The ability to track, report, and influence the sales and marketing funnel is what sets apart proficient sales and marketing organizations from those with a strategy built on hope. The faster you can convert leads into paying customers, the more successful your business. Time is money, after all. That’s when sales velocity becomes your best friend.
What is Sales Velocity?
Sales velocity is a measurement of how fast you’re making money. It looks at how quickly leads are moving through your pipeline and how much value new customers provide over a given period.
Measuring your business’ sales velocity factors in the following:
- Total number of opportunities in the sales pipeline
- Average deal size / contract value / lifetime customer value
- Win rate
- The average length of the sales cycle
As an equation, it looks like this:
To empower sales organizations in their quest for better sales velocity, Sugar created the Sugar Productivity Suite. How does this speed up sales velocity? By reducing the amount of time wasted doing unnecessary research and eliminating confusion as to what’s next, Sugar guides the user through the sales process in an easy and revolutionary way.
Increasing Velocity With CRM Technology
Sugar Hint is a relationship intelligence service that brings external information about your contacts and leads into Sugar. Data such as social media accounts, work information, and company details are visible for contacts and leads based on their email address. Users can also quickly import the enhanced data into the Sugar with a single click.
With Hint, Sugar users need to only provide a customer’s name and email address, after which they can:
- Gather, analyze, and display relevant customer intelligence from more than 70 data sources. Hint automates the search, tuning, and building of a personal and corporate profile for a contact.
- Update a CRM record in one click to store timely and accurate information about a contact in Sugar for reporting and workflow purposes.
- See a record of activity history with a contact, including all calls, meetings, and email exchanges.
Customer Journey Plug-In: Engagement Manager
Using the solution, you can orchestrate not only your customer-facing processes but also manage your internal processes such as Territory Planning and Account Planning. You can even build smaller journeys within the overall customer lifecycle, such as onboarding.
The Sugar Customer Journey Plug-In provides a visual task manager, which can be incredibly useful, especially in complex sales cycles, ensuring every step is followed to bring opportunities to a swift close.
Once you start focusing on sales velocity, you’ll have the necessary data and insights to optimize your sales process from start to finish. So, have you been measuring it in your company? If yes, how did it help you in winning deals? If you want to keep the discussion going or want to know more about the Sugar Productivity Suite, don’t hesitate to contact us today.