Imagine yourself as the commander of a state-of-the-art spaceship. Your mission? To transport a crew of potential customers (or “leads”) from Planet Prospect to Planet Customer as quickly, smoothly, and efficiently as possible. Your spaceship isn’t just about speed; it’s equipped with cutting-edge technology and systems designed to make the journey enjoyable and engaging for your crew.
Welcome aboard the S.S. Sales Acceleration!
What is Sales Acceleration?
Now to pose the question, what is sales acceleration? Sales acceleration is like your spaceship’s advanced propulsion systems and navigation tools. It’s a collection of strategies, tools, and high-tech gadgets designed to streamline your vessel and optimize your journey. It’s about automating your flight controls, fine-tuning your navigation, and implementing clever strategies like personalized communication with your crew members. This is the essence of sales acceleration.
In our voyage through the cosmos of digital transformation, sales acceleration relies heavily on futuristic technology. Imagine having an AI consolidating all your flight data and navigation tools, making your journey faster and more efficient. That’s what sales acceleration software does for your sales process! It combines your sales tech stack to supercharge your journey to Planet Happy and Satisfied Customer.
The Importance of Meaningful Connections
But sales acceleration isn’t just about speed and technology. It’s also about creating meaningful connections with your crew members – your potential customers. It’s about using the right content, analytics, and resources to engage, inspire, and excite them about reaching Planet Customer. It’s like creating an exciting onboard experience that your crew can’t wait to reach their destination and become your customers.
Ultimately, sales acceleration is about refining your spaceship – your sales processes and tools – so you can navigate the sales cosmos more effectively. It’s about consistently hitting your revenue targets, making the sales journey faster, easier, and more enjoyable for everyone on board. So strap in, engage your thrusters, and prepare for the exhilarating journey of sales acceleration!
How Do You Measure Sales Deal Acceleration?
Measuring sales deal acceleration, also called “deal velocity,” involves assessing the speed and efficiency with which a company moves from drafting a contract to signing it, thereby closing the deal. This sales acceleration process typically starts once you reach a verbal agreement with a client and proceed to draft a contract. The deal velocity clock starts ticking and stops once the contract is signed.
According to Jeniffer Hill from Remedy Analytics, here are the key data points to measure sales deal acceleration:
- The number of opportunities that reach the draft contract stage (pipeline).
- The average deal size (in currency).
- The win rate/conversion rate from draft contract to signed contract (% of wins versus loss).
- The deal cycle – the average number of days spent from draft to signed contracts.
Sales Acceleration Formula Example
Let’s actively illustrate this through a sales acceleration formula with a company that typically progresses five deals through the legal process each month, each with an average deal size of $200k. When the agreement reaches the legal stage, they secure a 80% win rate, and the deals typically spend a month in legal before they get signed. With this sales acceleration formula, here’s how we calculate the deal velocity:
8 (deals) x $200,000 (average deal size) x 80% (win rate) = $1,280,000 / 25 (days in the deal cycle) = $51,200
You can use deal velocity as a critical metric to monitor and measure business performance. The beauty of this sales acceleration formula metric is that you can improve it. Increasing the number of opportunities sent to legal or their average deal size will increase deal velocity. An increase in the win rate percentage or a reduction in the time taken for contract negotiations can also positively influence this figure. The responsibility to improve deal velocity is shared across the entire organization, and the formula serves as a clear indicator of how each department’s efforts are contributing to either an increase or decrease in deal velocity over time.
Apart from these, there are other techniques available that can indirectly measure and enhance sales deal acceleration. Tools like Chili Piper are used to double inbound conversion rates, assign leads based on priority, track details instantly, and drive pipelines from paid campaigns. By optimizing these processes, companies have seen increases in revenue and substantial reductions in the number of steps required for demo scheduling and no-show rates for sales development representative (SDR) meetings.
In the spirit of our previous analogy, consider the deal velocity as the speed at which your spaceship (sales process) travels. The data points mentioned above are like the various gauges and systems on the spaceship’s control panel that help you monitor and adjust the speed of your journey. Monitoring these metrics can be beneficial for you to ensure that your spaceship is not only traveling at the optimum speed but also in the right direction to reach your destination (closing the deal) efficiently and quickly as possible.
Types of Sales Acceleration Software
There are various types of sales acceleration software designed to enhance different aspects of the sales process. These types include:
These advanced tools act as your interstellar navigators, helping you identify and gather potential leads with precision. By harnessing the power of data analysis and profiling techniques, they enable you to target the right prospects at the right time.
By utilizing data analysis and profiling techniques, Revegy enables targeted prospecting, helping sales teams focus their efforts on the right prospects at the right time with relationship maps..
Lead Scoring Software
Think of this software as your trusty co-pilot, automating the process of evaluating and ranking leads. With predetermined criteria, it guides your sales team to focus their efforts on the most promising sales opportunities, maximizing their chances of success.
Lead Routing Solutions
Your sales crew needs seamless coordination, and these sales team tools act as your onboard communication system. By automating the distribution of leads to the most suitable sales representatives, based on their availability, expertise, and lead qualification, you ensure a smooth and efficient journey.
Revegy acts as a trusty co-pilot by automating the process of evaluating and ranking stakeholders and influencers within the buying teams. You can gather a deep understanding how their connected and what they care about so you understand the strengths and weaknesses of relationships, and those you need to develop
Contact Management Systems
Every successful mission requires accurate and up-to-date information, and these systems serve as your cosmic address book. They organize and manage customer, lead, and prospect details, ensuring your crew has the right data at their fingertips.
Revegy offers unparalleled flexibility when it comes to CRM integration. As a sales execution platform, Revegy can seamlessly integrate with any leading CRM on the market, allowing you to leverage the full value and capabilities of your existing CRM solution.
Sales Engagement Platforms
To create meaningful connections with your crew members, you need the right communication tools. These platforms provide automated workflows, personalized messaging, and multi-channel communication capabilities, enabling you to engage, inspire, and excite your leads throughout their journey.
With Revegy, you can effortlessly orchestrate planning and execution across your remote and extended teams. What sets us apart is that our platform extends its capabilities beyond CRM licenses, enabling users without CRM access to actively participate in the sales process. This inclusive approach ensures that all team members can contribute effectively, regardless of their CRM usage.
Time is of the essence in sales, and these powerful tools turbocharge your outbound calling process. With automated dialing, sales reps can reach contacts at warp speed, boosting efficiency and productivity.
Sales Activity Trackers
Monitoring and analyzing your sales activities is vital for staying on course, especially with account planning. These trackers serve as your mission control center, providing valuable insights into individual performance, helping managers set sales goals, and ensuring your team stays on track.
Sales Forecasting and Analytics Software
To navigate the sales cosmos effectively, you need a star map. This is where Revegy, the leading sales acceleration software, shines. Leveraging data-driven analytics, Revegy helps you predict future sales growth accurately. It empowers you to make strategic decisions, identify potential risks, and adjust your trajectory for optimal results.
With Revegy’s advanced analytics capabilities, you can leverage data-driven insights to accurately forecast future sales growth, make informed strategic decisions, identify potential risks, and optimize your sales trajectory with white space mapping. Revegy’s sales acceleration software empowers you to stay ahead of the curve and drive success in your sales initiatives.
Now let’s delve into 5 sales acceleration tactics that can help your team close deals faster and more efficiently.
Empower Your Teams with These 5 Dynamic Sales Acceleration Strategies
1. Swiftly Follow Up with Leads.
This may seem like a no-brainer, but it’s worth reiterating: the faster you respond to prospects, the quicker you can convert them into customers. An inbound lead has likely already done a lot of research, so you’ll want to build a relationship with them before your competitor does. Quickly responding demonstrates your dedication and keeps you ahead of the competition.
2. Discover Your Prospect’s Pain Points.
Instead of simply selling your widget, remember that buyers are seeking a solution to a problem. Work with them to understand their specific pain points. Then work with them to explore how your product can address their needs.
3. Do the Research.
The better you understand your prospect, the more trustworthy and reliable you appear to your potential customer. Once you know the pain point, make sure you know other basic facts to enhance the sexiness of your product. For example, how big is the company, who will any change affect, which key stakeholders will need to be on board, etc.? By getting to know the company and anticipating its needs, the prospect will feel wholly understood and, therefore, more comfortable in the long run.
4. Reduce Process Inefficiencies.
Sales leaders should constantly analyze their processes to reduce wasted time and energy. If data entry slows the team down, find a way to automate it. If cold calls are proving to be worthless, get rid of them! Too many internal meetings? Toss ’em! If your team feels supported to throw out the timewasters, they will more happily focus on closing deals faster.
5. Give Your Team the Right Tools.
Nothing slows a deal down more than disorganized or non-existent sales tools. CRMs are a good start, but arming your team with intelligent technology to help them visualize the win will accelerate any deal. (Ahem, Revegy, cough.) Help your teams sell faster by providing relationship maps, strategy maps, playbooks, and more. Even giant companies, like Fujitsu Americas, saw their sales cycle decrease by 43 days when implementing the right technology.
With these 5 simple tips, your teams can land highly accelerated deals, giving them the confidence and finesse to do more. Ensure you are checking in with your teams often to ensure the adoption of your processes. And, as we said, drop the dead weight when it comes to inefficiencies.
Investing in the right people, the right processes, and the right technology is a surefire way to achieve success.
Boost Your Sales Journey with Revegy: A Sales Acceleration Solution
As we bring our interstellar journey to a close, it’s clear that the key to a shorter sales cycle and accelerated sales lies in the right combination of strategy, technology, human connection, and the proper sales acceleration software. Revegy, with its advanced sales acceleration software, can be your trusted co-pilot in this endeavor. It’s not just about reaching Planet Customer faster; it’s about making the journey more efficient, enjoyable, and rewarding for your crew – your potential customers.
With Revegy, you can streamline your sales processes, create meaningful connections, and ultimately, boost your deal velocity. It’s time to engage your thrusters, set your sights on your revenue targets, and embark on an exhilarating journey of sales acceleration. With Revegy sales enablement platform, the stars are not the limit; they’re just the beginning. So, are you ready to accelerate your sales and shorten your sales cycle? Welcome aboard the S.S. Sales Acceleration, powered by Revegy’s sales acceleration software. Your mission to Planet Customer starts now. Schedule a demo today!
Now On Demand!
Watch our on-demand webinar, where we delve into the key elements of an agile sales approach from start to finish, featuring Luiz Martins, CMO of Revegy, along with esteemed guest speakers Donald C Kelly, Founder and The Sales Evangelist, and Doug Inda, SVP of Enterprise Client Development at Syndigo. Discover how to adapt to tighter budgets without compromising sales performance, leverage technology to streamline processes and close more deals, provide meaningful value to buyers amidst abundant data, succeed in a remote sales environment with effective communication and virtual presentations, and position yourself as a trusted advisor in today’s ever-changing sales landscape. This is your chance to increase your pipeline and propel your success forward. Watch on-demand here!