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Venturn Good regular sales managment.

Good regular sales managment

There’s nothing more important in a business than ensuring that you’re approaching your customers, in an effective way – after all, they are the only ones who pay the bills. 

It therefore follows that managing your sales team, and knowing what they are doing is essential when running a successful business.

You need to know who they are targeting? How are they pricing? Where are they spending their time?  What stage are we at with the prospect? How did we pitch our quote? Who are my team meeting with? What is the competition doing? What is supposed to be happening next?

These are all simple questions, but unless you hold regular meetings, and stick to a structure, you'll miss things, and usually it's the important stuff! We like to see a simple quote pipeline, and make sure that it's tested and challenged using two key percentage probabilities.

"% There's going to be an order for someone"

x multiple it by

"% If there is an order, it's going to be ours"

= Overall % probability of winning an order

Don't fall into the trap of only asking one question, as the other piece of missing information could be important !  If you ask one person how the meeting with your latest prospect went, and also ask them for a percentage probability, they might respond “pretty good, they are very interested and if I have to put a figure on how likely they are to place an order, I would say 60%”.  The next person might then respond differently, “We are up against our biggest competitor, so I would say 50%”.

So you’ve got a 60% and a 50%.  Perhaps the real answer is somewhere in the middle at 55%.  However, if you look carefully, you’ve received two answers to two different questions.  The real figures, or the overall probability of winning the order is 60% x 50% = 30%.  This is quiet different the the 55%.  This is the reason why we insist upon the two different percentage.  Make sure you get answers to both questions!

Further reading

Stephen Moon, Venturn Ltd. April 2010

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