Tuesday, May 19, 2009

Friday - Close Day

In my previous life, I had the opportunity to lead a few sales teams. Leading a sales team has an exiting part, and a boring part. The exiting part is that you can join your sales reps and visit customers. The boring part (I enjoyed it, but I am not entirely sure the sales teams experienced it in that way) is the weekly pipeline and opportunity management; same questions everyweek for each and every deal/opportunity.

I did my reviews with Internal Sales on Thursdays, late afternoon. The structure of the review is supposed to be the same (simplifies life for everybody) for every meeting:

  • Number of inbound calls + first call close rate
  • Number of outbound calls + first call close rate
  • Runrate business - Large deals
  • Previous and next steps on large deals
  • Number of quotes sent out
  • Number of quotes closed - open quotes previous weeks
  • Number of quotes closed - current week
  • Target for number of quotes to be closed by Friday evening

And now, you understand the title. Friday is the ideal day to close quotes. The teams call out on all open quotes, and try to close them. Just following up on the quotes, generated a close rate of +60% for the teams. Most companies just send out quotes to prospects, they don't follow up on them. As a result of that, their close rate in general if far below 50%.

The ideal scheme for an internal sales team is as follows:

  • Monday - Thurday: Making offers
    • 08:30 - Arrival + Coffee + Socializing
    • 09:00 - Mailbox + Adminstration + Inbound calls
    • 10:00 - Outbound calls
    • 12:00 - Lunch
    • 12:30 - Mailbox + Adminstration + Inbound calls
    • 14:00 - Outbound calls
    • 16:00 - Mailbox + Adminstration + Inbound calls
    • 17:00 - Close of business
  • Friday: Closing offers

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