Is It Time To Readjust Your Numbers?
In sales, each person has their own formula for reaching their sales goals. It is easy to assume that your formula is always the same, but it may need to change based on factors such as the economy and even your own skill set.
With so much going on in the world right now it’s time to take a step back and ask if your formula should remain the same.
To understand your formula, you need to know your ratios:
- Contacts - How many attempts does it take to reach one prospect?
- Prospects - How many prospects do you need to get one quote?
- Quotes - How many quotes does it take to get a yes?
- Goal - How many yeses do you need to reach your goal?
Once you know your ratios, then you can work backwards for your weekly numbers.
- Goal: 1 yes to reach your goal
- Quotes: 5 quotes to get a yes
- Prospects: 20 prospects to get 5 quotes
- Contacts: 60 attempts to reach 20 prospects
Keep in mind this formula may need to change. For instance, COVID-19 may be making it harder to reach more people and more difficult to get them to say yes to a quote. In this case, you may need to readjust.
It’s easy to say that we just need to work harder. Working harder may not be the answer. However, knowing what part of your formula is off will help you understand what you can control.
For instance, do you just need to make more contacts? Or do you need to work on your messaging to fit the current situation and get more people to say yes?
There are many adjustments that can improve your ratios. Knowing your formula gives you options and a better understanding of what needs to adjust to the current situation.