Do you keep track of all of the business you win? How about the business you don’t win? When you win or lose business, do you take some time to determine why you had the outcome you did? Tracking your win rates and understanding why you won business or why you lost business will help you in future deals.
In order to track your win rates, all of your sales opportunities need to be documented. This can be easily done if you have a Customer Relationship Management (CRM) system, or simply adding the information to a spreadsheet if you don’t. Recording information about each opportunity is also important. In addition to the customer name and what you were trying to sell them, you should include the sales cycle (how long the sales process took), the size of the transaction, and why you won or lost.
After you have logged this information for a few months, you can begin to analyze the data to determine what you did differently to win business, or what you need to change if you lost business. Maybe you’ll learn that your win rates are higher with smaller deals than bigger deals. Maybe you’ll learn if the sales process is quicker (less days to close business), that you win more than you lose.
Armed with this information and analysis will allow you to make changes to your sales strategies, sales process and the type of sales opportunities you pursue, which in turn will help you improve your win rates.