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This question has been answered, and points have been awarded.
Ratio Throughout Sales Funnel
Posted by Anonymous on
10/28/2005 at 3:55 PM ET
Throughout the sales funnel (industry: supplemental insurance, e.g. Aflac), what are the average ratios throughout the sales cycle from cold calling to close ... and to renewal? For example, this many calls gets x meetings, x meetings to get y proposals, y proposals to get z closes.
10/31/2005 at 10:46 AM
Wow! There are averages for this?
Even if there were, I'd stay away from them. Do you work and keep track. Unless you're looking for an inside secret from AFLAC, you're better off developing one specific to your company. You'll then be in a better position to adjust and measure.
11/3/2005 at 8:00 PM
Use your own averages (over a year, for example) as a benchmark. Only in this way you will know if you make any progress.
Focus on bottlenecks. Improving from 50% to 55% may be even harder than moving form 0,5% to 1% but the latter creates 2 times more business.
I do not think it would be possible to develop meaningful averages across organizations.
Do not forget to set targets.
11/6/2005 at 4:26 PM
Michael and Agnieszka are 100% right.
It doesn't matter one bit what someone else is doing.
What matters is what you're achieving now; and what you can do to improve it.
If someone told you AFLAC achieves 75% at every step, would you be any the wiser?
In any case, conversion won't always be consistent. Certain campaigns may prompt enquiries from better qualified prospects than others leading to increased conversion rates.
What you need to to benchmark yourself, look for ways to improve, measure the improvement, and set in place a continuous improvement program to micro-tune the changes to your own business performance.
Don't forget, you also need to measure funnel LAG, i.e. how long it takes to get from one step to the next, along with LEAKAGE or conversion rates between steps.
Hope that helps.
11/7/2005 at 3:21 PM
Let me clarify my point. The company I am working with has never tracked their sales funnel. I am wanting to set benchmarks. Knowing that Aflac gets 75% at each level would be of huge importance. Tracking will be done but management needs to know what to expect so that they may take actions to correct underperforming areas. They may find that 15% at one level - does this need correcting? Not if the industry standard is 10%.
Telling me that I need to track is not an answer.
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