As you read in yesterday's post on funnel velocity, you first need to identify all of the breakpoints in your lead process before you can start tweaking them. Let’s take a look at some of the things you can do at each break point to improve velocity. I have included the image in my previous post for reference.
First, the one document every organization needs in order to create an impact on velocity is a Service Level Agreement (SLA) between marketing and sales. This SLA will contain a lot of things but one of the most important is putting time constraints around each transition. As a start, you could take your average sales cycle from inquiry to close (I use 80% of deals to weed out any outliers) and establish your SLA around that time. In the diagram, above the example organization has a sales cycle of around 23 days. Once you have a framework of times to work towards, you can look at different tactical options to get you there. Below are a few things to consider including in your SLA to improve velocity:
- It’s essential to implement automation in order to have any effect on velocity. You can use automation to cut down the time to first contact with an auto response. You can also use automation to cut down the time to hand-off to sales rep as well by routing the lead immediately.
- A defined and efficient lead process for your qualification team. Make it easy for them to mark leads appropriately and hand them off.
- Another component of the SLA would be an established cadence. For example, how many phone calls and emails must be sent in a given time period. This can be tweaked as necessary to see how it affects velocity.
I would love to hear some more ways you can tweak velocity.
In tomorrow's post, I will talk about some of the ways you can measure velocity.