Use a Sales Win Plan to Increase Your Close Rate by 5%
- Research reveals that 89 percent of sales managers recognize that sale opportunity win plans increase conversions. Yet only 21 percent consistently leverage win plans and only an additional 30 percent sometimes leverage them.
- The average sale opportunity win rate is 48 percent. When sale opportunity win plans are consistently used, the average sale win rate is 53 percent.
- Sales teams that consistently developed sale win plans achieved 10 percent higher sales quota attainment than those who did not.
If you could increase your sales win rate 5 percent by doing one thing, would you? No need to answer, it's a rhetorical question. For most companies, a five percent sales conversion improvement drives increased quota attainment and achievement of the annual sales target.
Sale opportunity win plans define the most essential steps and shortest path to a successful closure. They guide sellers with orchestrated strategies and tactics to win the deal. They create and maintain momentum to accelerate velocity. When you operate with a clear roadmap to a defined destination, you are more likely to get there and get there faster.
Veteran sales managers instinctively know that opportunity win plans prevent missteps, avoid omissions and reduce random acts of selling.
Research published in the Sales Excellence Report brings measurability to these activities and shows the impact on critical sales outcomes.
The Research is Clear
Most sales process steps are consistently adopted; except one. Research shows that only 21 percent of sales teams consistently develop sale opportunity win plans. However, when drilling into that cohort, the research also reveals that the Best-in-Class archetype (i.e., the top 15 percent) consistently prepare sale win plans 4 times more frequently than Medians.
When we compared those teams that consistently develop opportunity win plans with those who do not, we also discovered that the former achieved a 5 percent higher sales win rate.
Increasing sale win rates improves short term revenues and creates a multiplier impact to long term revenue growth. Even small increases deliver significant and sustained revenue gains.
The third finding of statistical significance was the correlation between consistent opportunity win plan development and salesperson quota attainment. Those teams that consistently developed sale win plans averaged 10 percent higher sales team quota attainment than the combined group of those who sometimes or did not develop win plans.
Sale win plans are not required for simple transactional sales. However, they become invaluable for reps selling sophisticated or complex solutions to buying committees.
And contrary to initial sales team reservations, they don't have to be laborious or time consuming. In fact, these plans can be created from templates in your CRM system, integrated with your sales methodology and automated with your multistep sales process.
They also create valuable intelligence when integrated with your win-loss analysis. CRM software can harvest the factors that contributed to sales wins and losses and dynamically display those insights in future opportunities.
Sales win plans drive repeatable and predictable success when integrated with a prescriptive selling process. And the research is clear. The consistent creation of sale opportunity win plans highly correlates with improved conversions and increased quota attainment.
If you are ready to take the plunge, check out the Step-by-Step Guide to Creating Extraordinary Sales Win Plans.