As businesses seek new ways to sustain competitive momentum and meet ambitious revenue targets, sales velocity has emerged as a critical metric. In the high-stakes arena of sales, it’s all about moving swiftly and smartly. In this blog, we’ll delve into the finer details of sales velocity, a key measure of the rate at which deals advance through your pipeline and generate revenue.
We’ll unpack the intricacies of calculating sales velocity, offer tips to boost it, and discuss how your business can utilise Zymplify’s sales enablement tools to optimise your sales process.
So, whether you’re striving to take your sales efficiency to the next level or seeking to leverage data to fuel your business’s growth, this comprehensive guide offers valuable insights and practical strategies. Buckle up and prepare for an enlightening journey into the fast-paced world of sales velocity.
A Deep Dive into Sales Velocity
Simply put, sales velocity measures the rate at which deals move through your pipeline and generate revenue.
Sales velocity hinges on four metrics (number of opportunities, average deal value, win rate, and length of sales cycle), which paint a picture of your organisation’s sales velocity and likely revenue over a specified period.
The health of your business, the efficiency of your sales team, and the potential for sales productivity growth are deciphered via sales velocity.
How to Calculate Sales Velocity
A Closer Look at the Four Sales Velocity Factors
These factors, which form the sales velocity equation, should already be tracked by your customer data platform:
- Number of Opportunities – Ensure your pipeline houses only qualified leads to avoid compromising your company’s financial health.
- Average Deal Value – Determine your win rate by dividing your won sales by the total number of sales opportunities.
- Win/Conversion Rate – Discern your average win rate by dividing your won sales by the total number of sales opportunities.
- Length of Sales Cycle – Aim to reduce this factor. Streamline your sales process and, if necessary, increase your sales team to close deals faster.
Tips for Accelerating Sales Velocity
Boosting sales velocity means improving these four factors. Here’s how:
- Up Your Game with More Opportunities – Source high-quality leads, even in smaller quantities. You can generate these leads using strategies such as – buyer intent data, social selling, LinkedIn Ads.
- Boost Your Win/Conversion Rate – Focus on high-quality opportunities like referrals or prospects who are ready to buy.
- Increase Average Deal Value – Discover the pain points of your customers and exceed their expectations with services like post-sales guides and product training.
- Shorten the Sales Cycle – More efficiency equals faster sales. Shorten your sales cycle by automating tasks, setting call objectives, being upfront about pricing, and simplifying contract signing.
The Zymplify Approach to Accelerating Sales
Managing your sales pipeline is essential to driving sales velocity – and sales velocity is a vital component of your revenue growth engine. But to do it right, you need to track a ton of data and spend time organising it in ways that allow you to gain insights. This can take up a lot of your time.
With Zymplify you have at your disposal, a powerful set of integrated sales tools to help you drive revenue at scale.Â
From customisable sales pipelines and activity management to sales executive workbenches – with our sales enablement features you’ll waste less time managing your sales pipeline, close more deals and take your sales velocity to the next level.
Maximising Zymplify for Increased Sales Velocity
By effectively deploying our fully-loaded sales enablement tools, you can simplify your sales strategy, eliminate manual labour, and glean valuable insights from your sales pipeline.
1Â Track and Optimise Your Unique Sales Process: With Zymplify, you can customise and manage your sales pipeline – all from one central hub. Track crucial metrics, future sales projections, and stay on top of ongoing opportunities.
2 Monitor and Manage All Sales-Related Activities in One Place: Zymplify’s in-built activity calendar caters to all your sales planning and management needs efficiently. You’re just a glance away from tracking personnel performance, identifying capacity and strategising for future triumphs
3 Set Up & Utilise Sales Workbenches: Our Sales Workbench tool is a beacon for your team’s day-to-day operations. It provides a crystal clear snapshot of daily tasks, potential clients, and leads that are ready to bite. This neatly structured workflow lets your sales team concentrate on the prize – securing more deals and catapulting revenue.
4 Build An Always-On Prospect Pipeline: By combining Zymplify’s sales enablement tools with Zymplify’s prospecting and buyer intent solutions, you can create a powerful framework to find fresh in-market prospects daily, and instantly connect with them through AI powered sales cadences.Â
In conclusion, the journey of accelerating sales velocity is not a one-time event but a continuous cycle of measuring, improving, and reinventing. Remember, every component of the sales velocity equation, whether it’s the number of opportunities, deal value, win ratio or sales cycle length, can serve as a catalyst to propel your sales momentum forward.
By leveraging the power of tools like Zymplify, businesses can effectively navigate their unique sales process, maintain an organised and high-functioning sales team, and build an ‘Always-On’ prospect pipeline. The end result? An impressive boost to your sales velocity, a more efficient sales process, and a significant uptick in revenue.
