Simple Close Rate Question

Discussion in 'Sales, Marketing & PR' started by fnets, Jan 27, 2018.

  1. fnets

    fnets UKBF Newcomer Free Member

    5 0
    Just starting to learn about sales and how to calculate my close rate but need clarification ...

    if I contact a business and that results in multiple sales throughout the year without further contact how do now calculate my close rate to stop in being artificially high?

    or I have sales from existing customers without any contact?

    new to sales so I may not have explained myself very well?
     
    Last edited: Jan 27, 2018
    Posted: Jan 27, 2018 By: fnets Member since: Dec 8, 2017
    #1
  2. billmccallum1957

    billmccallum1957 UKBF Ace Full Member

    1,753 376
    you're talking about two different things, a simple close rate is easy, you visit 100 customers and sign up 75, you have a close rate of 75%.

    Sales that come in after closing will be classed as residual and not part of your close rate.
     
    Posted: Jan 27, 2018 By: billmccallum1957 Member since: Feb 11, 2016
    #2
  3. fnets

    fnets UKBF Newcomer Free Member

    5 0
    Ok thank you. I feel I've so much to learn about sales & marketing so any thoughts about how to do this (and do it well) would be very much appreciated
     
    Posted: Jan 28, 2018 By: fnets Member since: Dec 8, 2017
    #3
  4. fnets

    fnets UKBF Newcomer Free Member

    5 0
    Initially I saw this problem simple as a database of domestic and commercial customers. Each financial year I must do my best to nurture our database customers to keep our workshop busy whilst also growing our database each year with new customers ... all in line with our workshop capacity.

    But I don't feel I'm in control of Sales & Marketing and would like to know if there's a better way?

    do I need to create another topic?
     
    Posted: Jan 28, 2018 By: fnets Member since: Dec 8, 2017
    #4
  5. billmccallum1957

    billmccallum1957 UKBF Ace Full Member

    1,753 376
    Are you the business owner or a staff member?

    The usual process would be the owner setting out KPI's (Key Performance Indicators).

    I would look at:

    contact rate (the number of new contacts made per month).
    Closing rates.
    Re-visits (calling on existing customers to update on products and/or services).
    Residual income.

    Depending on the nature of the business and your position, the choice of KPI's could be different and you might have more or less depending on what data you want or feel is more important.
     
    Posted: Jan 28, 2018 By: billmccallum1957 Member since: Feb 11, 2016
    #5
  6. fnets

    fnets UKBF Newcomer Free Member

    5 0
    thank you very much.

    new business owner of existing business looking for organised growth.
     
    Posted: Jan 29, 2018 By: fnets Member since: Dec 8, 2017
    #6
  7. alex360

    alex360 UKBF Regular Full Member

    110 11
    Hi do you have a CRM in place that could help you a fair bit, you could measure your customer spent, cost of acquisition, closing rate etc again the system will only be as good as the info you put in it. PM me if you want for more info
     
    Posted: Feb 2, 2018 By: alex360 Member since: Nov 14, 2017
    #7
  8. Office Mover

    Office Mover UKBF Newcomer Free Member

    22 0
    Hi Fnets,
    I agree with Alex360. Try workbooks .com
    I've been using this cloud based one recently and has all you need. There is a free version but its not expensive and I've found fairly easy to use. They also provide free tutorials.
     
    Posted: Feb 5, 2018 By: Office Mover Member since: Oct 24, 2017
    #8