Speed & Sales Management Are Your Secret Weapons

Feb 27, 2024 | Growth Tips, Planning, Strategy, Webinar

Customers expect you to communicate and respond faster than ever. You can’t be slow or inconsistent and expect to keep growing.

It’s the Amazon effect.

In actuality, speed as always been a competitive advantage for well-organized companies.

The early bird makes the sale and gets the worm.

It was true 20 years ago, and it’s true today.

Shortening time-to-sale is critical to hitting your sales targets in 2024.

If speed is so important, why is speed not a typical metric that sales teams measure and track?

Here are five obvious areas where speed helps.

  1. Responding to a client’s initial outreach, especially when it’s on the weekend or evening.
  2. Qualifying the lead to see if its Red Light or Green Light.
  3. Having the first meeting
  4. Presenting the final design for those doing DB.
  5. Proposal turnaround in general.

(Plus here are 3 obvious areas where existing clients want speed: Tackling complaints, Handling property issues, and Resolving warranty claims.)

When you review pipeline reports, you see activities (# of proposals) and results (# of sales), but you seldom see “speed” of these activities.

Speedy companies have one or more of the following in common:

  • Embracing urgency and client-focus in their core values,
  • Holding continuous sales training/coaching
  • Constantly upgrading their sales systems and tools

But speed is not equal to rushing.

No client wants to feel rushed, but they also don’t want to be kept waiting.

Closing ratio’s give insight to your speed.

We will be speaking about speed and closing ratios in today’s Sales Symposium.

In preparation, we surveyed attendees on nine (9) different closing ratios.

We found that residential closing metrics averaged around 50% (+/- ten pts), while the closing ratio for commercial bids was lower, and the closing ratio for design-based bids was higher.

But the averages do NOT tell the story.

It is the high performers (top 20-25% of the curve) that show what superb selling looks like.

What are the high performers doing that the average company is not? (We will explore that in our event today)

One thing is certain: The better you qualify, the higher the sales closing ratio AND total sales.

Your challenge: Remove Obstacles from Your Sales Process.

A good Sales Manager is always greasing the skids for her/his sales team.

  • Constantly exploring new technology that can help in this manner.
  • And staying up to date with the evolving needs of the client.

Selling (and Sales Management) is hard work. You can no longer just mail it in.

Which is why you may need to recruit or hire a dedicated Sales Manager in order to really scale your business.

They will pay for themselves in reducing:

  • Lost sales,
  • Lost up sales,
  • Lost clients, and
  • Salesperson attrition.

Nothing happens until a sale is made BUT profit doesn’t happen until enough sales are made in a timely fashion, and executed on time at the right margin.

That takes Sales Management!

Hope you got one idea here to improve your selling in 2024.

Regards,

Regards, Jeffrey Scott

P.S. Hope to see you today at Sales Symposium!