Most people haven’t thought about “volume and velocity” since their high school physics classes. The terms call to mind the kind of abstract equations only a rocket scientist or automobile designer could love, but to me, volume and velocity mean only one thing: sales capacity.
As we learned earlier in the Sales Strategies Series, these two metrics provide the clearest picture of your sales team’s ability. Volume measures the team’s resources, while velocity measures its enablement; when plotted on a graph, we’re able to quantitatively assess concepts that are usually only available in qualitative terms. The graphic reveals your company’s position and potential in light of its future goals.
To plot your company’s volume and velocity, refer back to the enablement tools at the beginning of the sales strategy series. Remember that enablers are the infrastructure that individual salespeople need to succeed, such as training, marketing materials, customer satisfaction statistics, etc. In contrast, resources catalyze the sales department as a whole, such as sales staff, sales support, administrative aid, etc.
Looking back, which enablers were most effective? What enablers or resources accelerated sales? In addition to measuring the team’s performance, volume and velocity highlight areas for improvement. For example, maybe you realized that your sales team simply doesn’t make enough cold calls. The question is, why? Is it that too much of their time is taken up with tasks unrelated to sales? Do they have trouble generating leads? Do technological barriers stand in their way? Maybe there’s a staffing issue. By charting your position using the data you gathered earlier in the sales strategy series, you will learn two things:
1. Where your company is positioned in relation to its goals.
2. What actions you need to take (and which to take first) to move your position in the direction of your goals.
As you plot your volume and velocity, pay close attention to detail. Entering accurate metrics will provide the relevant, tangible data you need to empower your team. If you need help, give me a call or send me an email. I look forward to hearing from you.
Tune in next week as the sales strategy series draws to a close.