It often seems like the prevailing method of growing revenue is to just add more deals to what your reps already have. This can be detrimental since transitioning to new deals restarts the clock on deal cycle times and leaves a bunch of undecided deals hanging around your pipeline. Besides if you don't currently have a win rate of at least 35%, more deals definitely won't solve your problems.
Instead of adding more deals, the more efficient strategy is to work on increasing the win rate of the current deals you already have. Here are 3 proven ways to definitely increase your win rate.
1. Establish a Sale Process
If you don't already have a sales process in place, make this your next priority. Your sales process should be something that is consistent and able to be followed by each sales rep. Our sales process consists of stages and milestones. Stages are the general status of the deal (i.e, Qualification, Pricing Agreement, Contract Pending, etc) and milestones are the steps within stages that are needed to get through a stage (i.e, Legal Sign-off, Budget Approved, Buyer Identified, etc.). The benefit of gluing together a sales process is that it sets a clear baseline of expectations for your team to be evaluated and also cuts down on boarding time for new or less experienced sales reps. Of course, building a solid sales process takes time and can be tweaked and changed as you learn more about your buyer's journey, just as long as you move towards a process that can be tracked and easily followed. The main takeaway is that you should have a sales process and you should ensure that your sales team has bought into and is adhering to the process.
"You should have [a sales process] and ensure that your sales team has bought into [it]" - Click to Tweet
2. Give Them More Time to Sell
This might sound like an impossible task since it's pretty well established that you can't just create more time, but what you can do is reallocate time. One of the major ways that sales reps lose money is by doing non-sales related activities. These activities can be attending pipeline review meetings, input information into the CRM, or just taking time out to explain a hot deal to their boss. While these activities are not trivial they do take away time that the rep can be using to actually close deals. Instead of having random check-in meetings with your reps, have scheduled time set aside for periodic check-ins. Once you've established the times and cadence that you'll set aside to meet with your reps, find ways to optimize the time spent in 1 on 1s. By giving reps the opportunity to plan for time to checking in and having a mutually transparent agenda for what will be discussed in the 1 on 1, you'll give them to spend and stay focused on winning their deals.
3. Support 'Buyer First' Selling
With information on products and services being so readily available through the internet, your buyers are getting more accustomed to a buying environment where they are in control. Your prospect wants to feel special and like they came to the decision to buy your product or service all by themselves. The best way to this as a sales rep is to share your sales process with them. By being transparent and sharing your sales process with your prospect, you give the buyer the power to feel in control. The crucial part of making your sales process 'buyer first' or 'buyer friendly' is by framing each step of your sales process in terms that are about them. As Jim Eberlin, TopOPPS Founder and CEO said, "I don’t know of many buyers thinking to themselves 'I hope someone closes me on something that can help my business today.”' That's because buyers want to be shown the value every step of the way and then come to the decision to buy because they feel that they have found the best solution to solve their needs. Simply changing the name of your sales process from a 'close plan' to a 'decision plan' will create a better relationship with your prospect through their buying journey and help improve win rates.
So to recap, if you want to increase your revenue, don't focus exclusively on pumping more deals into your pipeline. More deals for a bad process won't improve your chances of hitting your quota. Instead, seek to improve your win rate buy establishing a sales process representative of your buyer's journey, give your sales reps more time to sell by taking up less of their time with random update requests, and make your sales process 'buyer first'. If you want to learn more about technology that can monitor your win rate improvement or can help you build a sustainable sales process, contact us! We are more than happy to help you be on your way to closing more deals and growing revenue.