When we back out of a parking spot or change lanes, we use our rearview mirrors. But then, obviously, drive our cars looking forward. How we navigate our car is also how I like to drive my sales team. I use data from yesterday (what’s behind me) to generate metrics that provide forward-looking answers (what’s ahead of me) for tomorrow.
Quantifiable Sales ≠ Quantifiable Future
It is without question that data-driven sales teams are far more effective. They prospect better, qualify better and sell better because they’re basing decisions on data. And with the near ubiquity of CRM and marketing automation tools, nearly every activity is quantifiable – sales managers can track calls, emails, notes, deals and even lunch breaks. The only downside is this data is entirely past-focused, telling you what went wrong yesterday.
Siloed Data is Hard to Quantify
Aside for rearward facing sales data, other departments also have their own software solutions providing entirely different data sets. The end result is that formulating company-wide direction to drive revenue when data is antiquated and siloed across departments is very laborious and provides limited comprehensive intelligence.
With this in mind, my sales team is driven by a framework of metrics that tell the truth about what’s in the pipeline today and ensure our forecast is accurate tomorrow. In addition, these insights are shared holistically, so our entire organization is making unified data-driven decisions to grow revenue.
Our predictive framework, Revenue Funnel Science, allows for navigating our future together and gives us full-funnel intelligence. It unifies all departments around one seamless revenue funnel with common metrics to predict the future. Much like driving my car, it provides a predictive dashboard that warns me ahead of time and allows my team and I to react or adjust our plans and still make our destination.
Some of the metrics we use:
- Funnel velocity tells us whether revenue growth is speeding up or slowing down.
- Sub funnels allow us to isolate precisely where in the organization the problem will arise.
- Net new movement (NNM) shows us whether demand is growing or falling.
- Funnel age warns us of impending roadblocks.
With access to data like this, finance understands revenue drivers in each funnel stage, marketing sees when and where the funnel will need replenishing and my team has clarity on their individual pipelines and can rest assured on hitting their revenue goals.
Confidence Comes from Knowing
When the right framework is used, companies can better predict outcomes and navigate to the right destination. So next time you back out of parking spot or change lanes, think about how helpful your rearview mirror is, but then think about how critical it is for you to look forward when you navigate to your destination.
A Predictive and Scientific Framework
If you want this type of insight for your team, then I highly recommend using a predictive framework with shared metrics. Download the digital book, “The Ultimate Guide to Revenue Funnel Science,” to learn more.