I recently posted the following two questions on a LinkedIn Discussion Group:
- Understanding this ratio for your sales environment is what is most important. It is a personal number for each sales person and a sales unit number for each sales manager. It is important to understand this ratio as it is the baseline from which the results of improvement efforts can be measured. So, be realistic about the current win ratio. After all, if you want to be a world class sprinter and you sought out a world class coach for help, the first thing that this coach would likely do is to take you out to the track and have you run a few time trials.
- Develop and execute a plan to improve your win ratio. If you don’t have a defined set of Stages in your sales funnel then develop same (client decision focused, with well-defined verifiable exit points). These should be consistent with your sales business process. Define and track client focused activities. Get used to recording, tracking, and reporting; the only way to know if your performance is improving (BTW: Big Data practices will be coming to sales). A good CRM will help to make this transparent. Provide or obtain effective active coaching to improve sales performance (e.g., win rate ratios). How else will the sales person become that gold medal sprinter, 10K, or whatever your analogy! This does assume that an effective infrastructure is in place to enable this performance – but this is another topic!