Ronan, you have talked about the importance of the monthly sales result audit. Can you explain this and how it differs from our Weekly Sales Review?
Well, the Weekly Sales Review is a quick action-oriented review. It is a snapshot of the weekly sales activities of your sales team. And it is an opportunity to coach your sales team. It is sales coaching snacking. And it is an opportunity to get your team focused for the week ahead.
The monthly sales audit is a deep-dive. In it, you get into the detail. It is an opportunity to assess trends in the sales pipeline. Review your sales forecasts. Ensure that your Sales Process and Sales Pipeline Management Processes are working. And analyse the sales improvement goals.
So, how does it work?
Firstly, I suggest you run through the lagging indicators. For example,
Revenue invoiced v Revenue target achieved
Top 20 account sales performance month on month. And year on year.
Product sales performance month on month. And year on year.
The critical factor here is that you are looking at the trends in your numbers. Are they any “red flags” in the numbers you want to address. For example, is a key account under-performing? If so, why? Get into the weeds and try to understand the root cause.
Is there a product “hot-spot”? For example is there a product that is over-performing? If so, how can you exploit that?
Next, you move on to the leading indicators.
Your baby, Ronan. You maintain these are the most important numbers, don’t you?
Yes. They are predictive. So, if you can analyse them in detail. Trends will emerge. For example, knowing how many sales meetings your sales team are attending can be predictive. If you understand the ratio of sales meetings attended to closed sales deals. A real-world example is a client who know that 4 sales meetings results on average to a new closed sales deal. Put simply, if they want a sales closed every month. They measure sales meetings attended. It predicts future performance.
I see that. And we are starting to measure these in our Weekly Sales Reviews. But you are talking again about looking at the trends in the numbers, aren’t you? Are we still generating new sales opportunities? Are we closing sales deals in the same numbers as before? Are strike rates increasing or decreasing? They are the questions to ask myself.
Yes. That is it. And as a suggestion, do a deep-dive “audit” on one sales opportunity per salesperson.
Take one sales opportunity and apply your Sales Process and Sales Pipeline Management Process. Are these processes being followed? Are the team setting strategic next actions on their sales opportunities? Are they missing steps they should have taken? Are they talking to the right people? Is there enough interaction? Are they using the right content to nurture and educate customers?
So, it is a real deep-dive.
Yes, but you are only analysing one sales opportunity per salesperson. It is manageable. And unbelievably valuable. You will begin to learn what people do, versus what they know. Or say they do. These are valuable coaching opportunities.
They could be gold dust for coaching conversations. I can’t wait to get started.
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