How are your opportunity pipeline numbers trending? Are they up or down? Did you have more sales opportunities in the pipeline for Quarter One than you now have for Quarter Two? What was your win rate (number of sales v opportunities) for this Quarter versus the previous quarter? Do you know?
Are you confident there are enough opportunities in your sales pipeline to satisfy next quarter’s targets and for the quarter after that? Now is the exact time to establish how reliable your sales projections are going forward. Time for corrective action is limited if you want to be on track to hit the Big Sales Numbers you are carrying for the year end.
Look to your previous 4 sales quarters for clues and examine the ‘closed/won rate’ versus total sales opportunities in the pipeline for these periods. This is often referred to as the ‘sales coverage ratio’. Determine what yours is, this will signpost what your ‘opportunity to sales quota ratio’ needs to be at.
Large deals should be analysed separately to normal deal sizes as they are generally harder to read and naturally will have longer sales cycles. What does a large deal look like inside your business model? Is it 2 or 3 times your average sales deal size or have you determined that out yet?
Do you have a ‘run rate’ in your business? These are sales that are too small to hit the actual opportunity pipeline but count toward the overall sales number? If you have, work out what contribution it makes on average to your monthly target.
If you discover that your pipeline for quarter 2 or 3 is primarily carrying larger deals or will be dependent on the ‘run rate’ to get you over the line. You need to take drastic action to balance out your pipeline.
Get enthusiastic about setting up a ‘Lead Generation’ campaign within your organisation. Start reaching out to cold prospects, actively reach out to your ‘happy customers’ for referrals, host some informative seminars and trawl your CRM for leads that went ‘off the boil’. There are lots of good people out there looking for a product/service just like yours right now. Go find them!
Jordan Wolf have the depth of experience to help you grow your sales numbers Quarter on Quarter. We understand sales and are passionate about the key activities needed to push businesses to the next level. If you are considering getting help with your sales give us a call on 01 556 3049 today – conversations cost nothing!
“We don’t just teach Sales – We Improve Sales performance” – Guaranteed!