In light of our new ebook, “Sales Intelligence 101: 5 Insights Every Sales Executive Should Have,” we wrote yesterday about 3 key questions about sales performance every executive can answer with Base. Today, we’re moving on to process insights.
In this world of shifting consumer buying processes, a sales process that has worked for your team in the past, may not be effective any more. As consumers increasingly rely on their own research, social media and review sites, the role of the sales rep is evolving. In fact, a Corporate Executive Board study of more than 1,400 B2B customers found that those customers completed, on average, nearly 60% of a typical purchasing decision before even having a conversation with a supplier. Is your sales process helping or hindering the buying process? By looking at your current sales process, you can see its shortcomings and tweak it to fit your buyers buying process. Here are 3 questions you can answer using Base to help hone your sales process.
Question 1: Is my sales process working?
Report: Sales Funnel Analysis
The Sales Funnel Analysis report in Base will help you analyze lead and deal progression through the sales pipeline. By looking for stages with low conversion rates, you can start to identify stage bottlenecks and correct course.
The Sales Funnel Analysis Report also tells you how effective your team is at closing deals. Instead of looking at the conversion rates between stages, this time look at the number of deals closed. You can specify by team or by rep over any given period of time.
With Base, you can filter, sort and define dates on all your business activities to help you analyze your company, team and individual performance. By spotting trends and patterns you can improve your sales process, pinpoint strengths, and anticipate challenges.
Question 2: What is my optimal sales cycle?
Report: Stage Duration Analysis/Stage Duration By Owner
It’s easy to figure our your optimal sales cycle in Base. The Stage Duration Analysis allows you to track how long deals are spending in each stage of the sales pipeline and which stages are causing bottlenecks in your sales process. The Stage Duration By Owner shows you how long it takes team members to close deals. In addition to identifying who is closing a deal the fastest and who needs additional coaching, you can also deduct what is the optimal sales cycle that reps should run.
How? By using both of these reports, you can easily compare the performance among reps and see who is the most successful. You can adopt the habits of high-performing reps to the rest of your sales team in order to run at your optimal sales cycle.
Question 3: Why am I losing deals?
Report: Deal Loss Reasons
How can you correct course if you don’t know why you are losing deals. Sure, you can speculate, but it’s better to know the actual reasons why so that you can fix your approach, product, marketing, etc.
The Deal Loss Reasons report in Base lets you see why you’re losing deals. You can also filter by Owner to see why team members are losing deals. In Base, users are prompted to specify a deal loss reason when they move a deal to the Lost stage. Over time, this information becomes very valuable.
Did you like this post? Continue learning more by downloading the rest of the ebook now. We’ll show you how easy it is to get the insights you need with the beautifully designed, useful reports in Base. We’ll take it a step further by showing you what key decisions you can make based on the data.