Report Highlights: Sales Cycle for Open Pipe Acceleration
Welcome to the InsightSquared Report Highlight Series. The intention of these posts is to take a deep dive into utilizing InsightSquared to make data informed decisions about your sales organization. We hope you will share ways your company utilizes these reports so that we can all learn from each other.
Please Note: The data represented in these posts comes from our demo portal.
Sales Cycle by Won/Lost to Identify Winners and Losers
If your sales process has been dialed in for a while, you should have enough data to better identify winners and losers in your open pipeline. In this Report Highlight, we are going to focus in on the Sales Cycle by Won/Lost report and how to use your data to keep your pipeline free of time wasters so that your reps are putting more of their energy towards the right opportunities.
Let’s have a look at our sales cycle trailing six months:
At the header of our report, we note that our sales cycle has an average difference of a little over a week between won and lost opps. This number is great, but we also have some open pipeline trending more towards average days in stage for lost opportunities. Let’s focus on ‘3. Buying Process Stage’ and drill into our open opportunities:
Column filter added for anything greater than six in ‘3. Buying Process’
We don’t want to assume that all of our opportunities in stage longer than average are destined to become Closed-Lost. Instead, let's work with our reps to identify what is causing delay in the buying process. Here are some questions we should ask:
- United Bankshares spent almost three months in Stage 3. What expectations were set for Stage 4 with the buyer? Is our close date accurate?
- Tyson Foods and First United were both evaluation for a month and are now spending twice as long in Stage 3. Are we engaged with their respective decision makers? Do the have a specific procurement schedule where we should anticipate a delay here?
- Summit Hotel moved swiftly through evaluation but has been in Stage 3 for over four times the average. Did we adequately explain our buying process or are they getting sticker shock?