Are you leveraging data to analyze behavior?
We'd love to connect and discuss how any data set can provide insights into your teams behavior and future!
Identify & Fix What’s Broken
In a world where our sales and revenue organizations have access to more data than ever before it can be difficult to comprehend how challenging it is for organizations to accurately forecast their growth or revenue. At the end of the day this is still sales and people are involved on both sides of the table. So what do we do? We try to improve our process, add layers and gates to the selling motion, and add more meetings, in an attempt to get more visibility into the potential outcomes. Yet we still miss.
The problem with all of the processes, solutioning, deal reviews, and meetings is that none of these focus on the root cause of forecasting inaccuracy: individual sellers. We take what exists and add on top without first identifying and fixing what’s broken.
In our research and experience the most telling part of forecasting comes down to how individual sellers move deals through the sales cycle. Many people believe that if sellers aren’t updating their deals frequently enough or that they haven’t filled in every detail that this is an indication of bad data and that we cannot gain any insight from this type of behavior. Here’s the thing…that IS behavior!
Every seller knows when they are going to win a deal, when it’s tight, and when they’re just hoping. They may hold on to it too long and not admit it at first but the way they update the deal, move it from stage to stage, add activities and assign a forecast are all behavioral patterns unique to them alone. It is within this data that the true answers can be found.
By assessing Win/Loss models and breaking down a seller’s actual progression from stage to stage we can quickly identify where things fall off the rails, where they are strongest, and at what stage they need your help the most. Additionally, by overlaying their forecasting behavior we can immediately identify if an individual is conservative, middle of the road, or overly optimistic. Most people are familiar with a Win/Loss model by stage, very few have been introduced to a Win/Loss model by Forecast Category.
This information lives in your data and can empower your managers to identify and fix what is broken in your sales motion and forecasting process at an individual seller level. By being proactive and understanding each seller’s behaviors we can spend more time selling and less time in meetings trying to improve the “process”.
First, let’s identify and fix what’s broken!