3 Steps to More Revenue With the Right Sales Funnel Analysis, with Matt Ostanik, Episode #62

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We’ve all seen graphic representations of the sales funnel, which is one of the reasons most people clearly understand the concept. But understanding the concept is not the same thing as doing a thorough sales funnel analysis. My guest on this episode, Matt Ostanik and I agree, sales funnel management and analysis is one of the most neglected aspects of the sales cycle - and it’s causing money to be left on the table. In this episode of #SellingWithSocial, Matt shares his sales funnel expertise with us by explaining 3 specific steps every seller or company can take to increase awareness of what’s going on in their funnel which will lead to more closed deals. This is great information you won’t want to miss.

Step One: Make Sure Your Sales Funnel Is Clearly Defined And Communicated

One of the most important things you need to do in order to best analyze your sales funnel is to, first of all, ensure that you have a clear sales funnel blueprint. That means you need to know the stages, steps, or milestones that you take a prospect through on the path to them becoming a happy customer. Map it out clearly and make sure that map is clearly communicated to everyone on the team. If you don’t have a sales funnel blueprint written down, you likely don’t have it defined as clearly as you think you do. But it's a bigger problem than just being unclear. If you can’t write it down you won't be able to communicate it effectively to the people responsible for seeing it implemented - your marketing and sales teams. Matt has great tips to share about sales funnel analysis that will help you improve your sales conversions, so listen carefully and take it seriously.

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Step Two: Do Sales Funnel Analysis To Know What’s Moving Through Your Funnel

Every salesperson or company can use their CRM to get a deeper understanding of the core metrics about their sales funnels. What are the things to look at?

You need to understand movement - what’s moving and changing within your funnel? You should know your conversion rates - not only sales conversions but conversions from one step of the funnel to the next. You have to understand velocity - how much time is it taking for prospects to move through the funnel and eventually to a deal?

Once you have these foundational pieces in view you can stitch them together to create a forecast of where your sales process is taking you. That’s how you know the condition of your sales pipeline and figure out where improvements can be made. It’s unusual to find a guy like Matt who is both sales oriented and technically knowledgeable. It’s for that reason his insights are especially valuable. Don’t miss what he’s got to share.

Step Three: Identify Funnel Areas That Need Improvement And Get To Work

After completing a thorough sales funnel analysis you are ready to dig into what the numbers mean. By putting together the different pieces of data you've discovered you will find areas that are performing exceptionally well and others that are not. It's this data that enables you to create a roadmap for improvement, which leads to increased sales conversions. In this episode, Matt explains how this approach enables sales teams to deal with the reality of what is happening in their sales funnel rather than making attempts to change things they don't understand. You'll learn how to use individual stats, sales funnel behaviors, and more to improve your buyer's journey. If you want to improve your sales funnel, the kind of sales funnel analysis Matt is prescribing in this episode is exactly what you need to apply.

How Individual Sales Professionals Can Utilize Sales Funnel Analysis

An individual salesperson makes use of the sales funnel analysis principles Matt shares in this episode, in much the same way a company would. But a primary difference on an individual level has to do with motivation. When an individual seller understands his own sales funnel data and how it compares to the other producers in the company or within the industry, that person is able to discover the small changes that make their work more efficient and enable them to personally close more deals. It’s action based on data, not feelings or intuition, and it’s motivating when you know exactly what you can do to increase your sales effectiveness. Don't miss this important episode.

This podcast is being brought to you by The 10th Annual AA-ISP Leadership Summittaking place this April 3rd - 5th, 2018 in Chicago, IL. Register Now by using the Vengreso only discount code "Leadership1095" for your deeply discounted rate.

Outline of This Episode [1:37] Matt Ostanik: Sales Pipeline and Funnel expert [5:57] Funnel management: one of the worst managed areas of sales [9:40] How a focus on the salesperson’s role in the funnel could improve everything [12:52] How can sellers stop leaving money on the table by utilizing sales funnel data? [17:31] 3 things sellers need in order to drive better funnel management [21:03] The amazing things that happen when you know your sales funnel data [27:10] Why is it important to understand the marketing impact on sales? [33:49] How sales professionals can utilize their sales data more? Resources Mentioned FunnelWise BOOK: Revenue Funnel Science - get Matt’s 200 page book for free Download Matt’s Sales Funnel Calculator Oracle SalesForce Matt’s all-time favorite place to travel to: France Social Business Engine Podcast - Bernie Borges

MATT’S GRAPHIC GOES HERE

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