Introducing our pipeline tracking tool for Healthcare

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further review let's get started so hello everyone my name is Matt I'm a product manager here at slim uh you know we're gonna be talking about how to analyze your CRM data and in relation to you pipeline management and how do you manage your pipeline better how do you make your salespeople work towards the same goals and how do you do that using your historical data okay we're going to go through a short introduction into Slama and we're going to go into short introduction as to what problem we're trying to solve with webinar we're gonna go into what is an ideal pipeline profile we're going to we're going to go through how do you use mix to build this profile and then we're going to talk about at the end once you know what you want your pipeline to look like once you've identified for your company for yourself what does a healthy pipeline look like then you're going to use tools like slim ax to monitor your pipe salespeople and make sure that they're all working towards the same goal okay so let's go introductions lemma and why we're here what is lemma is reporting an analytics tool for SMBs our mission as a company is to provide you with the tools and resources you need to not only grow but grow well and what I mean what we mean by that is simply everybody's moving towards trying to get me new customers but if you don't know where you are as a company then you're not going to be able to go forward and so we want to provide small companies with the ability for medium pace with the ability to have reporting like the big guys and really be able to talk about their data and report it effectively we have 75 different integrations and seven of those are integrations to CRM and we've been really focusing on serums and learning about our customers and what problems are they solving which is why we're able to provide this webinar and show show what we've learned from our customers we also have custom data sets if you have a CRM that you not listed here custom debts will allow you to use our API and pull data from pretty much anywhere another alternatives to use Google sheets you can call api's from Google sheets pull the data into there and then use our integration with Google Drive in order to pull the information okay so that's kind of who we very basics you can obviously go to our website you can read a little more about us I can go to our connectors pages to see what other supporting integrations we have which obviously there's a lot more than this you can look at our marketing ones you can look at our project management ones our databases that sort of thing so why are we here pipeline analytics is kind of difficult to get into you and figuring out what your goal should be when you're talking about your pipeline which is different forecasting right pipeline analytics is different than forecasting so forecasting is pretty much just taking what data you have and saying okay what's most likely to happen two months from now six months from now pipeline analytics is looking at your pipeline and saying how can we change what's going to happen how can we make it better well what we're trying to do is how do I know if my pipeline is doing well and once I figure my pipeline is doing well how do i burden eight and monitor my sales reps towards the same goal or it's making sure that we maintain that healthy pipeline because it's two different questions right it's like one I need to know if I'm doing well and it's really like limited information and to tell me if I'm doing well online and other things and then how do I make sure my salespeople stay the course throughout time okay so we're going to answer these questions by using pipe or analytics to build what we call an ideal pipeline profile this is going to sound familiar to a lot of you in terms of it sounds a lot like ideal customer profile and it's related and we'll talk about that but we're going to talk about how you can build your own benchmark how you can define for your own company because each company's different what your pipeline should like and then it's where do you basically answer the second question using tools like slamming we're gonna make lemma identify for you the things that are out of whack so you don't have to go and talk to sales guy to ask what deals are you working on that you need help with you're gonna use tools that are gonna tell those things for you okay take a drink of water hyaline it's not actually water it's coffee but cool so what is an ideal pipeline profile we all know what an ideal customer profile is if you're smart company I know that there are small companies here as well as medium-sized and maybe some large large companies here if you're a smaller company um this is really something you should look into what is an ideal customer profile it's made up of characteristics like company size company age Ben Tre are they in what core features do they require of your product and for splenda for instance we're really interested in knowing what softwares do they use them because obviously you can't you know it's easier for us to service people that we have direct integrations with right so that's what an ideal customer profile is and there are other elements that you can include in there there's lots of lots of information online on how to build right ideal customer profile so your ideal pipeline profile is it incorporates what your ICP communicates but it's different instead of asking what is my ideal customer profile your pipeline profile will tell what proportion of leads in your pipeline need to be ideal customers need to be within this framework it has a lot of different elements all of the different metrics that you can possibly imagine it's not enough to track them you must have mad for some free company what is the ideal of value that they should be what's the ideal work that's obviously this is a subjective term but what's the ideal work per conversion or per deed per lead what's the average deal size what's the ideal wind cycle what's the ideal average time in stage stage to saged conversion obviously your pipeline includes your sales well for a period and obviously it also includes the actual build of your of your pipeline the number and definition of stages so your pipeline profile includes the actual structure of your pipeline as well and then what's your win rate and what's the total open deal value so these are all things that you should be tracking and you should be thinking about as the sales manager as you think about how do i ply and how do i improve my process these processes are five the structure of your pipeline and so all of these things work together and the purpose of the ideal pipeline profile is to build for yourself the benchmark because basically the problem is you want to know whether or not you're doing okay but in now there's no standard benchmark for all businesses as to whether or not that pipeline is doing great obviously wind cycle and win rate are the general things we're like oh yeah you want to Rin what win rate of X but it's going to be different for every industry it's going to be different for each company if you're an industry disruptor in a certain industry you can't even rely on the industry standards so you need to as an experienced Sales Manager with the help of your sales people that have been selling the product for a long time define your own benchmark and figure out for yourself what should be my ideal profile okay just for my through my notes here so for the rest of the webinar and we're going to be sending out this presentation afterwards so you guys can look at it and you can have a list of these metrics and things like that but for the rest of the webinar we're going to be talking about a very basic methodology that you can use to start identifying what these what these metrics should be what should your profile look like using your historical data and we're going to analyze your historical data just using pipeline analytics okay so before we go into step 3 I'm just gonna look back um to the chat make sure it's been no little things there okay if you have questions about what I'm talking about in the moment go ahead and add it in the chat and I'll check back and then of course you can add it to the questions answers section there as well cool so we've introduced the idea of the pipeline profile this is your benchmark this is what you're going to decide for your own company what should my pipeline look like it's going to involve all of those very standard metrics that tell you about your pipeline health but all those pipeline health metrics do is tell you what's going on they don't tell you what should be going on in order to analyze and understand what should be going on you need to combine it with historical data and your intuition you need to think about it you're in this industry you've been selling this product for a while and if you haven't talked to people that have and and you can build this pipeline profile to benchmark yourself so we're gonna start filling in these metrics through pipeline analytics pipeline Analects isn't a super hard to understand consonant but pipeline analytics practice if you using his your historical pipeline data to find practices and eventually define your ideal like plan profile it's basically looking at the past saying what happened and how does that affect what's going to happen in the future um we're going to be doing it through very simple methodology very simple nothing crazy things people try to overcomplicate it's not hard we're gonna ask two questions how has exchanged over time and why has exchanged over time it's not enough to just know that average deal value has increased and think for a moment that things are going well because you're making more money per deal you should think about the driving factors of deal value and understand whether or not for as you're coming as a whole is average deal value increasing a good thing because it might not be okay so we're gonna be asking these two questions four or three exhibit attributes a profile of your pipeline profile value conversions in time and stage and I have a dashboard that we're gonna go to you'll get access to this shared file here so you can look at an example dashboard and we're going to be replacing the X here so how does the how has the value of my pipeline changed over time do I know what caused it how has the conversions of my pipeline change over time how is the time and stage change over time and do we know why okay but before we go into it I just want to say one final thing about this X there are a lot of different things excuse me there are a lot of different things that this X could be and this is something that you're going to have to decide for yourself for your pipeline it might be that the Porsche proportion of leads that are ideal customers is the most important driving factor in your pipeline not value or conversions or time stage but literally what percentage is of your cutting to customers are in within the within your ICP profile so an example is this force ulema we're a tool right so we're talking about CRM analytics butts lemmas we service people in the payments industry that are reporting to their merchants we have customers that are doing project management with us we have getting companies we have pharmaceutical bees so because we're a tool the industry for instance and in what proportion of our leads that come in through that fit with inside our ICP profile like there are people ICD is not as important as other companies if you have a solution if you're selling a solution for reporting in mental the dental industry obviously that's gonna be way more and you want 100 percent of your leads in your pipe and to be with us tomorrow but for some that's not that important us what's more important for instance is the the the potential value that we get and does it fit within what we feel were able to provide efficiently to our customers right is there's implied services with a higher fuel value so are we able to provide those as a company so yeah so we're going to be going through these three and we're gonna be talking about it and talking about what kind of questions you can ask ask with these three examples and but for you they might be different these are pretty standard you should be tracking these anyway but go to say like the the core driving factor and conversion for your company might not be these three or rather the core driving factor for a healthy pipeline okay I'm gonna check back now all right good I see we've got a few more people joined welcome okay cool let me take another so we go okay so this is an example dashboard you can see that I have three tabs here obviously I'm using slava we have three tabs one for value one for conversions and one for time and stage so this is gonna allow me as a sales manager to look at my pipeline from three different perspectives because I've identified that these three perspectives are the most important when I'm talking about my pipelines health I need to know about these three the other factors for instance how many emails my workers are sending per lead it's not so important for me I figured out that for my pipeline it's not that important but for me value conversions at Timon stager the most important drivers for control okay so let's practice basically let's let's put in these three charts up in here give me an overview of what my pipeline has been doing over the past twelve months and currently we can see that this blue bar is opportunity value that's in the buckets of created by so if a deal was created in May it's being put into this bucket regardless of when it converted if it was created in May it'll be put into this bucket by regardless of whether when it became a one deal it'll be put into this bucket it's one way of analyzing your your segmenting or your deals there's other ways and we can see that the open opportunity value in my pipeline has been increasing over time so we want okay opportunity value there's more opportunities inside my pipeline that's a good thing right there's more money to be made but what value should we use for our ideal pipeline for this stage and company's lifecycle we can see that one value has been increasing a little bit to ignore this value I know it's impossible to have a negative one rate unless you're doing net but it's because it's data we can see that the one value is going up to you that's great but we want to figure out why is it because the total opportunity value is the only thing that's changing or is it another driving factor of one value and understanding the historic is gonna allow me to choose the values that I should be putting in for my pipeline profile and here's just some some this is what's going on this month the reason it's below is because it's literally April so it's down 60% because we've finished April probably I should have this be the last 30 days right instead of this month that way it would be more accurate goodness what's happening so if I scroll down I've built the dashboard so that these charts all seven of these charts are the driving factor of this guy there are other driving factors but these make up what's going on overall in my company we can see the win rate over time that's great to know how is my win rate changed over time it really hasn't changed so we know now that the increase in one value wasn't because the win rates changed win rate this month just for comparison and I've inserted a sales goal just as a text value here monthly sales goal we're going to be using that down here chart leads to win ratio this is a nice metric Pete a lot of times people just do win rate but secretly right so leads to win ratio is is what's called an inverse of your win rate so what you do is in order to get this value take 1 and you divide it by your win rate so you can see that they're the same for every one deal I win a quarter so every four deals I win one and then this says for every four deep four leads I win one I think I said that right and here we have average opportunity value for this month okay but here we get the driving factor of this chart we can see that open opportunity value has been increasing and we can see that the driving factor for this change hasn't been we've been doing something or have more leads it's the fact that the average deal value has been increasing so my salespeople are leap deal into the pipeline that they believe will return a higher amount than they were letting into the pipeline previously over here in this chart which we'll look at in a little second this is a nice chart with the red lines here but if these blue bars represent the number of leads I have in my pipeline so we can see that it's definitely average deal value that's causing the change because even the number of leads the number of opportunities I have in my pipeline has been static so when you see this value you need to start thinking about why this change has occurred and whether or not it's good obviously sales reps but when you're dealing with commissions and incentive programs it's no secret it's very basic the fact they're going to want to sell the biggest deal for the largest amount of money in the shortest amount of time but you as a sales manager need to think about the entire the integrity of your company the holistic view of your company there are implied things by a higher average deal value right there are implied features there's implied services there's imply eight legal costs when you're dealing with a larger company they're gonna need more things they're gonna need a better support system they're gonna need higher admitting user administration features and obviously I'm talking more from like the the software perspective because that's my world right but and it's okay to have an average deal value but you should know why it's happening and it should be a choice you should understand and think we can service we've discovered from this customer usage we actually Kansas bar bigger companies so we're not gonna try to convert a whole bunch of little ones we're gonna try to convert just the big ones and so then successful in this case and increasing your average deal value because you've proven that you actually can handle it and so when you go back to your ideal profile you've proven that your ideal your ideal deal value your ideal opportunity value is higher maybe it's maybe it's two K maybe you haven't reached your ideal value but if you've seen it go up and at the same time you've seen short-term churn increasing meaning the number of companies that are leaving you and stop paying you that converted in the last couple months is also increasing then why how do you it doesn't matter that you're converting larger deals because they find out that they that your service doesn't actually fit their needs the salesperson did a great job on converting them but you couldn't some what's the first I forget the I forget the saying you couldn't prove it it wasn't there so your ideal of deal value is actually somewhere around nine hundred and so this is this is the the the benefit of setting your own benchmark you understand that for your pipeline to be healthy the average deals the average opportunity value for each of the deals inside your pipeline should be around X and so that way when you go into you building and monitoring your sales processes you're going to be able to identify when your salespeople have gotten out of line when they're bringing people in without explanation exceed your certain values oh whoa I totally didn't look at the time okay so here we have this chart here I do want it on this really quickly this is a really nice chart that tells you how many leads you need in order to meet your sales goal the way it's calculated is by taking your sales goal dividing it by your average opportunity value that'll tell you how many deals on average you need to reach the sales goal and then multiply it by your leads to win ratio this tells you how many leads you need for one deal so it logically follows if you take the monthly sales goal divide it by the value you need then the value neat you get per deal that'll tell me how many deals you get you need in order to reach 100k multiply that by the number of leads and you can then bring that back to marketing with our current you say to them with our current leads to win ratio with our current conversion rate we need you to provide us with two hundred and fifty three leads per month that obviously meet certain criteria okay all right well I am super at myself that I spent so much time on the value tab here but if you have to leave thank you for joining we did start a little late please stop by the poll and tell me how I did if it was valuable but we are going to continue to continue going here hopefully a lot of you have time and we can continue continue learning together conversions it's the same process we want to understand how our conversions have changed over time and why and it's the same the same idea we have the overall up here the win rate and the ODE all stage to stage conversion historically and then we have the overtime of each conversion so this is just lead to contacted conversion this is stage one to stage two overtime and seeing how it's changed is going to allow you to with the context of understanding what happened with your company what new white papers have you included what processes have you what move materials have you presented to help increase this conversion what do you know has been going on that's affected this metric and from that you're getting be able to identify what's a good conversion between lead and contacted okay even the stage two stage conversions depending on the the driving factors of your pipeline should have ideal values it's not enough to say we want it to be at least forty percent right because then people will think oh well I'm gonna surpass the value and try to get to be fifty percent but you don't want that at all as a mindset in your sales reps right because you don't want them to just convert these to move through the stage willy nilly you want it to be a process based process based flow so the ideal value is just that it's ideal you want be around this in around this percent if you try to get this percent to be too high you're probably going to be neglecting other parts of your pipeline so forty percent is to say this is enough if we get to forty percent let's improve other parts of our pipeline and that's why we call it ideal not a goal but ideal okay when you're building your pipeline in you're building your profile you're gonna want to start to look at it from different different avenues right so you need to understand that this average might be be dragged down by a certain product you want to be able to segment these values and undertand your pipeline from different perspectives maybe it's being dragged by a certain salesperson maybe Pam is just the worst Panem doesn't have anything past protected and she's only converted to five percent for all and with us for three months past the worst she's pulling down our conversion rate but Jim is the best Jim has 50% and we want that to be our ideal value we're gonna use that in our pipeline profile and and and we're going to to take the processes that he uses and model the rest of our salespeople after that okay I'm actually gonna skip time and stage because I think you guys get it it's the same thing if you have a low if you have a low day and contact it okay sorry this is average days in stage so here deals are only spending a third of the day and contacted this speaks to the structure of your pipeline maybe this contacted stage doesn't exist in other words it's not an actual step in the buyers journey and that's why your salespeople go boop-boop-boop just skips right through this stage because it doesn't exist but proposals almost Mondays maybe you're missing a stage right it's all right of your profile you're out what's the actual buyers journey and you can do that time and stage is a really great way to figure out if you're missing or if you have too many stages okay yeah Pam is the worst okay cool so I hope that makes sense we're gonna go into monitoring now and how do you monitor but it's it's not complicated right the idea is that you need to build your own profile you need to build your own pipeline profile these are these are very standard metrics and you should figure out from your from your experience and from your data what of these which of these metrics are the most which of the ones drive are the driving factor and what you define to be your healthy pipeline then you can't look up online and say how do I know if my pipeline is healthy it there's no there's no benchmark for you there's no number so you need to with your intuition figure it out on your own and pipeline analytics is is is the first step basically you get the that you get the historical data you combine it with your intuition and you build your first profile obviously it'll change over time if you're a larger company and you have the analyst resources you can do what's called regression analysis so regression analysis takes each of the factors here and then they map it against win rate and it will tell you the driving factors the the won whether or not the driving factor is significant this is all like intermediate statistics if you guys took that class in school and it'll be whether or not that value statistic you're sorry whether or not average work per conversion is statistically important to win right and if it is how statistically important is it and so that can be if you have the resources to do that you can look up regression analysis there's a lot of it's not it's not super complicated to understand but it can provide you a more statistically sound analysis of whether or not or which one of these factors which one of these inputs has a great impact on win rate but but even that needs to be brought together with your intuition and your understanding of where the company is going because you can win rate just having a higher win rate doesn't mean you're going to be more successful as a company because churn might increase because you're just converting people willy-nilly insurance is way harder to figure out then what's going wrong with your pipeline churn is like a nightmare to figure out what's going on wrong with truth okay cool so um talk about monitoring your pipeline next and it's the same it's the same aspect what you do once you have your pipeline profile you're going to want to use tools set thresholds to identify when deals fall outside of your pipeline profile so we're going to use Schlemmer to highlight deals that are outside our value target value or ideal value we're gonna use limit to identify deals that fall outside our ideal time and stage and we're going to use yes or no we know that Pam is the worst now so we're going to just basic say all right if moon's the worst then we want to know what deals she has all right so let's open it and this is a very simple report but it's super powerful the days very different from the last report so don't don't worry about it that's it kind of commits what you can do so here we have average deal size um let's just imagine that our ideal value is average as has what Ben is is a historical average and then this is what's going on right now so we can see that what's going on right now is pretty close to our historic average so there's no huge problem going on right now but we've identified that if they are 1.7 million if they are above 1.7 million this is the point at which we need to address them specifically this is a lead this is a deal that is outside our ideal customer right it takes into account your ICP so we want to know about it and so you're simply using Salima to set thresholds and tell you what deals need your attention and so when you see MTV a at 4 400 K this is below our deal value that will be to this person this company doesn't need us most likely and so when this / 20 ER sales rep brought them into the sales process dropped them into the pipeline they should have put a note as to why they broke the protocol why did they bring this person when they were outside the ICP and when you know that a hundred percent of the leads must be within your ideal customer profile before they enter into the pipeline okay time is the same thing once you have your pipeline profile you'll understand what is the ideal time that a lead spends inside the lead stage or a lead Sten spends in the proposal stage and when somebody is greater it's it's you know if they're too low like I didn't I'm not tracking they're too low right here but actually there could be downsides to them being too low within a stage - they spend too little time because those sales just moving them through too quickly and not making sure that they've actually gone through that part of the buyers journey but here we're just talking about if they've spent too long in a stage and we want to know about them if it's a deal like Walmart and they spent too long in Leeds then we need to know we need to know about it and so slow-mo will tell you hey you've set the threshold of three days inside lead and they're here for more than three days so you can then go in and take steps you can analyze your sales process to understand why did this lead not convert sooner and you can bring in your best salesperson and things like that to help them along a couple other expected closed date overdue so the salesperson put in expect to close date but it's overdue by i seventy days so you need to go talk to Dwight and understand why general GE and GE hasn't converted yet very full but it starts with the pipeline profile if you don't have your benchmarks if you don't decide for yourself what is it good healthy pipeline then you can't build these benchmarks you can't use the tools to tell you when you want to know about it - when do you want to know about a deal because you don't know what a good deal looks like you don't know what you want your pipeline to look like and obviously this is just a yes or no if it's Pam or if it's Phyllis I want to know about it because they're the worst so weedy that Pam still hasn't converted and EDD deals she's been with us three months she hasn't converted anything maybe we need to fire her maybe we need to make sure that she's following the processes and looked deeper into it that sort of thing okay so back but this section it's really an offshoot once you understand the history once you understand your ideal profile you're gonna be able to set benchmarks and you'll be able to use tools slim up to help you monitor you don't need to go your salesperson and say hey how's it going is everything okay and they'll tell you yeah everything's fine everything's great we got this great deal it's gonna close in two weeks it's gonna be great um that's not that doesn't tell you anything that doesn't tell you what's not going well they're not gonna tell you that unless you dragon of them so but again you can get a general feel of what's going on by just having a good report that tells you what deals are where but that's provided by your CRM the CRM tell you what's going on right now we're talking about how do I be proactive with my pipeline how do I proactively choose what my pipeline should look like so one you use pipeline analytics to figure out what you decide this is what my pipeline should look like these are the most important aspects of my pipeline and to you use tools like slim ax to then tell you when things break that mold and then you can take action to bring them back in and to monitor your salespeople and make sure that they're moving towards the same same goal so that's that's my message that's our message that's what we've been seeing our customers do with Slama we're seeing them monitor and in halves limit point out from when something doesn't fit their mold and yeah I hope it's valuable for you if you have any questions about our integrations if you have any questions about slimmin is a tool you can email me directly at mad at son if you have any sales questions you can email me me me me it's summer comm and we will be sending out a follow-up email with this with these example dashboards and I think the the presentation as well even if it's a very simple presentation okay cool so I'm gonna jump into these questions now I hope Abraham and Arjuna are still here but we will take a stab at answering them and if you have more questions please add them on to the end and I'll answer them now okay so how do you manage your sales pipeline so that you get the best closing forecast so from my perspective I'm in the reporting space obviously my first questions how's your data right so are your sales people putting in information that you need to know whether or not they're gonna close so you can use tools like slo-mo to tell you whether or not they're doing that so for instance if you need industry if industry is a really high driving factor and whether or not they're gonna close if they don't put industry in you can have some a tell you what deals have not had industry put into them I simply filter by n/a right so you filter by filter deals out whether if they have no value for that custom field right another example is oh shoot what was I gonna say ah okay so it goes back to identifying like what are the key driving factors obviously you shouldn't you know if you have a closed rates and estimated closed don't do it for your first don't have your salespeople guess whether or not we think the deal could close figure out which stage is the which stage really tells you how likely they are to close once they've gotten through stage three to four once they've made that transition they have three more stages left but after four we have a pretty good idea on when whether or not they're gonna close and win and use that data to make a better closing forecast so it's it's all about understanding your data making sure that your people are actually putting it in if you don't have if you don't have like tools to tell you that if they're not putting it in then you can't monitor your process it's it's not enough to just tell people hey make sure you put in this information they're not gonna do it you need to that's why I think that's why you manage them they're not gonna do it because they're lazy people are lazy so you use a tool to say and point out hey you're not your job and it's making sure you have the right data and then figuring out the driving factors of winrate both through intuitively and through your data so that's that's my point in the right direction I hope it's I hope it's valuable okay are you how to monitor the team to see if they are actually following the plan prepared by them in most cases that plans are not serious enough to follow up how to bring this serious seriousness and correlate their plan visits forecasts to be in sync this foolproof mechanism is the need of the hour it's an interesting question so I think what you're basically saying is your salespeople tell you this is what I'm gonna do and then it's just kind of willy-nilly so my my my suggestion is I mean I assume the the plan that they come up with is metric driven first off it's nothing I'm gonna close deals that look more like this I don't know it's going to be I'm gonna do X right and if it is that then have them build a dashboard with it with a tool like slim ax you don't need to know coding in order to build reports right it's it's it's it's all through the UI so if they're there and they're able to build the report they set the own thresholds for themselves they've set the goals they've told you what they're gonna do so tell them I don't want your words I want one a report that has the bars that tell me what things you're going to do for me and then that way in two months we can look at the and see very clearly whether or not you've done your plan and I think I think that's I think that's the first step if it's not a viously goals need to be smart right and smart smart goals mean that there's a number attached to them so make them have the number and make sure they have access to the data to prove whether or not they've they've done it and then show you with with a report all right cool so we definitely went on overtime I got caught up in the house my pipeline changed that's because it's the coolest the value paid tab is the coolest tab I think it's really neat so that was my fault but it seems like like a good portion of you stayed so I hope it's valuable to you does anyone have any last questions you can just put them into the chat or you can put them into the answer okay great so thank you everyone for joining please stop by at the poll section and tell me whether or not it was valuable to you and if you have any more questions email me at mad at slim accom if you have sales questions email me me at me me at summer comm thanks everyone