Every organization has at least one star sales rep that you can always count on to bring in revenue and close deals. Most managers leave these high performers alone, choosing to focus all of their efforts helping other sales reps improve. However, this approach could actually be holding your company back from greatness.
If you invested the same amount of time and effort in your high-performing sales reps as you do in your underperforming sales reps, how much more would you be able to bring in? Consider this example: your underperforming reps are only bringing in $500K in revenue each year, while your highest performing reps are bringing in $5 million. If you spend time with the underperforming rep to get them 10 percent better, they are still only bringing in $550K. If you focus on getting your highest performing reps 10 percent better, they are now bringing in $5.5 million. That's $450,000 more in top line revenue for your coaching efforts with the same time investment.
Coaching high performing reps takes a focus on lead metrics VS jus the tactics of selling, here are four lead metrics you can use to see if your reps are leaving money on the table.
Win Rate Past Initial Quote
Your highest performing sales rep probably already has one of the highest win rates in the company. But what does that win rate actually mean? Take a deeper look at their sales to see what types of wins are reflected in their metric. Where are clients going past the initial quote, and is there room for improvement here? Are these clients continuing to buy from your organization past the initial sale?
Take a look at the total won opportunities in the last 90 days and divide that by the amount of quotes they requested in the same time period. This will give you an idea of their effectiveness with their accounts.
Managed Service Attachment Rate
Managed Services are critical to most organizations success, especially with the supply chain constraints going on right now. In particular, managed services have high profit margins and should be offered to every customer. Check in with your highest performing sales reps to see what percentage of their proposals they are adding managed service to.
Take a look at total quotes in the last 90 days had managed services attached and divide that by the amount of total quotes sent out. This can help you gage to see if your top performers are driving these key solutions.
Assessments Completed vs. Quotes Completed
Busy sales reps can fall into the habit of taking customer orders rather than getting to the heart of the customer’s problem. Track the number of assessments your reps complete and then compare that to the total number of quotes completed. Ideally, every quote should come with an assessment to figure out what the customer needs and if there is an opportunity to upsell.
Track the amount of assessments in the last 90 days and divide that by the total amount of quoted opportunities. Consultative selling requires some level of assessment on the front end to truly solve problems for your customers. Many high performing reps get in the habit of responding VS driving experiences for your customers.
12-Month and 24-Month Pipeline Growth
Your highest-performing sales reps likely report impressive pipeline metrics, but how do their pipelines change over time? A $500K pipeline is impressive, but if the same rep had an $800K pipeline the month before, there is room for improvement. Tracking pipeline changes from month to month can help you identify where there’s room for growth.
Additionally, encourage your reps to use a build out a pipeline that is further out, considering potential sales 24 months from now or longer. This encourages your reps to ask clients questions about their future needs and projects for sales growth.
Track the pipeline each month and show a trend graph for your high performing reps. Once you know your win rates, start to calculate what Pipeline your reps need to hit their quotas.
Investing in your highest performing reps is one of the best things you can do to improve your revenue and keep your company growing. If you are ready to GROW YOUR REVENUE, connect with Renveueify today to setup a strategy session to discuss how you can create a professional sales organization that hits numbers.
Revenueify is not your everyday sales consulting organization. We combine sales process consulting and tactical coaching with data analytics to grow your revenue. We help companies execute on day-to-day tactics of growing revenue through our Revenueify Technology Solutions, data-driven insights, and tactic-driven sales coaching.