At events, sales representatives are constantly running around trying to reach out to their customers with a value proposition that caters to their individual needs. But there lies a challenge in moving the customer along the stages of the sales cycle and closing the deal. While putting in efforts to streamline the sales process, it is crucial not to overlook the most important indicators – metrics. In this blog, we list out a few metrics you need to watch out for.
The advantages of a metric-centric approach
✔ Sales managers often fall into the trap of focusing on targets and numbers. Analyzing performance metrics has a number of crucial advantages. For one, a more structured approach assists in creating action items focused on working around hurdles hindering the sale.
✔ Sales often mistake lead numbers with a successful event campaign. However, a number of these are lost between an insufficient follow-up process and misunderstanding the target audience. A metric-driven approach identifies reasons why customers are lost and what needs to be done to win them back.
✔ Analyzing metrics provides sales managers a granular peek into sales performance. As an event manager, metrics provide greater control over key areas in the existing sales process to drive the deal to closure.
✔ Sales pipeline metrics are also a historic representation of sales efficiency. By looking at metrics from previous events, event managers can use historical sales pipeline data to take strategic decisions for subsequent events.
With this in mind, let’s take a look at key metrics indicative of a successful sales process.
Average time per deal
Sales reps spend a major portion of their time pitching to customers. The average time taken to close a deal can say a lot about how efficient. The average time taken to move customers along each stage of the sales cycle is a significant figure. It tells you where the bottlenecks in the sales process are and what you need to do to avoid them. Additionally, the more time the deal takes to happen, the less likely it is to convert to a closed opportunity.
⇀ Flag deals that are taking too long. This could imply that customers are facing a hurdle or are reluctant to buy your product.
⇀ Brief your sales team on the account and assess if the deal is worth the time and effort.
⇀ If the deal moves along, use relevant content to support the next stage. And if the deal stagnates, consider ending the pursuit.
At events, sales representatives are often unaware of where an opportunity is lost. This metric is a telling sign of gaps in the sales funnel. Tracking sales funnel progression can point out where opportunities are being lost and what needs to be done to plug these holes. The reasons may range anywhere between insignificant nurturing and too much nurturing.
⇀ Identify the stages where deals are being lost. For example, if an opportunity is lost in the final stage of the sales funnel, then reassess every action taken during that stage.
⇀ Find the reason why the opportunity has been lost.
⇀ Take steps to remedy the situation.
Average deal size
At events, the key objective is to close as many deals that significantly contribute to the sales pipeline as possible. This is where analyzing the average deal size comes in play. Although big deals do not always present themselves, it is advisable to be prepared for when they do. A low dollar-value deal is not the time even though it may be easier to close.
⇀ Brief your sales team about the type of deals you want to close.
⇀ Attribute a dollar value to every opportunity.
⇀ Prioritize the deals with the highest values and maximize efforts to close them.
Win rate is the number of opportunities that have successfully been converted to customers. It is the direct indication of how effective your sales team and process are. Analyzing the win rate for each executive will tell you which of them require your attention.
On a parallel, keep track of the number of the number of leads converted by source. This will determine which channels are the most successful and which of them need improvement.
⇀ If a sales representative has a low win rate, a bit of rapport-building or product training will get him/her back on track.
⇀ If you are facing a slump from a particular channel, identify reasons why this is happening and take steps to rectify it.
Lead response time
Close to 80% of leads generated at events do not see sufficient follow-up. This implies that a lot of effort taken to gather lead information and convincing prospects to invest in the product has been of no use. Therefore, it is crucial to review the time taken by the sales team to follow-up with prospects. A shorter follow-up time ensures that they remember your product with greater detail. This makes it easier to help them take the pitch further and convince them to sit down for a demo.
⇀ Include a standard timeframe and reinforce deadlines for the follow-up process.
⇀ Be mindful about how often you contact prospects. Too much communication can have just as many ramifications are too little.
⇀ Ensure that customers are provided with content as and when needed.
The primary goal is to reach the revenue goal that has been set. In order to successfully check-off objectives, it is crucial to identify metrics that tie back to your event goals and keep an eye on these figures as the event progresses. The five metrics discussed in this blog are important to driving favorable results. Taking a closer look at leads as they go through the sales cycle can go a long way in creating a well-oiled sales process.