Raoul Monks from Flume (UK) works with fast-growing B2B companies helping their sales teams to sell more by helping adapt to today's changing buyer and tech landscape. Raoul is also one of the keynote highlights who will be joining the Parrot conference tour across Europe. Dates for Riga, Prague and Bratislava have already been announced.
There are a number of challenges in B2B sales at the moment, and it very much depends on your role in the company. For a leader in business-to-business sales, the biggest challenge is putting certainty and predictability into your numbers. The industry is very volatile, buyers are changing rapidly and are very much aware that if you put an uptick of 30%-50% to your revenues, reaching a deal is quite difficult.
The Sales Velocity Equation
Start from breaking down your revenues into core KPIs that are going to help reach your goals, something Raoul refers to as the sales velocity equation.
The sales velocity equation draws on four core sales KPIs to create a single monetary sales velocity figure that can be used to measure the overall health of a sales team.
"First, map your revenue into the number of opportunities you have, the average order size and win-rate. Once you have worked it out, divide that by the length of sales. Now you have a showcase of the velocity of your revenue every single month and you can work out what happens if you pull any of those leavers. You’ll know what figures you are going to make and how to make them. In other words – increased predictability and certainty," says Raoul.
In order to get a better understanding of how to integrate the sales velocity equation, join us at the upcoming Parrot conference and get a chance to receive personal tips from Raoul.