Boost Your Business with B2b sales funnel metrics for Life Sciences

How to create outlook signature

[Music] today is really around about prospecting so a prospect where your business development team has verified all the prospects contact information and they know that they're part of the decision-making process and the contact has agreed to be added to your marketing list another term that I've been a reference is an essay l or sales accepted lead this is a prospect to is part of the decision-making process that has an active interest in your product or solution and is ready to move forward into the sales process this is what a lot of organizations would refer to as a handover or a passive means from their insight team to their field team an SQL or sales qualified lead is a lead that's been converted to an opportunity buyers outside sales team and it's something that they're going to actively continue the work so a lot of these acronyms might be familiar to you we do follow these serious decisions Waterfall quite a bit I think they've done a really nice job in splitting inbound and outbound activities and mapping the back to the sales file so to get started I want to jump into our first topic and metric and that's around sales planning and this is really looking at specifically sales planning to help that consign sales development team since you're most likely already planning by setting goals around the number of leads or appointments or demos you need from each member of your team you're certainly making sure that they have the right messaging and scripting to be successful and they have the right tools on place so a CRM system and reporting to help keep them on track but what we found is often overlooked as the metric that we're going to discuss today which is the number of unique accounts the agent inside sales reps needs to start with in order to hit their goals consistent so this is really outside of hate is my team have a listicle when you're evaluating from the list that your rabbit is going to be calling into and this can be a list of inbound leads or a target list that you've purchased or developed that's been sitting at your CRM for three years it's important to give each of your reps and not accounts so that they're able to pull in new companies each day but not too many where they're overwhelmed overloaded and effective so for example you know you want to make sure you have realistic expectations as to what the size of your selling universe is so for example on a client starting a project she had an insight team that you were going to pop them and I asked her what her expectation was for major appointments each month and she said I should really love 20 sales accepted leads per month for a year her NER and I said well that seems a bit high tell me a little bit about your selling universe and she said well we really only wanna call into the fortune 500 because those are really neat only takes organizations that would be a fit for our technology and as a rule if you are expecting twenty sales means every month for a year and you're only selling into the universe of 500 those metrics are never gonna work out so first off make sure you know and understand what you're selling universe is and really what's possible a good rule of thumb is to give each member of your inside sales team 500 to 750 unique accounts to call for their first and clearly from the example I just gave if you only have a selling universe of 500 that's why your expectations we just have to be a little bit different perhaps your team would have to be doing research and adding additional contacts in by giving your team most cases 500 to 750 unique accounts and then having to add two to three contacts per account they can get you an answer really quickly and qualify in or out this does not mean that you give them a list of 2,000 contacts across the calling you'll have to replenish this reservoir list with maybe a couple hundred new accounts your team will still be nurturing or that individual to still be nurturing and working some of that original 500 to 750 I'd also suggest that you pull out maybe 20 to 50 target accounts from that list that you would want extra attention paint you so maybe that means they do a little more research or add additional contacts put a little more focus around those this metric is so important because it really allows for consistent and predictable results for your team if your rep can pull in and they really should be zoom certainly focus on this pull it 5 to 10 new target accounts or new accounts from that list each day and they can still have enough time to adequately follow up on all of their active prospects and if they continue to do this pull those 5 to 10 in each day you won't see as significant fluctuations in the volume of needs that you're delivering to your outside sales team that's definitely a great question and my answer would be yes if you sell a product service or solution in two and different divisions or business units within a company than you would absolutely and should count those as unique accounts no that's a great question so what I really looked at was the average production that one Business Development rep can't really get through on a daily so this fluctuates a little bit depending on your market and how much research the rep has to do but typically a BDR can make anywhere from 60 to 100 call activities per day and they're probably going to connect they have a good conversation with someone that can give them a piece of information and helps that all finally in or out they're gonna be able to connect with someone 10 to 15 percent of the time so I looked at that I looked at you know if you have two to three contacts per each account and you're making that number of calls you're connecting with people and you're maybe taking a prospect six to eight steps through a you know whatever call can you're using that's going to really allow one rep to at least touch that many accounts in a given quarter now that again that doesn't mean that they've qualified them all in or out and disposition all of that some of those will certainly carry over and that's why you're all going to have to refill about two hundred or so in the second quarter of calling and maybe only one hundred but if you look at those metrics we back it out a little bit that's where I came okay great so I will move on to topic two which is around what we call account mapping and when we talk about account mapping I'm referring to the importance of what I call being multi-threaded within an account and that means ensuring that you're reaching out to more than just one contact within any organization since especially when you're selling enterprise software nowadays there's often multiple individuals involved in making a purchase decision and it's certainly a complex buying cycle so a lot of teams will focus on this when calling through a target list because they're starting from scratch and they have to build out the contacts but accounting often gets overlooked when following up on inbound leads which is what we're going to focus on today so the metric I want to point out here is tracking the percentage of leads that come from a prospect that was not on your reps inbound list and an inbound list is some of you took action on your website right so they downloaded away paper attended a webinar went to one of your your booths at a trade show if you have a team of inside reps that are following up and further qualifying inbound leads and you want to make sure they're calling through other contacts of the organization as well not just that individual that took action on your website so for example we have been working with a client for about a year and our goal with this client was to do just that was to call through and further qualify there's thousands of and bounties that they were getting and each year and what we found is previously what they had been doing was just calling down the contacts that had downloaded that way paper etc and they weren't seeing who qualified the volumes they were looking for so by applying our account mapping process and calling alternate individuals within each account we found that a lot of our leads 40% in fact were with contacts outside of that original person that downloaded something from the website and what we came to the conclusion and I measured that over the course of the year and that's where I came up with a 40% and we tracked and in our CRM in Salesforce when when a rep would actually add a contact and what we found was oftentimes of the person within an organization of taking action on the website it can certainly be a good leading indicator that there is a level of interest within the account but what we found was that the person that downloaded that white paper or attended that webinar was often tasked to do so by someone higher up or the person who have to by authority and is ultimately the person you want to be talking to so you don't want to overlook that so definitely we measure internally here the number of sales leads that come from contacts added by our reps outside of battle each original list and this is so important because certainly you'd be missing out on you know in this case the story I told you missing out on 40 percent of opportunities if we've seen single threaded within an account and measuring this metric really holds your team accountable the working contacts outside of their lists and a good rule sound just to know is to get to three noes and two yeses before you qualify a week in or out so simply getting a no from that marketing manager that went to a webinar you should not stop there certainly yeah absolutely so you know when you are purchasing lists ultimately there's always gonna be some bad data if you will on there and if you can have your team you know go through and first off mark the ones that are bad data gets a lot of tencel offenders will reimburse you for those but you know this will help you to sort of branch out outside of that purchase list and really clean up to be sure so we certainly use online resources like LinkedIn that's wonderful resource I and certainly we have some of the services and data providers that we use like soup info but I get the very best way to get to the right person and help out is through internal referrals simply picking up the phone and talking to whether it's someone at the front desk or someone who runs the department asking who to talk to and getting somebody to give you an internal referral is really really invaluable and you get connected through to that internal refer a lot of much higher rate than if you just cold called someone a local list a third metric here which is around market intelligence and what I'm talking about market intelligence I'm referring to all of that great information and your insights know seen as uncovering during their day to day calling efforts so typically sales development breath they get measured on other than before the number of appointments or means they have covered in any given month or quarter an absolutely that's extremely important obviously but typically in a best-case scenario only six or seven percent of all your sales development teams conversations will convert into an actual sales accepted lead so we wanted to figure out a way to measure all of the other great work and information that the team is is generating so the metric we'll focus on here is tracking the number of accounts that that connects with and gains valuable market intelligence from each much so for example we had a client where we were really doing a great job uncovering some sales accepted needs but it was certainly a saturated market we kept coming across the same two or three competitors over and over and our client was able to give us some good intel on those competitors but we for the information that we were compiling and that we were finding just being on the phone and talking to prospects who are using this competitor we were able to find a lot more information we put together a competitive intelligence report that we were able to share with our client that really really was beneficial for them so we were able to find from the actual prospect things like what what areas were people not happy with regarding their competitor when was when were they going to be in a contract module period things of that nature Edgar out actually able to help this client develop future campaigns around different competitors and help them sell much more effectively and so these different time different points this also increased since we then do when certain prospects contracts would be off for example and there's a lot of different competitive intelligence and for me based on your specific business that you can that you can track and it's so important to track this because it gives you visibility into why your team is having the most productive conversations and it also gives you insight into your market so if you think about it your sales development team is your frontline it's your frontline sales they're having often times the most conversations get your target market every day more so than your outside sales team or so that conversations with your marketing team and you want to be able to capitalize on all that intermediate so think about the different heart of intelligent elegent data points that you would be interested in tracking and think about how to how to measure that and I know on you know one way that we do that is by measuring everything in Salesforce comm so we use Salesforce as an arm internal CRM system and we will simply build our fields that allow us to track different data points and then simply report that's the easiest thing to do and also suggestion is to just have a weekly round table with your STR team to discuss the trends and they're finding from the previous week and marketing and sales should both be wrong in that discussion to help in future marketing campaigns so let's move on to the fourth metric here which is around lean quality so this is a topic near and dear to my heart but it gives a lot of sales managers that I speak with are so focused every should be on the number of appointments or demos or leads other team is on every job and this is certainly an important metric but something that oftentimes gets overlooked or not as evaluated as much is how qualified the leads actually are and this goes beyond whether a piece of business is closed or not there's revenue degeneration and because that's above the or DB tract so for example I was working with a brand new client you had a sales development team and they were utilizing some have type services to augment their team and I also a little bit about what results their current team was that in each job so I asked you know how many appointments demo leaves each each rep was paying and my client said that they were getting 20 appointments per month and that seemed a bit high to me so I drilled it a little bit more ask them to share some more about what those appointments were like I said okay so out of those 20 appointments are all of that showing off from the devil right Google the in this case was to drive them to toe and she said no I would say 50 percent actually show up to the demo at the scheduled time initially set so I said okay so now we're down to ten actual prospects who show up for a demo and I said out of those 10 how many were with the right person that were actually qualified and truly ready to be presented to an outside salesperson and he said typically out of those ten maybe four were unqualified or was simply a tire kicker or someone that wasn't really the right person and so therefore out of those initial 20 appointments per month which is the initial question I asked there were really only six qualified means coming over our pots so the metric we want to focus on here is measuring what we refer to as the no-show rate or the percentage of prospects that don't show up for their scheduled discovery calls out or eating whatever that has stopped in a sales process is for you and this percentage really should never exceed 15% okay so you always it's never going to be zero you always have to account for meetings coming up sick days the apocalypse what-have-you but if you are seeing a no-show rate of over 15% then you really need to question whether your reps are getting the right did your cross or are they simply focused on getting someone to agree to a demo strong-arming prospects into taking meetings so that they can hit this appointment goal of theirs the other metrics are measured here is what percentage of the sales accepted leads that do show up for their call or devil convert into sales fall fighting so if you recall from the beginning of of this webinar and I've laid out the different routine and FAL and it asks you out so an SQL EF is an outside team is going to continue to work and create an opportunity off of a good industry average here is that roughly seventy percent one more of your team's s al-zour sales accepted needs should convert to a nasty Bob so those are a couple meta metrics and measures that you can take a look at when evaluating your eternal team it's really important to incentivize on the quality of your team's leads and not just the sheer number and so this one's sure that your outside team is really engaged with your sales development team is excited about the leads that they're passing and this out then that your outside team is really spending their time on how many opportunities and not spinning their wheels when the prospect really isn't ready to enter it to abide say off short so I think it really does count down to incentivizing and compensating so for example my team they don't get compensated on Eid until it because of sales fall fight me so that demo or just every call have to have happened and the outside feel them has to confirm and validate that all the information we gathered is accurate and that they did they do find this to be OB they kind of work right now so that's obviously driving the quality there we also we also utilize a scoring matrix that helps us to assign a point value to different areas in the qualification booklets and different questions and different pieces of information that were gathering so we'll have to share that with a client and they'll help us to determine how qualified they want me right is it 90 percent 70 percent 80 percent and so on okay so we will move into our final metric for today and this is really around the health of the top of your cycle or really rapid merchant metrics so we know we are always measuring the very top of the funnel on how healthy that is with the number of amount now fuels that are coming through and we definitely pay attention when something reaches a snail's accepted sales qualified status but there's also times this big gap in sort of the middle piece of the file but isn't measured and this is exactly the area that your sales development team is focused on right so the metric we want to focus on here is how do you measure a profit that falls somewhere between MTL and an SI l so we've come up with the term cut and you may have seen a recent blog on this the term is chemo love acronyms so inside sales all funny and by measuring that it really gives your outbound sales development team a way to measure the health of their pipeline so not just want something that brings it over to an MAO but it really how successful they are developing their own pipeline and it also gives sales management insight into how many sa-l they can expect in the coming months so if to define an SQL is typically a prospect who falls within your target profile they certainly see value in your product or solution but typically the timing isn't quite right or they haven't allocated a budget yet or they're still putting together a team to evaluate this type of technology what we found is that 50 60 % of my SQL si else so that's not metric to look at and this helps you with your sales forecasting and speaking the sales file so another way to measure the progress of your inside sales reps each week is to look at how many as 12 they're developing not just the SAO so the pools not here I like to see two to three new is twelves developed by each of my reps per week and again that is point leads to consistency and it's going to help you to communicate the outside sales team as to what new leads might be coming through in the next few months is fifty to sixty percent of all is 12 are going to convert to a sale at some point this will give your offline still keep visibility into what could be because you have to sort of backup from what your internal close right is so if we look at fifty to sixty percent of all is our Q and s al and that point that's really in the outside sales reps can rain so what something's converted to an opportunity then you would want to apply your own internal close rate to that to determine how many are ultimately close right but it is it is definitely interesting to look at that and there's so much focus around being able to look at revenue that's predictable there's that local craft written over a few just awesome if you have a bet it definitely pick it up and you know and how do you measure the efficiency of your marketing team and your skills development team and you know here if demand drives one of the questions that I ultimately get is you know we need to prove the ROI of your service so the best way for me to do that we are responsible for actually closing the tail responsible for funding that are literally shocked that will get to a close these of business for the sales team bunch of quicker than maybe another lead but we accomplish this by looking at you know whatever in merchants are and out of the snowball fight needs what dollar amount associated with it and looking at that pipeline review that we generated so definitely at all of these you know touch points and measures help us to sort of further define that yeah I mean that's you know on revenue closed and also the amount of pressure that's on fire at home and the opportunity stage certainly as well as all the other metrics that we hadn't talked about today so certainly if anyone has a question feel free to ask about you ser contact information here up on the screen so feel free to call help and I can have your child anyone a little bit more about about these topics