This is a guest post by Tom Jager, a professional blogger. He works at A-writer, has a degree in Law and English literature and has written numerous articles/online journals.
You can reach him at G+ or Facebook.
When something goes wrong in online business, performance metrics are often applied to reveal the possible problems. Often, the managers commit a horrible mistake by focusing too much on the quota and reaching the target number and forget to track some critically important performance metrics.
This is done through the productivity analysis, a tool which allows to get greater control over the sales performance and activity metrics and improve the revenue.
The primary purpose of the productivity analysis is the identification of areas for potential productivity enhancement initiatives based on the statistical data.
It also highlights the areas of interruptions and delays that lead to the decreased productivity of the company. Reliable data received from the productivity analysis can make a number of positive outcomes possible, including the boosted win rate.
In this article, we are going to show you a number of important productivity analysis techniques that you should focus on to ensure the best performance of the business by boosting the win rate.
Response Time and Sales Content Management
In today’s online environment, the business tends to move at increasing speed, which gave the rise to the inbound marketing.
What does this trend mean to you? It makes the companies become more concerned with the online techniques that generate more leads. Despite that, a body of fresh research suggests that online lead lives a very short life. They key factor here is the speed of response.
Slow response time can dramatically decrease the performance level of the online business in no time. To eliminate this problem, a productivity analysis can be carried out to check whether the company is making an appropriate investment in marketing.
As it was described by the British company Proessaywriting, the effective productivity analysis allowed them to determine the necessary amount of additional marketing spending, which resulted in a fifteen percent sales increase after a couple of months. Also, the analysis will show if the investment pays off by providing a quick and efficient response time to leads.
Ineffective sales content management is another issue that could be identified and eliminated thanks to the productivity analysis.
Some sources suggested that more than ninety percent of the marketing content is often unused by sales but still accounts for a large share of the total budget in many organizations.
As the result, this serious inefficiency may have a profound impact on the sales department performance. By having identified this issue, it would be possible to define what sales content management software is required to increase the performance levels of both sales and marketing.
One of the most popular options at the moment is Desktime. Among the essential functions of this software are automatic time tracking, company’s status reporting, project tracking, and productivity analysis. In many companies, it allowed marketing leaders to push relevant content directly to sales department.
Opportunity Win Rate
The control of the opportunity win rate through the productivity analysis gives the opportunity to improve the sales performance by providing the insight into the ability of reps to close the deal.
Unfortunately, some of them might not be great for this task, even though they might have the appropriate skill of working and networking. The productivity analysis allows to control this metric by working closely with those who have low opportunity win rates and provide direct coaching. In many cases, simple presence and a short training are sufficient.
Sometimes, the analysis of the deals can be beneficial because it can define the ones that are not worth the effort.
The sales managers should ensure that the reps are managing and using their time in a smart way and veer towards the larger deals. In many cases, the reps can work on small deals for a lot of time, mainly because they are much easier to close, thus pursuing less significant opportunities and losing more important ones.
Take time to analyze the average deal size to see on what the reps are spending most of their time and evaluate the lead generation efforts. Having these data will allow to change the average deal size to make the reps spend their time as wisely as possible and boost sales.
In order for productivity analysis to be comprehensive, it should involve the data about the average time of closing the deals.
This also goes into the area of measuring the performance of the sales reps and can be considered as an important metric. By measuring the time of closing the deal with the analysis, you will be able to identify the ones that are less likely to close by the specific amount of time they are requiring to progress.
In addition, the identification of the sales bottlenecks will be possible. The productivity analysis can reveal where the reps might need a bit of training to deliver better results, which could include the control over the deals.
For example, they can be taught to define the deals that are more likely to convert by using the statistics provided by the analysis. By having this critical data about the sales cycle, you will be able to identify and eliminate issues to make the process much more efficient.
These productivity analysis techniques have been proved to be effective in many cases and helped companies to boost the win rate and achieve other positive outcomes in an appropriate amount of time.