If you manage hang on for another week, I assure you that there is life after the election, and what is waiting on the other side is not the end of the world, but the end of your sales year. Which if you plan it right is not as big a deal as many would make you believe, unless of course you’re one of those sales people who exists from crisis to crisis. (If you are, then you can skip the rest of this post).
We’ve all heard that knowledge is power, and in this case, it truly is. If you know the specifics of your sales cycle, average length of cycle, critical points, number of interactions (phone, live, web, e-mails, etc.), then you have the data on which you can build knowledge and success. You can map out your sale, manage it and lead the sales process not just go along for the ride.
A critical one is the average length of a cycle. This will vary based on type of sale, if you have multiple offerings, and other factors, but there is no escaping the fact that if you looked at you last 15 – 20 sales of the same nature, you will be able to determine a relative average length. You can do that using your CRM, and host of apps you bought to do something sales professionals have done for ages using pen and paper. The fact that many sales people answer the question about the length of
Assuming your average cycle for a given product or service three months, this is hand shake to close, it doesn’t matter if it took you a year of effort to engage; a sales cycle is handshake (yes it can be virtual), to close. There may be seasonal changes, causing that to contract or expand slightly, but if they are indeed seasonal than they are known to you and you can incorporate that into your thinking and execution.
So, if you initiate an opportunity today, October 31, 2016, then on average, that opportunity will/should close on or around (a couple of days) January 31, 2017. Assuming you need four sales a month to exceed quota, you will need one of those a week. But let’s be real here, you will need to have a multiple of opportunities, based on your close ratio, that is the number of opportunities you require to get one close, say 4:1. You will need to be prospecting (including referrals, up and cross seals and more) at a level and quality that will lead to four prospects/opportunities a week to end up with one close. So if one prospects and drives four new opportunities a week, they will have their one “right” opportunity each and every week. An opportunity that will on average close three months later.
Do this every week and it doesn’t matter if it is the beginning, middle or end of they year, just start four real opportunities a week, and you will close one three months out. That’s why I tell managers to stop asking about what their sales people are closing, and make sure that they what they are opening.
The data is there, the knowledge that affords you is there for you for the taking, what’s missing is the application, which is why as you read all the sage advice on how to end the year, start the year, and all that other noise, just remember, it is all about the execution – everything else is just talk.