Written by Sales leaders are always looking for ways to more accurately predict future outcomes and trends within their department. With the right tools and techniques, they can increase predictability as a sales leader, and confidently report it to their superiors within the company. Below is a list of 8 tips that will help increase your ability to make predictions within your sales team:
Study Historical Data
Gather information from past transactions to identify patterns. In order for us to predict what will happen in the years ahead, it is important that we study past data. This helps you determine how different decisions affect your business and really grasp where trends are headed. Trends can include customer retention, pipeline value, and more. It also enables you to make informed predictions about changes and their potential impact on your industry as a whole!
Leverage Predictive Analytics Software
Use robust software programs that analyze data sets to find insights for making predictions. This type of software uses algorithms and data models to predict outcomes in real-time. Without the correct data at your fingertips, you’re missing out on opportunities to streamline business processes and grow revenue.
Utilize Forecasting Algorithms
These computer-generated models consider vital factors such as seasonality or economic indicators. Forecasting algorithms are one of the most important data mining methods. They can help you predict future outcomes and make informed decisions. They use historical data to predict future events.
Set and Align on a Measurable Target
The best way to increase predictability is by setting clear goals shared with your team and aligned around key metrics. When everyone knows what they need to achieve, how much time it will take, and which results matter most, the stakes are always high enough to stay focused.
Create Accountability Loops
Create accountability loops in your system of rewards for both you and your employees. Make sure there’s buy-in from those who have an input into performance management (including yourself). This means communicating specific expectations up front so people know what’s required of them, encouraging feedback about process changes coming down the line, evaluating progress towards agreed standards at regular intervals throughout the year, providing ongoing training to build skills and confidence, and celebrating successes.
Decrease Your Number of Goals
Reduce the number of things you try to do at once so that your team can focus on a few critical tasks in parallel. This is about managing priorities: make sure you have plenty of time for coaching employees one-to-one as they work towards their targets, but also reserve some days (or ideally weeks) where everyone focuses on high-priority projects first before moving onto more tactical ones. By focusing on these high-priority projects, you’ll be able to see what’s coming and increase predictability as a sales leader.
Start by listing everything people are trying to work on right now, then pick out those items which should be prioritized over others. Alternatively, use an online tool like Asana or OneNote to map out all the tasks being worked on at any given time – this will help identify what’s most important on any given day.
Use a System
Use a system that automatically tracks progress and provides regular updates to help maintain focus, without having to check in with everyone themselves all the time. One way is using tools like OKRs (Objectives & Key Results) or SMART goals. For example, an employee might set as their goal “meet quota by increasing sales volume” – this objective could then be divided into several key results: “establish better relationships with clients,” “add more products/services for sale”. Then each KPI would have targets attached which are reviewed regularly so managers know whether employees are meeting them successfully or not; these reviews can happen once per quarter, for instance.
Build Routines
Build routines of accountability loops around one’s own work as well, so that you are modeling behaviors for your team. For example: review the company’s key objectives and KPI targets on a regular basis; set clear expectations around what people should be doing today (and make sure they know how to measure their progress towards these goals); create check-in meetings with those who report directly to him or her; ask employees questions from time to time about how they’re feeling and if everything is going well.
Increase Predictability as a Sales Leader
Predictability is important for any business. By following these tips, you can increase predictability as a sales leader, for yourself, your team, and company stakeholders.