As a sales leader, you know better than anyone how easy it is to get stuck in a reactionary management style. Often, it’s out of your control. There never seems to be enough time in the day to focus on anything other than putting out fires, but it doesn’t have to be that way.
So how can you drive a much more proactive approach to performance management and get invaluable time back in your day to spend on what matters most? By leaning on LevelEleven’s Conversion Insights.
Let’s dive in.
A Basic Overview of Conversion Insights
Conversion Insights is a dynamic calculator that takes a historical look back on Scorecard data–from your chosen date range–to measure the relationship between actual and potential metric values. When we say “potential,” we mean that you can adjust values to identify both high and low impact conversions.
Let’s use a typical Sales Development team as an example. Reps are making outbound calls because they want live connections. From those conversations, they’re looking to advance to discovery calls or demos, with the ultimate goal of bringing in as many qualified opportunities as possible. Those metrics would be tracked in Scorecard to also be used inside of Conversion Insights.
You, as a sales leader, can see the total value of those metrics and conversion percentages between each stage of the sales cycle. You can tweak any of those numbers to see an auto-calculated result of what would happen if a specific metric value or conversion rate changed.
The Value of Conversion Insights
Much of any performance management solution will simply give quantitative analysis, but the qualitative is what’s missing. Conversion Insights brings that to the table.
Let’s add some numbers to the overview scenario to get the whole picture—remember, outbound calls convert to live connects, which convert to demos booked, which convert to qualified opportunities.
In this scenario, a manager sees there have been 4,915 outbound calls in the last 30 days. Those calls turned into 305 live connects (6.2% conversion rate), which turned into 52 demos booked (17% conversion rate) and resulted in 38 qualified opportunities (73.1% conversion rate).
At a glance, this shows you that the conversion from outbound calls to live connections is very low, which indicates a whole lot of wasted time and effort. Knowing this empowers you to put a new plan in place–whether that be choosing a different lead source, spending time filtering out unqualified leads, or even developing new coaching strategies. This is uncovered instantly.
Conversion Insights then enables you to see the impact of your new strategy around outbound calls. Let’s say you want to see what would happen if you could get that initial 6.2% conversion up to 15%. The overall impact could result in 91 qualified opportunities, which is more than double the current number.
Taking it one step further, you can hone in on specific team members to see their conversions and identify who might be struggling with the activities you’ve determined to be high-impact. Using the data from Conversion Insights allows you to sit down with those team members and be able to tell them exactly what they can be doing to improve and how you can help. Better coaching conversations happen with Conversion Insights.
Simply put, Conversion Insights gives you the “what” (what activity needs to improve) and the “who” (who on your team you need to spend time with) using very little of your own time or effort.
The Missing Piece to Your Performance Management Methodology
Conversion Insights puts the pen in your hand to better write the story your data is telling. You can see the impact of team/individual activities. You can identify where the quality gaps exist. You can build better strategies around coaching.
You can stop reacting and start being proactive in your approach to performance management.
Proactive performance management using Conversion Insights not only drives results, but it also gives you time back to focus on the things that matter most.