Quantitatively analyzing your sales team or salespeople is important. Salespeople who are cognizant of how they're performing tend to be more receptive to coaching and training. When they understand their performance, they can determine what is working and hopefully correct what isn't. Here's how:
- Get the stats. You can't simply measure sales wins. Five sales out of 500 meetings isn't exactly stellar. You also need to evaluate productivity: Track the number of meetings with prospects and the number of prospects who have received a proposal or quote. Also, find the number of prospects in the sales funnel, the likelihood they will close and within what timeframe.
- Provide regular reports. Don't provide sales data one month, and then let it slide for several months. Your sales team needs on-going information to understand how they're truly doing.
- Make sure they understand the stats. Are you confident your sales team understands the reports? If not, your analysis is a waste. Provide them with the training necessary to ensure they understand their individual stats and those of the company as a whole.
- Use the stats to develop training. Based on the stats, you can develop highly focused skills training that improves their strengths and corrects any weaknesses. Focus your energies on where you see the notable deficiencies.
- Set goals. Work with your salespeople to establish realistic goals they can meet if they are focused on achieving success.
- Fine tune your compensation program. Money talks. So develop a compensation program that smartly leverages the information you find in the statistics.
- Provide ongoing feedback. Your sales team needs your input. It's not all about statistics and reports. They also require your leadership and motivation to use the statistics and training to the best of their abilities.
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