Selling consistently. Every Sales organization wants to see it. Not just from a holistic standpoint, but also from an individual stand point as well. Question is, how?
“Cold Calling Techniques: That Really Work” by Stephan Schiffman. If you are in sales, business development, or starting your own company and need to cold call – either email or sales, buy it. Seriously. It’s a non- affiliate link. It’s extremely helpful and the system that you’re going to read below is how to figure out ratios to understand how to bring in sales consistently from month to month. It’s all from from his book.
First things first, before I continue I do want to state the obvious: Client calls take priority over everything – k? Good. Now that we got that out of the way let’s start closing some deals.
Oh and also, I want to make sure that we’re clear on definitions before we formulate how you’re going to understand how to set your daily goals.
Depending on whether or not you have leads given to you, or if you have to find your own leads, we’ll pivot how you use this approach. But before we get into all that let’s figure out exactly what a “lead” or “prospect” is.
What is a Prospect/Lead?
A prospect is someone who can use your services, or product – typically, once you find a prospect you will want to engage with them, (we’ll get to how to do that in a couple of weeks). A lead is someone who is interested in your services and is willing to meet with you.
After you’ve got this taken care of, the real fun begins. In order to get the sales process started you have to reach out to them and set some time to chat!
When I initially started at Zemanta, I pretty much found a ton of people who would fit the bill and reached out. That’s pretty much where you start especially if you have to start from scratch. From there you’ll start to see trends in how many times you reach out to set meetings, which turn into opportunities, which ultimately turn into sales.
Bottom line, always be prospecting. There is a ton of business out there and your job in sales is to find it.
This is where you’re really going to get a good understanding of the book of business that you’re building. The main things to do when identifying an opportunity and understanding it is
- When is your potential client looking to buy?
- And where are you within the sales cycle, which is going to determine the percentage of it closing.
Now I know you’re reading this and like, “Chill Merriam-Webster”. But really, it’s important to define these stages in your ratio, no point in filling in the formula mindlessly right? Kind of defeats the purpose of driving in revenue, forecasting, and your commission check. Sales is one of those sweet gigs where you get out of what you actually put in. If you’re bullshitting the formula you’re really just bullshitting yourself.
So, we have these stages in your ratio:
How to set daily goals
I’m going to give you an excerpt from my month of June which laid the groundwork of my daily goals. Looks something like this:
- 67 new prospects
- 134 emails and 56 calls. (This was not my total outreach monthly, just to the new prospects)
- 14 meetings
- 10 opportunities
- 3 sales
Now, let’s see how this breakdown into daily goals.
Here’s how my ratio looks like:
67 prospects/190 ->14 meetings->10 opportunities->3 closed won deals.
My weekly goals look like this (just divide by 4 approximately)
17 prospects/48 -> 4 meetings -> 3 opportunities -> 1 closed won sale
Daily Goals would look like (divide by 5 approximately):
4 prospects/14 -> 1 meeting -> 1 opportunity a day
So in order for me to close 3 deals, this is what my day looks like in order to feel good when I go home and know that I’m on target for the month. For good measure I actually tack on an extra meeting and prospect there, just saying.
You can plug in the numbers that you have. And if you want more sales (which I’m sure you do) just elevate your daily goals. It’s all about taking small steps; one meeting a day is much easier than 5 meetings a week all done on a Friday. And those incremental wins are HUGE psychologically.
- Strictly define what is part of your process and what that process entails. If you BS the process, you’re really just BS’ing yourself.
- Understand the outreach/meeting/opportunity/sales formula. That way you can break it down into daily goals.
- Depending on what your quota is – tailor your daily goals based around what you can close – and then follow it!
So there you have it, ways to set daily goals. I suggest you get on that ratio now so you can get a fresh start to the week! Next week we’ll talk about something I love doing – testing.
See you then!