Hitting your sales targets is all about giving yourself a platform for success. Giving yourself many roadmaps to success. Every sales professional should know their Cookbook – that is the number of suspects they need to have in their pipeline at the beginning of the quarter to close the desired number of deals. Let me show you a simple example using 500 suspects and assuming you are using a simple 4 stage sales process like Jeff Thull’s Prime Process. I use Jeff’s process in all my businesses – simple and effective – Discovery, Diagnosis, Design and finally the receipt of a PO. More detail here.
- 500 suspects are taken through the Discovery stage.
- Say 75 make it through and are graduated into Diagnosis. They have a 10% chance of closing.
- Therefore 75 are taken through the Diagnosis phase.
- Say 15 make it through. These 15 have a 50% chance of closing.
- 15 are taken through the Design Stage.
- Say 10 make it through with a Proposal issued. They have a 75% chance of closing.
- Out of those 10 proposals only 7.5 on average receive a PO and are closed.
- 75 enter Diagnosis – 10% chance – reality 7.5 close
- 15 enter Design – 50% chance of closing – reality 7.5 close
- 10 enter Delivery – 75% chance of closing – reality 7.5 close
So now you know how many deals you need to have in your pipeline to hit your target. Cookbooks.
The Portfolio Partnership works with leadership teams to design the appropriate lead generation and sales process to scale your business safely.