Measuring sales performance can be tricky. Predicting it is even more difficult. But the application of science and in particular the use of algorithms can overcome these challenges. The Sales Pitstop™ accurately measures the present and future performance of a sales person, team or organization using a sales algorithm.
Sales success has many variables and these vary from industry to industry and from salesperson to salesperson. The Sales Pitstop™ makes sense out of this complexity thanks to a powerful sales algorithm and sophisticated analysis.
The Importance Of Analysis
Selling is complex. Any sales performance solution must take account of different:
- Industries, markets and geographies, including the level of competition and customer sophistication.
- Lengths of sales cycle, win rates and average order values among sales teams.
All this means that an accurate assessment of sales performance and potential relies on the ability to capture data that reflects the specific sales opportunities and challenges of each sales organization.
Speedy Data Gathering
Each person on the sales team completes a 24 min online sales assessment. That is the means by which The Sales Pitstop™ captures a mass of powerful sales data – for a team of 50 salespeople it amounts to almost 5,500 data points. It provides a 360 degree view of B2B sales performance: measuring sales skills, sales process effectiveness and the key behaviors that impact on revenue performance.
The Algorithm And The Magic
A sophisticated algorithm at the core of The Sales Pitstop™ does the behind the scenes ‘heavy lifting’ in terms of data, and a little bit of magic too. To find out more let’s look at how The PitStop works for a sales organization and then for the individuals within the team. First the data is analyzed at a group level to profile the team in terms of its sales strengths and weaknesses, as well as opportunities and threats. It finds patterns and pin-points what matters most to the team’s overall performance. Next, how the sales team competes in the marketplace is analyzed by comparison with peer and best practice data. The algorithm extrapolates sales metrics data (e.g. conversion rates and activity levels). The organization and team level analysis is only the start of the process – as we will see another level of analysis takes place at an individual level, the salesperson.
No Two Salespeople Are The Same
We often say that ‘no two salespeople are the same’ and there is a good statistical reason behind it. Given the way The Sales Pitstop™ profiles each person the chances of two salespeople being the same is 1 in 8 million (or 8,587,340,257 to be exact). Those are similar to the odds of a lottery win! The Sales Pitstop™ generates a unique sales profile for each member of the sales team in order to:
- Show what they do well and what they could improve across all stages of the sale.
- Identify sales techniques used and not used.
- Reveals confidence in meeting target, what they really think of the sales approach of the company and what they feel the priorities should be.
- Analyze each person’s understanding of their sales metrics (incl. conversion rates and activity levels).
This level of granular detail makes pin-pinpointing areas for improvement, such as new skills or changes in behavior, surprisingly straight-forward.
Insights Not Data
In this age of modern computing the analysis and manipulation of data is something that can be easily taken for granted. Besides too much data can easily lead to analysis paralysis and information overload. The real cleverness of The Sales Pitstop™ is not in its ability to handle lots of data, but rather to present information in a way that leads to new insights on sales performance and potential. Rather than generating lengthy reports with graphs and tables, The Sales Pitstop™ presents its complex data in the most navigable manner possible- that is in the form of visual maps, circuits and infographics.
Predictive Sales Analytics
The Sales Pitstop™ measures sales performance in terms of 97 important variables. Those are carefully chosen because of their correlation with sales success. That is to say the responses to the assessment questions predict success or prevent failure.
Clever Metrics Calculations
The Sales Pitstop™ takes your sales target and related metrics to do 2 key things: 1. It works back from the target using your metrics to determine if there is enough activity at existing conversion rates. 2. It takes areas that offer potential for improvement and works forward to calculate the impact on your sales target. That is the power of predictive sales analysis – it enables sellers to see the impact on new sales skills or techniques on the attainment of their sales target.
The Underlying Research
The predictive power of the algorithm derives from the variables being measured and their direct bearing on sales success. It took more than 5 years of research with the top 15% of salespeople across almost 40 markets to identify the 97 sales key success factors in selling as measured by The Sales Process Pitstop™. Grouped neatly into 5 sales stages and 16 sales steps they corresponds to proven characteristics behaviors and techniques of top performers. They address over 95% of the challenges faced during the sales cycle. Incidentally, there are an additional 109 variables measured in the The Sales Strategy Pitstop®. The research underlying SellerNAV® has been so extensive that it has spawned 3 published sales books; QuickWin B2B Sales (2010), The B2B Sales Revolution (2011) and Selling In The Cloud (2014). To ensure a comprehensive view of sales performance SellerNAV® integrates an ‘other side of the table’ view based on industry-leading research with buyers. That is what buyers want from sellers as well those sales strategies and techniques that get purchase orders sanctioned. Some of that research can be seen at the Buyer-Seller Insights. In this way research has broken some new ground – been recognized as leading the field globally in terms of the requirements of selling to sophisticated buyers and procurement (ES Research, USA 2013). Click here to download the sales algorithm infographic.