Your win rate is one of your two most important personal sales metrics.
What percentage of your most qualified
prospects do you convert into paying customers?
Win rates are not a terribly useful team metric
because there is no collective activity you can undertake to improve it.
A team win rate is just an average. And
averages are not reliable measures of performance across a diverse group of
sellers.
Individual contributors have win rates.
Improvement has to come at the IC level.
Recently, some sales pundits have tried to make
the argument that win rates don’t matter. That the only thing that matters is
the size of your commission.
Which is just nonsense.
First, every one of you has a win rate. You
should know what it is at all times.
It's a relevant indicator of how effective you
are at each step of personal sales process.
Second, your win rate is the buyer’s ultimate
referendum on your ability to add value to their buying journey.
In general, customers won't buy from a channel
that adds cost but no value.
Third, and most importantly, if you’re hitting
100% of your on-target earnings, and your win rate is 35% or less, then you’re leaving a ton
of commission dollars on the table. (And, if you’re not at 100% OTE, then win
rate is everything.)
Want to make more money? Do the hard work to
improve your win rate.
You can be satisfied with your low win rate if
you think you’re earning enough commission.
However, sellers who aren’t satisfied will be
out there winning your deals and kicking your butt around the block.
Improving
your win rate takes hard work.
You have to analyze each step of your personal
selling process to identify areas for improvement.
You have to identify the particular behaviors
and skills that you need to amplify.
This requires some straight forward coaching
and mentoring.
And it requires new perspectives and
instruction on ways to develop and master new selling habits that fundamentally
change the value you deliver to your buyers.
If you’re an individual contributor, a seller
with account responsibility, then you can try on your own to piece together all
of these resources you need to improve your win rate.
Or you can leverage our sales coaching program to help improve your and your rep's win rates.
To your greater success,Peter C. Mclees, Principal
Smart Development
We help sales reps and sales organizations accelerate their sales.
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