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hey there I'm Dan Martell technology entrepreneur investor and creator of SAS Academy in this video I'm gonna share with you a strategy to increase your SAS sales velocity without adding any new reps and be sure to say at the end we're going to share with you an exclusive resource called the rocket demo builder it goes over my five principles to close more derailed deals and the nine steps that you're gonna need to follow to make that happen [Music] maybe you're doing all the demos today or you've got a team of reps that are working with your potential customers and they're just not performing really well and you're frustrated because it's costing you money and obviously lost opportunity and what you want is essentially a process for bringing on a new sales rep to get them to close faster to get the deals to get bigger to essentially increase the total net new mr our monthly recurring revenue you're adding to the bottom line you see when I was starting my company flowtown we hired our first couple reps that was always the challenge as a founder I could communicate sell and do really well but as soon as I had to have other people involved in that process it got really challenging so what I needed to figure out for myself is how do I measure things how do I get clear on the specific outcomes I want for my sales reps and my sales process and really move that forward and these are the five things you need to do to increase your sales velocity one measure your sales velocity is a really simple formula get out a pencil and a pen and I'll walk you through it number one we need to figure out what is the number of leads that we're actually generating on a 30 day window once we have that that we want to figure out what our conversion to closed rate is or what's called the win rate of our deals mult so multiply that by the number of leads and then finally multiply that by the average deal size once you have it then divide those three numbers by the average days to close a deal and that will give you your sales velocity rate to increase the quality of your leads now if you've already mapped out that formula and you know kind of where the leads are then it's all about improving the quality so the first thing I'm gonna suggest is sit down with your marketing team and really get clear and defined on what's considered an MQL or what's called a marketing qualified lead the other things you can do is talk to them about introducing lead scoring so that you only get certain opportunities are actually highly qualified in market eager to potentially buy your product other things you can do is a count based marketing list so essentially being very deliberate on targeting specific companies that you want to work with and then for me finally it's installing marketing automation because I believe that you should have your marketing take care of the market till they're ready to buy 3 grow your deal size now this is probably the biggest opportunities for most of you watching this is if you're doing demos you're talking to customers you want to look for opportunities to upsell and cross-sell those are pretty traditional things but is your pricing optimized just think about the way you're doing your value are you pricing based on a value driver and how your customer is gonna use the product do you position your product appropriately for the value proposition that you drive there's and every industry has a different kind of need that if you can actually use that industry and vertical information to customize the presentation you can drive up the deal size just by showing other customers that have bought more and got a lot of success with your product and finally I would say just team training at the end of the day if your team doesn't know how to deal with objections negotiate deals present properly then you're always gonna have a challenge around growing the average deal size for decrease your sales cycle when it comes to looking at the speed of the sales cycle you need to map it out you need to break it down step by step some clients that I coach I recommend doing this in a Trello or just on a big whiteboard and just walk through the whole sales process who's involved what are the different steps the decision-makers etc I teach a framework in my rocket demo called the virtual close to understand who's involved in actually making decision within an organization but there's a ton of different techniques to increase the velocity one of my favorite that I recently learned from my friend Michael it and founder of video art was that they have this motto among sure their sales reps essentially make more friends within the organization if a deal doesn't have enough context assigned to it the manager will just say make more friends and that'll help you increase you know the champions the decision-makers the influence your product has within an organization and will obviously improve your velocity and the time to close a deal five know your numbers as I mentioned you need to map it out you need to break it down but more importantly you need to understand the whole pipeline and that's everything from even measuring the sales velocity when I sit down with clients like sometimes they're struggling just to get those numbers they don't know what their close rate or the win rate is they don't understand how to measure the average deal size or they're not measuring it appropriately so really important to map it out understand your numbers and really look at the industry best practices the vertical that you're in the kind of product that you sell in the companies you serve what are their numbers based on where you're at so you can benchmark and ensure that you're focusing on improving the right part of the funnel because there is a point of diminishing returns so the key area is know your numbers map it to industry best practices and then focus on your least performing process in that pipeline to increase the overall velocity so quick recaps one measure sales velocity to increased quality of leads three grow the deal size four decrease your sales cycle and five know your numbers as I mentioned begin this video I want to share an exclusive download with you it's called the rocket demo builder it's linked below you can click the link and download your copy I go over the five principles that you need to understand to really close bigger deals faster specifically the ten eighty ten principle as well as the virtual clothes strategy and I even give you the nine step workflow for you to customize the rocket demo for your specific situation so you can teach other people on your team so click the link download your copy today if you like this video be sure to click the like button subscribe to the channel and share it with a friend thanks for watching I'll see you next week