I would like to introduce you to two, sales productivity tools/concepts guaranteed to drive sales productivity and make you more money! The first is tool called an Individual Success Formula:
|Average Order Size||$2,500|
|Sales Cycle||30 to 60 days|
|Qualified Prospects Needed||50+|
|Number of Suspects Needed||75+|
The example above shows a salesperson with a $300,000 annual quota, an average order size of $2,500, a 20% close rate and a 30 to 60 day sales cycle. Assuming that those numbers don’t change this salesperson would have to have a minimum of 50 qualified prospects in their pipeline to achieve their quota month in and month out.
The math: They need ten orders of $2,500 per month to achieve their $25,000 per month quota. Since they’re only closing 20% of their proposals (1 out of 5) they need 50 qualified prospects. If their close rate was 25% (1 out of 4) they’d need 40 qualified prospects. If their close rate as 10% (1 out of 10) they’d need 100 qualified prospects.
So, what is your success formula?
The second concept involves establishing/tracking Weekly Activity Levels. Here’s an example of a grid we created for one of our clients:
|Activity||Meets Minimum||Target Performance||Over-Achievement|
|Number of outbound calls||25||50||75|
|Number of outbound emails||35||50||75|
|Number of F-t-F appointments||7||10||15|
|New opportunities uncovered||3||5||10|
You must identify 3 to 5 “mission critical” tasks you must do on a weekly basis to be successful and then establish meets minimum, target and overachievement performance metrics. So, what are your metrics?
Remember, your weekly activity levels feed into your Individual Success Formula to drive sales productivity!