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Salesseed
Editor's Notes
- Win probability is clearly sales management’s biggest issue. It has a five-fold effect I am sure you will agree with. It drives revenue performance – the higher the better It determines resourcing – if it is higher this means lower resourcing It highlights competition – with a 30% win rate, the competition wins 2 out of 3. It defines sales people – good sales people have higher win rates It initiates performance management – a lower win rate needs to be managed
- Do you monitor your win rate? What is it? A very important understanding is that increasing your win rate by a percentage point triggers the MULTIPLIER EFFECT. At 30% it is a three times multiplier At 20% it is a five times multiplier At your rate it is an X times multiplier 15% - 6.7 20% - 5 30% - 3 40% - 2.5 50% - 2 60% - 1.7 70% - 1.4
- There is no agreed standard. Everyone has their own system In CRMs its often based on the sales stage Sales people are usually rather optimistic Even with the best of intention it’s largely guesswork And sadly that means its mostly wrong WHY?
- I think this says it all
- What if you could increase the win probability of every deal you are chasing? Two words. Multiplier Effect….
- In the past, sales management has had three responses, three traditional mechanisms that managers turn to to increase win probabilty.
- The first mechanism is training. Just look at those eager faces! Believe it or not, there are 107 million entries for sales training programs available on the internet. Whilst we haven’t done quite that many programs, all of us here have done more than our fair share of training.
- But training is widely recognised as being afflicted with Decay Theory – the idea that the further you move away from a training day, the smaller the retention. Training alone doesn't guarantee improved outcomes.
- The second mechanism is firing and hiring. Firing takes time and effort. Hiring takes as long again and then you have to allow your new hire to come up to speed. And that assumes you made a better decision than last time. Firing and hiring is surprisingly slow and costly.
- The third and most recent mechanism of choice is the CRM. Whilst CRMs are an excellent corporate tool, I’m yet to hear a sales manager sing their praises as a source of new or increased revenue.
- Einstein hit the nail on the head. We need to think differently.
- There must be a better way and there is. Each sales person can improve their win rate by knowing their strengths and weaknesses, acting on the weaknesses and by walking away from the unwinnable sale. Nothing is more certain. Over 20 years our research has identified five primary determinants in successful sales: Knowing your client’s Key Issues Managing the buy environment Creating customer closeness Understanding your client’s decision factors Maximising the uniqueness of the solution Underneath these headings are 16 specific elements that need to be addressed to maximise win probability.
- So we built Salesseed. Salesseed is software as a service that uses our research based analytics to increase the win probability on each deal and allow you to manage the team more precisely. On average it takes four minutes and 33 seconds for a user to fill in the details, answer some questions and press the submit button. Salesseed then analyses all the elements, gives you an instant calculation of your win probability, isolates the weaknesses and suggests a course of action to change the dynamic. So let me show it to you.