Most companies these days have quarterly sales reviews to discuss the highlights and lowlights of the last quarter. The scope of a sales review might seem limited to the number of closures, but it goes way beyond that. The purpose of a sales review is to identify latent opportunities and help sales teams overcome known obstacles by deploying appropriate remedial strategies – be it deploying a power dialer software solution to enhance average talk time, or revisiting the training and development strategy. To help analyze the performance of your sales team, we give you a list of some essential questions that must be part of your quarterly sales review.
1. What new leads have entered since the last review?
Even if your sales team is closing a decent number of leads, the job is only half done. Ideally, sales reps must aim at continually driving new leads into the pipeline irrespective of the existing numbers. This way, they can avoid the pressure of running out of qualified leads or failing to meet their targets. Although closing deals is the ultimate objective, it doesn’t diminish the importance of maintaining an uninterrupted supply of new leads. Asking the details of the new entrants in the pipeline helps you ensure your sales reps continue to mine new opportunities. Moreover, it will also ensure that sales reps eliminate overdependence on stalled leads, and the momentum of the sales funnel is unperturbed.
2. What is the current prospects’ conversion probability?
Maintaining a large number of prospects in the sales funnel is a futile exercise, unless they convert. Even if your sales reps manage a healthy sales funnel in terms of numbers, many of the prospects may only be price-shopping and will probably never buy. Therefore, preparing custom proposals and nurturing them would only mean killing time and money. This is where lead scoring helps. Lead scoring determines the position of leads in the sales cycle and allows organizations to attach values to each lead based on its overall potential and conversion probability.
3. Is a sales forecast sheet available for the next quarter?
After winding up one or two sales quarters, the sales reps are left with vital lead status data that can help in upscaling the performance for the next quarter. All they need is to connect the dots to prepare a sales forecast sheet for the upcoming quarter that may help in overcoming the loopholes of the previous quarter and highlights the sales goals for the next quarter. Starting with a sales forecast can help the sales define the ideal targets and win new leads.
4. Are the reps able to convey the value proposition?
Though it may be hard hitting as a fact, a lapse in conveying the value proposition may cause a lead to slip away. So, determining whether the reps have developed an understanding of the product or just reiterating the sales script for the sake of selling becomes imperative. It might be easy to blame poor communication skills at first, but a communication gap may be the reason behind the poor conversion rates. So, sales managers need to make sure that the reps are effectively conveying the value proposition to the prospects.
5. Is there a need to modify the sales strategy ?
When the sales numbers appear promising enough, sales managers hardly feel the need of revisiting and modifying the sales strategy. Though the reps deserve a pat on the back to maintain a sizable number of leads in the pipeline with a decent conversion rate, they should never settle down with the current results. Instead, sales managers need to work closely with the reps to modify the sales strategy time to time; just to ensure they are tapping the optimum potential of the reps.
The Bottom Line
In addition to comprehensive planning, organizations can deploy a power dialer to enable their reps reach more prospects and enhance conversions. A power dialer also allows you to monitor live calls, and plan trainings for your sales reps, as and when needed. If you are looking to grow your sales by making up to four times the calls of the existing rate, EVS7 can help. Our power dialer, with features such as unlimited calling, one-click-voicemail, and integrated CRM, can redefine the results of your sales funnel. To learn more about our power dialer software, reach us at 1.800.713.8353 or 1.972.713.6622.