Why Sales Velocity Is Crucial in Powering Today’s Best Sales Teams
The overall health of a sales team is dependent on multiple factors. That makes it hard to measure, and, as management guru Peter Drucker famously said: “If you can’t measure it, you can’t manage it.”
The sales velocity equation overcomes that challenge by drawing on four, core sales KPIs to create a single, monetary, sales velocity figure which can be easily measured and therefore managed.
So, what is sales velocity and how do you become an expert? We teamed up with the wonderful folk at Flume Sales Training who have provided the top tips below.
Part One: Number of opportunities
Tips to use to get the prospects ready to talk:
- Personalise outreach
- Qualify out rather than in
- Get your messaging right
- Embrace sequencing
- Take control of the conversation
Part Two: Average order value
Once you’re converting more opportunities, it’s crucial to then increase your average order value. Here’s some tips to get started:
- Know what your brand stands for
- Identify your ideal client profile
- Grow existing accounts
- Co-create the solution
Part Three: Win rate
So, now that you’ve increased the number and size of your sales opportunities, it’s time to improve win rates. If you’re looking to improve your win rate, try using these tips:
- Get buy-in from influencers
- Make it easy for customers to sell on
- Create strong proposals
- Teach customers how to choose a solution
- Anticipate, raise and overcome objections
Part Four: Length of sales cycle
How do you speed up the process?
- Explain what’s in it for them personally
- Agree a compelling reason to change now
- Overcome indecision
- Multi-thread the deal
- Collaborate with the customer
Combining these four methods will no doubt increase your win rate and allow your sales velocity to thrive. However, whilst we’ve provided the top tips, the full whitepaper expands further on each part of the sales velocity equation and you can download this here.