🏆 Win Rates
As I mentioned earlier, new revenue leaders tend to over focus on improving win-rates. My hypothesis is that since sales people are highly competitive and they get more satisfaction by winning a higher percentage. Although this is not intrinsically bad it might be the best use of time.
There is often a mentality of “win at all costs” in sales which is extremely inefficient. You want to win the good opportunities quickly and get rid of the bad ones even quicker. Trying to win all deals at all cost defocuses reps and wastes enormous amounts of time on deals that were never going to close.
Instead of trying to increase win rates across the entire pipe, segment your ideal customer profiles and focus on increasing win rates here and reward reps for de-prioritizing low fit segments from the pipeline quickly.
For those of you who want to improve win rates I’ve found coaching on the following subject areas offer the highest leveraged results:
- inclusion of key decision makers early on
selling strategic outcomes over product features
- mastering the discovery call
- and shortening sales cycles
Shorter sales cycles help improve win rates because it gives less time for things to go wrong.
Less time for competitors to enter the deal, other stakeholders to reprioritize the project, or even personal vacations to get in the way.
The longer a deal is open, the lower likelihood it will close. Period.
So in the words of Snowflake’s CEO, Frank Slootman… “Amp It Up!”.