Conversions and Sales Ratios
Conversion rate, average sale and margin percentage are all critical sales performance measures. Sales ratios are the key determinants of the fiscal health and financial vitality of your sales team. Sales ratios are to Sales management, what bowling or batting averages are to cricket.
Without knowing your Sales Team’s conversion rates you don’t know if you are a Freddie Flintoff or just plain Fred. Below are four things that you can begin to do today to increase your sales conversion rates.
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Measure it. There’s a saying in management, “If you measure it, you can manage it”. Start measuring conversion rates and watch the accountability increase. When salespeople begin to see the gaps between what they should be doing and their current behaviour, they very quickly begin to work out what is working and what’s not.
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Focus on it. In sales we get what we focus on. Focus and measure conversion rates and watch them increase.
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Know your Critical Few. You should have a few critical sales ratios you are constantly tracking for the team and for individual Sales Team Members. Whilst there are many you could choose, what are the most relevant for driving your sales performance upward?
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Coach, train, coach, train and then coach and train your people to effectively convert prospects into delighted customers - Hold your Sales Team accountable for their conversion rates and train them how to effectively engage customers, and identify customer’s needs. If you don’t improve their skills, they will keep delivering the same level of sales they are doing now. Train your team to become your competitive advantage.
Determine your essential Sales Ratios and put your Sales Team on a diet of High Performance Sales Coaching and see how much you can speed up the process of moving sales up the performance ladder. For more information on using High Performance Sales Coaching as a tool to drive your Sales People to perform at higher levels of output, contact us today.