If you're struggling to make sales, you're obviously either a crappy salesperson or your presentation sucks. Right?
Maybe. Maybe not. There's no way to know for sure without looking at the data and these are the 3 pieces of data you should be looking at.
1. Activity
How many cold calls did you make? Knowing your activity will help you track how your time is being invested and provide a foundation for the following two metrics.
2. Quality
How many decision makers did you reach? Of those, how many were qualified for your product? Use this to determine whether you're pursuing the right prospects and to test the quality of your lead list.
3. Conversion
How many of those qualified decision makers moved on to the next step (demos, trials, or purchases)? The conversion metric is great for pinpointing the strengths and weaknesses of your pitch and close.
If your sales aren't bringing the results you want, optimize from the top down. Ask yourself:
- Is my sales activity high enough? If it is,
- Is my lead quality high enough? If it is,
- Is my conversion rate high enough?
Use the framework below to benchmark your performance against successful campaigns.
- Reach rate: 15% of total called. If your reach rate is below 15%, change your cold call approach.
- Qualification rate: 30% of total reached. If your qualification rate is below 30%, you need a new lead list.
- Conversion rate: 50% of total qualified. If your conversion rate is below 50%, you need to work on your pitch.
Make it a habit
The key to effective data tracking is consistency. If you don't make it a daily habit, your data is meaningless.
It's better to track one of these metrics for a week than all three for a day.
Better yet, why not just use a CRM like Close.io which automatically tracks cold calling activity for you? Try your free 14-day trial today, no credit card required.
Go get'em!
Steli
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