THE NUMBERS DON’T LIE: What It Takes to Optimize Your Sales Performance and Build a Scalable Sales Machine
To grow a business you need a lot of things.
- You need strong leadership.
- You need a viable product or service.
- You need a commitment to quality and service to make raving fans out of your clients.
- And, you need a sales and marketing engine to build and convert a pipeline of the next generation of raving fans.
THESE DAYS EVERYBODY WANTS A MAGIC BULLET.
While there is no such thing, there ARE key things you can do to optimize your sales performance, increase the velocity of your lead-to-conversion funnel, and put your organization on a path to sustainable growth.
First, understand the buyer’s journey
Most sales and marketing professionals understand the basic tenets of the buyer’s journey. Where many fail is in understanding—and appropriately weighing—the type and volume of activity necessary to drive the conversations needed to deliver on the intended goal.
Second, launch an integrated sales & marketing effort
At the beginning of the sales funnel it’s all about prospecting. There are a number of avenues to touch unknown prospects and gradually pull them from awareness to interest to purchase. On the marketing side, you’ve got inbound tactics like SEO and content marketing, outbound email campaigns, in person trade shows and more. On the sales side, you’ve got qualified business development reps manning the phones. Alone any of these tactics will drive leads to the funnel. Together they push the needle faster.
Third, religiously track metrics
Each stage of the funnel presents an opportunity to review and track metrics. How many calls does it take to get a conversation? How many conversations does it take to get a meeting or demo? How many meetings does it take to get an opportunity? As you log this over time it will help you pinpoint the right volume and better understand where you need to ramp (or improve) activity.
Fourth, know the outbound contact activity you need
INTEREST ENGAGEMENT CONSIDERATION PURCHASE
Sales and marketing is a numbers game—and one that is different depending on the size of the deal and the length of the sales cycle. What kind of activity do you need to meet your numbers? Start with your revenue goal and work backwards. For example, the numbers shown here represent average sales activity level to conversion ratios NuGrowth has seen across multiple industries.
Fifth, know when to scale
Once you have a proven sales model it’s time to think about scaling to add additional reps. Timing is essential here. If you don’t have the model down and aren’t progressing leads through the funnel and closing at a consistent rate, this will lead to an unsustainable burn. If you do have the model down, plan for an increase in revenue proportional to your increase in outbound activity.
Ways to increase success factors
Increase quality of MQLs
The more accurate your lead scoring, the higher quality MQL, the more conversations result.
Increase effectiveness of conversations
The better prepared your business development reps are, the better the conversation, the higher the rate of Sales Accepted Leads, and the more in-depth meetings set.
Increase Quality of Meetings
No matter how good your lead to conversation to meeting ratio is, it is all for naught if the meeting to opportunity ratio falters. The more defined your sales process, the better your discovery up front, and the more adept you are at bringing the right team members into the conversation at the right time, the more successful you will be.
…And Partner Effectively
There is a lot that goes into building a repeatable, scalable sales and marketing machine—from acquiring the tools you need to succeed (CRM, Marketing Automation) to defining goals and processes to hiring and training. All of this takes time. And money. If you’d rather focus on what you do best and leave the sales and marketing to the experts, consider outsourcing.
When you outsource to NuGrowth Solutions you get a dedicated sales and marketing team acting as an extension of your company and a proven model built to scale quickly.
We are passionate about helping our clients grow and go into each engagement with the understanding that the success of our partnership is based on trust and mutual respect.