Your sales process’s effectiveness shows how well your sales professionals successfully convert prospects and guide them through the sales funnel. A variety of metrics can evaluate this process. The ones you use depend on which are most important to your company. You can choose among these methods to measure how effective your sales process is.
Lead to Opportunity Conversion Rate
The percentage of leads that confirm their interest in your product is your lead to opportunity conversion rate. Knowledge of your lead to opportunity conversion rate lets you determine whether you’re getting enough leads to reach your goal and whether you’re effectively following up with your leads. If you’re converting a significant number of leads into opportunities but missing your quotas, you need to generate more leads. Or, if you’re converting a low percentage of leads into prospects, you may not be effectively following up with your leads. To improve your results, be sure you are personalizing your outreach, using multiple channels such as email and calls, and reaching out enough times before moving on.
Pipeline Churn Rate
The number of prospects who moved through each stage of your sales process in a given period is your pipeline churn rate. This shows how dynamic your pipeline is. Your goal is to have a consistently churning pipeline that stays full and maintains efficiency at all stages. If you’re generating leads more quickly than you’re working opportunities, you’ll have a backlog in your pipeline. This backlog results in stale opportunities that could have improved your close rate. To improve, you need to create a plan to nurture these opportunities more efficiently. Or, if you’re often running out of leads, you have a generation issue. In this case, increase your prospecting to work more opportunities and potentially increase your sales.
The amount of time you spend selling has a significant impact on your number of sales in a given period. As a result, you need to spend as little time as possible on repetitive support tasks so you can focus more on selling. Of course, you need to invest time each week researching your leads, their pain points, and other relevant information to show how your product can fill their needs. However, you need to do so in the most efficient way possible. Start by logging your daily tasks for a set time. Then, determine what takes you away from actual selling and how much time you spend on these tasks. Next, find tools that integrate with your CRM software to provide data that speeds up your research process. This should free up time for more selling.
Are You Looking for a New Sales Job?
If you are interested in an inside sales role in industrial safety equipment and PPE’s exciting fields, contact the expert recruiters at The Charis Group today. We can help you bring your career to the next level.