the sales teams in terms of the ratios of handovers that goes from one stage to another. Some sample ratios can be
- Industries that are more responsive to the pitch than the others
- Ratios of Emails to Responses
- Ratios of Cold Calls to Responses
- Ratios of Responses to Qualified Leads
- Ratios of Qualified Leads to Opportunities
Ratios of Opportunities to ClosuresAnalysis of data such as this will help the managers or leaders to understand where the mistakes are, is it with planning? Is it with the Pitch? Is it with Segment ? Is it with the Sales person?
Corrective actions can be taken on an immediate basis to get the efficiency back on track.