The numbers game understanding the metrics that matter when it comes to sales - Simone Douglas

Simone Douglas - "#Seriously Social"

Introduction
Week Five of your seriously social journey, a path that changed the way I do business forever and whose benefits regularly surprise me in terms of the opportunities they generate. 
 
It is easy to get distracted by all the noise in the business world at large but jump day is your chance to settle in and work on your business in ways that allow you to make the most of your team's efforts today we are dissecting Sales metrics and earn rates, looking at how to identify the sleeping giants on your team and the passengers on the bus.
 
Before the internet breaking down your lead sources and knowing what to focus on was much easier than it is now. Calculations were simple and life revolved more around the power of a sales team's networks than their digital prowess. Nowadays with Word of Muse being as powerful as word of mouth there is a lot more for us as business owners to think about.
 
IBGR is committed to your success and our programming is designed to give you the tools and resources as well as the one percenters you might be missing that are the difference between feeling like you are in the pilots seat or preparing for a crash landing.
 
 
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Show Objectives - The Why
Sales is a metrics-driven contact sport. In today’s show I will talk about 5 metrics that you should use to evaluate your sales team’s performance and results. 

By tracking  your five metrics methodically over time, you’ll be able to analyse trends in your results, with more clarity. Informed by these five metrics, you can focus on the best sales opportunities in the pipeline and set your sales team up for success
 
​Key Issues - Owner Perspective:

• Where are sales tracking relative to our forecasts (on target or earn rate)?
• Which channels are producing the best most qualified leads at the lowest acquisition cost?
• What is the current ratio of closed leads to sales total and by team member?
• What are our benchmarks around close rates and are they improving?
• What are our average sales prices per item and how much are we discounting to close the deal?
• Is the sales force on track with their earn rates and commissions?

What You Need to Know - The What

• Open opportunities in total and per rep (by number count not by dollar volume)
• Closed opportunities in total and per rep (by number count not by dollar volume)
• The average sale price of all your closed-won deals
• Your total win rate and win rate per rep
• The average duration in days it takes to win a deal 

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What You Need to Do​​ - The How

• Know your pipeline - Where are sales tracking relative to our forecast also where is our revenue coming from retained customers versus new deals and what are the sources.
  
• Track all your lead sources effectively both online and offline and evaluate the data
  
• Calculate your key benchmarks - Average win rate, average close rate, average accounts per rep, sales cycle length, average deal size, customer lifetime value
  
• Review your discounting policies - health check whether you are discounting your price, your value or both.
  
• Are you utilising commission tracking? Sales people are highly motivated and commission tracking is a great way to keep score. 
  
• Plan to spend time putting lessons learnt and aha moments into practice.  Let me know how it goes.

 
ACT! Nothing changes if you don’t set aside time to make it happen so once you have worked out what you need to do start putting timelines and deliverables on your action plan. Get clear on what you want your customers to feel, what actions you want them to take and what pain points you are here to solve for them.
 
Shows
Previous: Episode C3.10.3 Baby and the bathwater - customer recovery that works for you - You are never going to get it right all the time. Deliver on promise and recover when you do not. The hidden path to profitability in the long term

Next: Episode Season 3 Episode C3.12.3 The Road Ahead What's next in the business and marketing landscape post COVID?

Written by Simone Douglas 
The Publican & Licensee of the Duke of Brunswick Hotel, Executive Director for BNI Adelaide North one of the biggest networking organisations in the world, the driving force behind South Australia’s leading social media agency, Social Media AOK and best-selling author with her first book “Seriously Social – turning your online game into real-world gain”. and the recently released Confident Networker

Simone also serves as Deputy President of the State Chapter Committee South Australia for the Franchise Council of Australia and sits on the Franchise Advisory Council for BNI Australia

You can connect with Simone on any of her seriously social platforms
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