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hi it's richard from ignite growth and today i just want to talk about sales metrics and how we measure success of our sales process i've just done a video on the four steps of a predictable sales process and now i'm going to start talking about how we measure success in there remember there were four different metrics in there well what i'm going to do is break that down into a simple report that you can run for yourself on a weekly basis and i call this report lapse it's something that was shared with me a few years ago and it's something that sets the basis of all of my clients uh basic sales metrics that we set up just so we can really see how their sales team is performing or how they're performing because we know where we want to be revenue wise so let's break down how many sales that looks like and lapse helps you know whether you're on track or off track so i would set this up as a dashboard um if you have the ability to have dashboards that are live and also as a weekly report that you send to yourself so lapse stands for leads appointments presentations and of course sales that's your pounds so it's four metrics laps and these are the four things that you want to be measuring so on a weekly basis how many leads have come in so let's say we've had 10 leads generated by a salesperson or across the business as a whole okay so you've got 10 leads what are you targeting so you want to again compare lapsed with what you're forecasting so you need to hit 10 a week so you've hit your you've hit your target for that week now this may be done as i say as per person per salesperson or in smaller businesses as you're building your sales team it's probably done as a company as a whole out of those 10 appointments how many have you out of those 10 leads sorry how many be turned into appointments now i would be aiming especially if you've got a good fit matrix that we talked about before if you've got a good fit matrix and those 10 leads all tick that yes they're the right sector the right geographical area the right size of business and they have an intent at the moment they're clearly demonstrating a buying intent that i would say out of those 10 leads you should be looking to get at least six to seven appointments i'll say six in this process then presentations out of those six appointments we'd be looking to get three presentations so fifty percent here and that's about 60 50 and then out of those three presentations i would look to get one sale you know so if you're converting from your presentations that's around 33 that's 33 percent isn't it 33 percentage then that is a simple lapse report for yourself so again if you've done your strategy and the strategic side of things that we talk about you'll know how many sales you need to make to hit your revenue goal for the year if you know your average order value you'll know exactly how many sales you need to make now obviously these are new sales these are not taken into account your client engagement your additional cross selling and upselling or repeat sales to clients however as a simple process lapse is a great way of knowing if you're on track or off track okay so set that up i would use it in hubspot you can set it up as a dashboard fairly easily it'll show you how many new contacts how many leads have come in how many appointments and meetings have been made how many presentations have happened again they'll be they should be in your diary anyway and this is a really i'm saying do this weekly so this is your weekly lapse report okay so that's a weekly one and then of course from there you'll get monthly figures so you can feed into a monthly one so have you generated 40 leads last month has have you turned 24 of those into appointments from those 24 have you done 12 presentations and did you get four new customers out of that okay so that's your monthly is your four target so again i like to share laps with my clients because it's a very simple way of knowing if your sales is working or not um and again if there's any hold-ups here you can see well i'm generating lots of leads richard but we're just not hitting the appointments figure okay so we need work here that's where i would be focusing my training and looking at the strategy again looking at my sales process again you know is it structured enough are they highly qualified the leads or are we just classing everything as a lead that comes into the company you know because there's a reason they're not converting into appointments or is it just simply the outreach is the outreach not good enough and do we need some sales training in to make sure the outreach improves here once you're in the employment stage and you're actually talking to these people then you should be expecting to get them to the presentation stage because you've identified they've got a challenge you know you can help them as long as your appointments are focused around understanding what that challenge is and then putting together together a solution for them then you should easily get them to presentation stage so you'll probably be 50 and then the sales again if you've having three presentations to be conversing at 33 again most of my clients will be converting at 50 or more here because they know they're highly qualified we've mapped all this out we know exactly what's being said at each stage what information we need what we can feed back to the customer and it should really work better than this but this is really a starting point for any sales metrics you know people get so complicated with sales metrics and i say well you know until you've got a basic system that's working and that your team are happy with you know they all know where they stand there's no doubts on what you expect of them or if that's you if you're the business owner and these are your figures then you know where your focus has got to be if you want to hit if you're serious about hitting those revenue goals then you know where your focus has got to be all right so use laps set it up yourself and then even if it's just on a on an excel document to start with but get it systemized as much as you can use technology there's plenty out there that'll allow you to have dashboards and reporting on these figures so do that and it'll be a real uh it'll just accelerate your growth because it'll give you some key bits of data to focus on and make sure your conversion is where you need it to be in your sales process all right take care talk to you soon bye now