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The quickstart guide to tracking sales data
Transcript of The quickstart guide to tracking sales data
The Quickstart Guide to
Tracking Sales Data
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.
Tracking your sales data isn’t hard
Activity | Quality | ConversionYou only need to worry about these three metrics:
Activity
How many cold calls did you make?
How many cold emails did you send?
How many storefronts did you visit?
Activity
Knowing your activity will help you
track where your time is being
invested
Quality
How many decision-makers did you reach?
How many of them were qualified for your product?
Quality
Use this to determine whether you’re
pursuing the right prospects and to
test the quality of your lead list.
Conversion
How many qualified decision-makers moved on to the next step?
(Demos, trials, call backs, purchases, etc…)
Conversion
The conversion metric highlights the
strengths and weaknesses of your pitch
and close
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
Example one: Low reach rates
Activity: 100 cold calls
Quality: Reached two (2%), qualified two (100%)
Conversion: Closed one (50%)
Where’s the problem?
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.
Example one: Low reach rates
For a solution, you might consider:
• Calling at different times
• Visiting storefronts in person
• Sending cold emails
Example two: Low qualification rates
Activity: 100 cold calls
Quality: Reached 15 (15%), qualified two (13%)
Conversion: Closed one (50%)
Where’s the problem?
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.
Example two: Low qualification rates
For a solution, you might consider:
• Revising your customer profile
• Buying a new lead list
• Exploring inbound sales opportunities
Example three: Low conversion rates
Activity: 100 cold calls
Quality: Reached 15 (15%), qualified ten (66%)
Conversion: Closed one (10%)
Where’s the problem?
Example three: Low conversion rates
Your reach and qualification rates are much better,
but your conversion rates are through the floor.
Example three: Low conversion rates
For a solution, you might consider:
• Using a sales script
• Delegating or outsourcing sales
• Finding a new career
Data benchmarks
Use the following guidelines to
benchmark the success of your sales
campaigns
Cold calling minimum benchmarks
Reach rate: 15% of total called
Qualification rate: 30% of total reached
Conversion rate: 50% of total qualified
Cold emailing minimum benchmarks
Open (reach) rate: 30% of total sent
Response (qualification) rate: 30% of total
opened
Conversion rate: 50% of total responses
If your sales aren’t
bringing the results you
want, use this flow chart
and optimize from the
top down.
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