How to Know the Story of the Sale
Posted on May 18, 2017
When I look back at all of the sales that I made (and my team made) in the month of January, I’m going to immediately want to understand the story of my sales. Yes, hitting goals is great but in order to plan future business goals, I must understand the story of the sale. When I look at my list of sales for January (there were about 11 total sales), here are the questions I’ll ask myself to determine the story of the sale:
* How long did each of these sales take to close? When did I first connect with the company (or person I made the deal with) and what is the difference in time from then until now?
* How did I meet this person? Did I meet them through a friend? Through LinkedIn? At a networking event? It’s important that I identify any trends or patterns. Is there one specific activity or event I’m attending that’s driving a majority of my sales?
* How much of my time was taken to close a deal? For example, it might have taken 6 months for a deal to close, but maybe I didn’t really need to do anything. I had a 5 minute conversation with someone 6 months back, it resulted in nothing, I followed up for months, received no response, and then all of a sudden – they purchased! Another sale may have taken 8 hour long phone calls. It’s important to track this time as you want to ultimately spend less time to generate more money.
When I look at my sales for the month of January, I see the following trends:
* My average sales takes 9 months. WOW. That means, that people I’m talking to now, might not actually say YES until September. Now because we play a lot in the back-to-school space and we’re more of a seasonal company (with the school year) this isn’t super bogus.
* It takes me an average of 4 Emails and 2 Calls to close a deal.
* The most common ways that I meet people that we close deals with are from LinkedIn, me randomly researching and reaching out, using databases, and from incoming leads.
I encourage you to look at your own sales stories (and your team’s) to really understand what’s happening within your business. Good luck!