{"id":4034,"date":"2021-07-16T04:30:30","date_gmt":"2021-07-16T09:30:30","guid":{"rendered":"https:\/\/top1.fm\/DailySalesTips\/?p=4034"},"modified":"2021-07-15T22:37:16","modified_gmt":"2021-07-16T03:37:16","slug":"sales-tip-909-sales-velocity-john-di-marzio","status":"publish","type":"post","link":"https:\/\/top1.fm\/DailySalesTips\/sales-tip-909-sales-velocity-john-di-marzio\/","title":{"rendered":"Sales Tip 909: Sales Velocity – John Di Marzio"},"content":{"rendered":"

\"\"“Every company will handle this differently but at least it\u2019s important to recognize the value. ” – John Di Marzio in today’s Tip 909<\/p>\n

What’s your thought about this?<\/strong><\/p>\n

Join the conversation below<\/a> and give it a try!<\/p>\n

Teams Win Championships Book<\/a>
\nTeams Win Championships on LinkedIn<\/a>
\nJohn Di Marzio on LinkedIn<\/a><\/p>\n

Have feedback? Want to share a sales tip? Call or text the Sales Success Hotline: 512-777-1442<\/strong> or Email: scott@top1.fm<\/strong><\/p>\n

Transcript<\/h3>\n

Scott Ingram: You\u2019re listening to the Daily Sales Tips podcast and I\u2019m your host, Scott Ingram. Today’s tip comes from John Di Marzio. John is the founder and CEO of DIMARTECH, a steel fabrication company based out of Montreal, Canada. He is a member of three (3) Professional Engineering Associations and the Canadian Professional Sales Association. Here he is:<\/p>\n

John Di Marzio: In physics, velocity or speed is the measurement of the distance traveled over a set period of time.\u00a0 Whether you\u2019re driving your car or running laps, the distance you cover over time while calculate your speed.\u00a0 This can also apply to your sales team.<\/p>\n

A pretty handy tool to measure your sales process would be to calculate your sales velocity<\/strong>, which is essentially is the amount of revenue you generate over a period of time.<\/p>\n

The equation is pretty straightforward, but it’s got 4 variables that contribute to the calculation:<\/p>\n

    \n
  1. Number of opportunities<\/li>\n
  2. $ average deal size<\/li>\n
  3. % win rate<\/li>\n
  4. Length of the sale cycle<\/li>\n<\/ol>\n

    SV = no. of opps\u00a0 X\u00a0 average deal value ($)\u00a0 X\u00a0 win rate (%) \/ sales cycle<\/strong><\/p>\n

    So simply put, you want to increase the first three variables and you’ll want to reduce the fourth. Now we’re going to use a generic 10% modification number here for the calculations and for the study.<\/p>\n

    Since the Sales Velocity equation uses only four variables, you can quickly assess which of the four actually makes a difference.\u00a0 Use that to redefine sales targets and hone in on opportunities that create the highest yield.<\/p>\n

      \n
    1. Supposing you increase the Number of opportunities by 10%.<\/u> This is all about effort.\u00a0 That will likely increase the number of deals you can win by 10% and within the same time frame, your sales velocity<\/strong> will increase by 10%.\u00a0 This variable takes a lot of time and effort.<\/li>\n
    2. Supposing you combine that with Increas<\/u>ing<\/u> the <\/u>average <\/u>deal size<\/u> by 10%, <\/u>then you elan more on focusing on higher-value opportunities, you can sell more in the same time period which adds exponentially for a total of 21%. Studying your client’s buying process, find out if there are other types of deals you aren\u2019t aware of, maybe new markets for your products.<\/li>\n
    3. Increase your win rate by 10% more<\/u>? Well, now you\u2019ve added a third variable to the equation.\u00a0 This part is a little more complex and will rely heavily on your individual sales process.\u00a0 Every company will handle this differently but at least it\u2019s important to recognize the value.\u00a0 Add this in are you are now at 33% higher sales velocity.<\/li>\n
    4. The part is the denominator and you will look to reduce it: Time. The sales cycle.\u00a0 Logging in more revenue within the same time frame will have the same effect as the same revenue in a shorter time frame.<\/u>\u00a0 You can be short on the first three variables and do it quick enough to reduce the time frame, and you can still come out a winner.\u00a0 Oh by the way, if you can reduce your time frame by 10%,<\/u> you will essentially have an overall sales velocity increase of 48%.<\/u><\/strong>\u00a0 Use your time wisely and don\u2019t waste it on subpar opportunities.<\/li>\n<\/ol>\n

      Go back and listen to this recording a second time and write down the formula.<\/p>\n

      SV = no. of opps\u00a0 X\u00a0 average deal value ($)\u00a0 X\u00a0 win rate (%) \/ sales cycle<\/strong><\/p>\n

      Give it a try, and you may be surprised at what you discover.<\/p>\n

      Scott Ingram: For a transcript of today’s tip, along with links to connect with John<\/a> and get a copy of his book<\/a>, just click over to DailySales.Tips\/909<\/a>.<\/p>\n

      Once you’ve done that. Be sure to come back tomorrow for another great sales tip. Thanks for listening!<\/p>\n","protected":false},"excerpt":{"rendered":"

      “Every company will handle this differently but at least it\u2019s important to recognize the value. ” – John Di Marzio in today’s Tip 909 What’s your thought about this? Join the conversation below and give it a try! Teams Win Championships Book Teams Win Championships on LinkedIn John Di Marzio on LinkedIn Have feedback? Want…<\/p>\n","protected":false},"author":2,"featured_media":4227,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"content-sidebar","footnotes":""},"categories":[40],"tags":[],"class_list":{"0":"post-4034","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-daily-sales-tips","8":"entry"},"yoast_head":"\nSales Tip 909: Sales Velocity - John Di Marzio - Daily Sales Tips<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/top1.fm\/DailySalesTips\/sales-tip-909-sales-velocity-john-di-marzio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sales Tip 909: Sales Velocity - John Di Marzio - Daily Sales Tips\" \/>\n<meta property=\"og:description\" content=\"“Every company will handle this differently but at least it\u2019s important to recognize the value. ” – John Di Marzio in today’s Tip 909 What’s your thought about this? 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