Making Accurate Sales Projections
The Importance Of Making Accurate Sales Projections
All of the moving parts that make up your sales process currently work in harmony. When you start to make efforts to 2x or 10x your business, things get messy. All of these individual moving parts come under pressure. Cost of sale can go up. Conversion rates can go down. Customer satisfaction can dip due to strains on your onboarding & customer service team. You need to factor all of this into your projections to your plan go off without a hitch.
Check Out Our Guide On Consistent Lead Inflows Here - https://parkrow.marketing/blog/b2b-lead-inflows
Don't Just Think About Averages, Think About The Spread Of Results
To make accurate sales projections, you need to go beyond simple averages and delve into the nuances of your sales data. Analyse the consistency of your conversion rates across different team members. Are there significant variations? If so, identify the factors driving those differences and provide coaching or training to improve overall performance.
How Teachable Is Your Pitch & Will Your Onboarding Team Fall Apart?
Evaluate the teachability of your sales pitch. Can new hires replicate its success, or is it heavily reliant on individual personalities and experience? Examine your customer churn rate and lifetime value. How long do customers typically stay with you? Does a sudden influx of new customers impact their average lifespan? Don't just look at the mean; consider the standard deviation to understand the variability in your data. By accounting for these factors, you can create more realistic and reliable sales forecasts that inform your business decisions.
Check Out Our Guide On Consistent Lead Inflows Here - https://parkrow.marketing/blog/b2b-lead-inflows
Customer Lifecycle
Managing the entire customer lifecycle is crucial for long-term success. Implement systems to track the reasons why customers cancel and identify any triggering events. This valuable data can help you address churn proactively. Monitor the average lifespan of your customer relationships. How long do customers typically stay with you?
Analyse your bad debt and identify any patterns or trends. How often do you have to write off outstanding payments? Are there any red flags in your sales or onboarding process that contribute to this?
Develop a strategy for capturing customer referrals. When and how can you effectively ask for referrals? Create a system for identifying upsell opportunities. What additional products or services can you offer to existing customers to increase their lifetime value?
Actionable step: Develop a comprehensive customer lifecycle management plan that includes strategies for reducing churn, increasing customer lifespan, minimizing bad debt, generating referrals, and maximizing upsell opportunities.
