0
Best Practices of Analytical
Sales Management
with Jeff Hoffman
Top Sales Reports That You Must Use Now
1
2
Best Practices of Analytical Sales Management
Best Practices
of
Analytical Sales
Management1
4
Defining Your Pipeline
 Requires a consistent methodology or process
 Requires a method to capture data
 Totals are a...
5
Defining Your Pipeline
Identify and track each stage:
 Communicate a common language and protocol
 Establish a specifi...
6
Defining Your Pipeline
Establish target totals to each stage:
 Base totals on previous pipelines that have
exceeded quo...
7
Defining Your Pipeline
Establish target ratios for each stage:
 Determine conversion rates from stage to stage
 Determ...
8
Inspecting Your Pipeline
 Look for gaps
 Compare team pipeline with individual pipelines
 Record #s and ratios from w...
9
The Case For Activity Tracking
 Puts you and the rep in control of the process
 An objective measure of performance
 ...
10
“Inspect What You Expect” Summary…
 Define your pipeline in four steps:
 Identify the sales stages
 Anchor milestone...
11
Modern Forecasting Theory
 “Credibility-based”
 Numbers-driven
 Not tied to pipeline or specific deal
 Adjustments ...
12
Forecasting Principles
 Forecasting is not a sales stage
 Address management expectations
 Replace objective with su...
Top Sales
Reports That
You Must Use
Now!2
14
“If you can't measure it,
you can't manage it!”
- Peter Drucker
1. Activities Against Goals
What is it?
This report shows you how your employees are performing in a given period of
time ...
2. Pipeline Today
What is it?
This report shows you the current state of your pipeline by close date and by the
most impor...
3. Win/Loss Analysis
What is it?
Shows you the count of your won vs. lost opportunities, the revenue won/lost,
and the rea...
4. Sales Funnel Conversions
What is it?
• Shows you the # and % conversions at each step of your sales funnel.
5. Data-Driven Forecasting
What is it?
This forecast is data-driven and not a conventional finger-in-the-wind forecast
tha...
Thank you!
#1 in Salesforce Analytics
Get actionable & instant insights
Increase Rep Productivity
Close EVEN MORE Deals
Do...
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Sales Execs Analytical Sales Management - Jeff Hoffman

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InsightSquared had the opportunity to sit down with renowned sales training consultant Jeff Hoffman and some of Boston’s finest sales managers and sales VPs to discuss a major sales management struggle over breakfast: Objective sales pipeline management and sales forecasting.

Published in: Business, Education
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Transcript of "Sales Execs Analytical Sales Management - Jeff Hoffman"

  1. 1. Best Practices of Analytical Sales Management with Jeff Hoffman
  2. 2. Top Sales Reports That You Must Use Now 1 2 Best Practices of Analytical Sales Management
  3. 3. Best Practices of Analytical Sales Management1
  4. 4. 4 Defining Your Pipeline  Requires a consistent methodology or process  Requires a method to capture data  Totals are affected by activity; ratios are affected through technique  Becomes an instant “snapshot” on the health of your region  Successful with constant reinforcement
  5. 5. 5 Defining Your Pipeline Identify and track each stage:  Communicate a common language and protocol  Establish a specific sales process  Measure your region’s sales cycle  Allow for laser-like focus and control Anchor each stage to a “Milestone:”  Tie to EXIT CRITERIA 1 2
  6. 6. 6 Defining Your Pipeline Establish target totals to each stage:  Base totals on previous pipelines that have exceeded quota  Compare and contrast to other regions  Adjust once per Quarter (maximum)  Constant for every rep within region  Baseline for regional planning 3
  7. 7. 7 Defining Your Pipeline Establish target ratios for each stage:  Determine conversion rates from stage to stage  Determine conversion rates to Compare and contrast to other regions  Test against “3:1 rule”  Use as a predictor for long-range forecasting  Compare target ratios with target totals 4
  8. 8. 8 Inspecting Your Pipeline  Look for gaps  Compare team pipeline with individual pipelines  Record #s and ratios from week to week  Limit pipeline to activity with past 30 days  Purge!  Limit your inspection to one page  Inspire similar inspections at the rep level  A ruler for the day/week/month/quarter
  9. 9. 9 The Case For Activity Tracking  Puts you and the rep in control of the process  An objective measure of performance  Basis for individual and team commitments  Contributes to an activity-driven sales culture  Builds confidence  Improves self-sufficiency  Gives quick satisfaction  Easily customized for any rep based on your specific goal
  10. 10. 10 “Inspect What You Expect” Summary…  Define your pipeline in four steps:  Identify the sales stages  Anchor milestones  Establish target totals  Establish target ratios  Pipeline Management requires constant commitment and reinforcement.  Inspect pipeline for gaps  Inspire an activity-based sales environment  Dedicate separate time to proactive and reactive duties
  11. 11. 11 Modern Forecasting Theory  “Credibility-based”  Numbers-driven  Not tied to pipeline or specific deal  Adjustments made at every level  “Fact-based”  Oppt-driven  Tied to actual deals and stages  Forecast is the same at every level  “Probability-based”  Assigned probability to closure by rep  % is multiplied to TCV
  12. 12. 12 Forecasting Principles  Forecasting is not a sales stage  Address management expectations  Replace objective with subjective  Universal milestones are critical  Define “accuracy”  Establish consequences and rewards  Limit to 30 days  100% participation  Approach forecasting like “closing”
  13. 13. Top Sales Reports That You Must Use Now!2
  14. 14. 14 “If you can't measure it, you can't manage it!” - Peter Drucker
  15. 15. 1. Activities Against Goals What is it? This report shows you how your employees are performing in a given period of time vs. individual goals
  16. 16. 2. Pipeline Today What is it? This report shows you the current state of your pipeline by close date and by the most important deals that merit attention.
  17. 17. 3. Win/Loss Analysis What is it? Shows you the count of your won vs. lost opportunities, the revenue won/lost, and the reason for lost.
  18. 18. 4. Sales Funnel Conversions What is it? • Shows you the # and % conversions at each step of your sales funnel.
  19. 19. 5. Data-Driven Forecasting What is it? This forecast is data-driven and not a conventional finger-in-the-wind forecast that is based more on feelings of any individual rep
  20. 20. Thank you! #1 in Salesforce Analytics Get actionable & instant insights Increase Rep Productivity Close EVEN MORE Deals Do: Smart Forecast TM
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