Win rate is a crucial parameter in sales as it helps a company assess the potential and performance of the sales team. A sales team is an indispensable part of an organisation, making growth happen.
A sales team not only needs the right strategy, people and approach but also the right culture. Here’s how an organisation can improve its sales win rates:
1. Defining the right timeline
In order to keep the parameter right, the timeline in which the parameter is measured plays a critical role. Measure the win rates not just on a monthly basis but also on a quarterly and annual basis to rule out market irregularities.
2. Establishing the winning culture
Winning is first in the mind and then in action. Setting the mindset for wins doesn’t mean forcing sales but ensuring that the right opportunities are handled the right way. It is okay to let go of accounts that are not in sync with the organization and focus on the ones that yield real value. Win culture in sales also means caring about the customers beyond the transactional mindset.
3. Understanding the roadblocks
There are generally 4 reasons why a sale doesn’t happen
- The value perspective – the customer doesn’t perceive the value of the offering as they don’t feel the need for it. This can be addressed by Creating The Need – also called CTN in a sales pitch helps address this roadblock.
- Timing – although the value of a product is perceived, an organization may not be able to allocate a budget for the offering. This roadblock can be addressed by tracking company budgeting and establishing some prior groundwork.
- Competition – A company might already be with your competitor or might be considering them over you. To overcome this roadblock, the team needs to thoroughly explain to the potential client how they are different and why the association would benefit them.
- Pricing – Most times pricing issue might also be the issue of not perceiving the value of the product but when it’s not, a company might not be able to afford the product and this can be a genuine concern. The company could consider customizing the product to match the budget or offer discounts for genuine clients who can benefit from it.
There could be other roadblocks other than the ones listed, which the sales executive or sales manager would have to unearth and work around. It is important to look beyond numbers to unearth these roadblocks.
4. Invest in education
It is important to keep the salesforce constantly updated with the industry and establish a culture of constant learning. No matter how amazing someone is at sales, if they don’t keep learning new techniques, networking with new people and keeping up with the industry, they fall behind sooner or later.
5. Build a robust team
People are the soul of a company and having the right people is of utmost importance for a company’s growth. This starts with the right hiring, training and development. The people need to understand the core values of the company and need to be aligned with them. They need to be well equipped and trained to deliver their best. Invest in the right people and they will enable your growth as a company.
Although win rate is a numbers game, real results are beyond numbers. Acing this game requires constant learning, feedback mechanism, open communication and winning strategies.
To understand how to create a high-performing sales team, get in touch with us at https://grovaleulers.com/