This post is one to read and take notes because it could change how you sell or how your team sells. What is a ‘Metric” any way and what the heck is a ‘Velocity Metric’ moreover?
A Metric: *Greek metrikē, from feminine of metrikos in meter, by measure, from metron measure. Basically, Velocity is the meter of the throughput of an agile team or singular persons per iteration. Velocity is actually the rate at which a team or a singular person delivers value. More specifically, it is the number of estimated units (typically in dollar figures) a team delivers in iteration of a given length and in accordance with a given definition of “done”. So in the case, using online business opportunity sales as an example, size is estimated by the team member number, velocity is measured, and duration is derived. Then my friends you can calculate your Velocity Metrics now that you understand what the term is designed to mean in this context.
The world is an ever-growing, big data sucking, sales hungry cauldron and one that we all know that when performance is measured–performance usually improves. Here are a few Velocity Metrics to help you gain some sales traction using some new techniques such as sales iterations vs. sales performance = measure of a Velocity Metric. One note: make sure to measure what differs from the same increments of times past. If you don't know where you’ve been or what your numbers where before you start this it will be difficult to see exact gains to drive even better results in the months to come as you refine this method of sales tactics.
- Speed – answer your leads as fast as possible. I suggested a first call invite too via email to possible spark their interest.
- A study was done recently that I’m remiss to quote, but in it states that most sales are done on the 8th to 12th calls / contacts. Stay persistent as all get out, and remember there is a difference between consistency and calling / emailing too much. Overkill will hurt your sales chances every time so make sure you have a system in use to know how many times you have contacted such and such. Any good CRM can track this data for you.
- If you are a one-man show this will not apply to you. If you have sales help or appointment setters try to take more “hot transfers” and see if you can speed up connections made. Each time you have to reconnect with someone the harder it is to sell him or her. A hot transfer can solve this issue and get them into the sales funnel faster.
- What is the length is your existing sales cycle right now? Take note of that metric and turn it into a Velocity Metric and see if you can speed it up with each cycle you choose. It could be monthly, weekly, daily or even hourly.
- Last, know that Wednesday’s and Thursday’s are the best days of the week for phone work. Try to make the most of those two days of the week live on the phone and other days planning.
When a team is new, it usually takes 3-4 iterations for its velocity to stabilize at a consistent level. Initially, then, velocity must be estimated, and then adjusted at the beginning of each subsequent iteration as the team’s actual 'Velocity' emerges. One important consideration is that velocity is a team-specific measure.
Carpe Diem My Friends
Sources: Kenneth Krogue, President and Co-founder of InsideSales.com, Kevin James Culp, President of The Brickell Media Group, LLC, *Merriam-Webster Online Dictionary copyright © 2015 by Merriam-Webster, Incorporated