17 Easy Closing Sales Tips
What's your current closing ratio?
Now to ensure we're calculating it the same way, here's what I recommend for a super simple way:
1) Look up your last 90-180 days to see exactly how many INITIAL discovery calls you ran.
If you have a longer time horizon, even better especially if you sell Enterprise opportunities.
(Enterprise reps will want to have 1 full year to get a more accurate number)
2) For the exact same time horizon, pull up the number of Closed-Won opportunities.
3) Now do this calculation: # of Closed-Won/# of Initial Discovery Calls
Now you'll have a simple closing ratio.
Here's an example: 12 Closed-Won/80 Initial Discovery Calls = 0.15 = 15% Closing Ratio
The more data and longer time horizon you have, the more accurate of a number you'll have.
Warning: Some sales leaders and sales pros don't like this method.
They prefer to base it off NOT "initial Discovery Calls" but off "# of Demo's" or "# of Proposals" as they state they want to base it off of "qualified opportunities."
Thus, let's say with the same example it's "20 qualified opportunities."
So 12 Closed-Won/20 Qualified Opportunities = 0.60 = 60% Closing Ratio.
Feels cools to have a 60% closing ratio, right?
But here's the downside to that method:
-That means the rep met with 60 other discovery calls still. That comes at a huge opportunity cost as that time is still spent with those opportunities.
-Both scenarios lead to the EXACT same amount of revenue.
-It disassociates top of the funnel work from the rest of the sales process and thus can lead attempting to fix the wrong parts of the sales process.
-It can lead to a big separation gap between BDR's and AE's, which hurts the long term relationship.
When you run the numbers off the whole sales process, it allows for cohesive full cycle change.
It creates a tighter bond so BDR's and AE's work together to ensure the entire process is run tight.
Thus, that's why I personally like calculating closing ratios from Discovery to Close.
Now if you'd like to close at 30%+ from Discovery to Close, you're in luck:
Check out this training on 17 easy closing tips!
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