The quickstart guide to tracking sales data
Transcript of The quickstart guide to tracking sales data
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The Quickstart Guide to
Tracking Sales Data
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Tracking sales data is a lot like dieting…
You know you should do it
You know it’s good for you
You might even know how to do it
But do you? Probably not.
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Tracking your sales data isn’t hard
Activity | Quality | ConversionYou only need to worry about these three metrics:
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Activity
How many cold calls did you make?
How many cold emails did you send?
How many storefronts did you visit?
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Activity
Knowing your activity will help you
track where your time is being
invested
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Quality
How many decision-makers did you reach?
How many of them were qualified for your product?
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Quality
Use this to determine whether you’re
pursuing the right prospects and to
test the quality of your lead list.
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Conversion
How many qualified decision-makers moved on to the next step?
(Demos, trials, call backs, purchases, etc…)
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Conversion
The conversion metric highlights the
strengths and weaknesses of your pitch
and close
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Okay, but how do you use your sales data?
Here are three examples of how you can
use sales data to identify and solve sales
problems
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Example one: Low reach rates
Activity: 100 cold calls
Quality: Reached two (2%), qualified two (100%)
Conversion: Closed one (50%)
Where’s the problem?
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Example one: Low reach rates
Although you have a qualification rate of 100%
and a conversion rate of 50%, you’re only
reaching 2% of the prospects you call.
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Example one: Low reach rates
For a solution, you might consider:
• Calling at different times
• Visiting storefronts in person
• Sending cold emails
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Example two: Low qualification rates
Activity: 100 cold calls
Quality: Reached 15 (15%), qualified two (13%)
Conversion: Closed one (50%)
Where’s the problem?
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Example two: Low qualification rates
Although your reach rate is better and your close
rate is still acceptable, almost none of the leads
you are calling are qualified for your product.
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Example two: Low qualification rates
For a solution, you might consider:
• Revising your customer profile
• Buying a new lead list
• Exploring inbound sales opportunities
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Example three: Low conversion rates
Activity: 100 cold calls
Quality: Reached 15 (15%), qualified ten (66%)
Conversion: Closed one (10%)
Where’s the problem?
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Example three: Low conversion rates
Your reach and qualification rates are much better,
but your conversion rates are through the floor.
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Example three: Low conversion rates
For a solution, you might consider:
• Using a sales script
• Delegating or outsourcing sales
• Finding a new career
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Data benchmarks
Use the following guidelines to
benchmark the success of your sales
campaigns
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Cold calling minimum benchmarks
Reach rate: 15% of total called
Qualification rate: 30% of total reached
Conversion rate: 50% of total qualified
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Cold emailing minimum benchmarks
Open (reach) rate: 30% of total sent
Response (qualification) rate: 30% of total
opened
Conversion rate: 50% of total responses
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If your sales aren’t
bringing the results you
want, use this flow chart
and optimize from the
top down.
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