The Sales Hacker Podcast
The Sales Hacker Podcast

Episode · 2 years ago

Friday Fundamentals EP 7: Forecasting Your Pipeline To Hit Your Number


Focus on hitting your numbers. 

Grow your pipeline. 

What's your formula? How many booking do you need to make? On this episode of Friday Fundamentals, we chat about forecasting your pipeline to hit your numbers.

Everybody its another episode of Fridayfundamentals and the Sales Hacker podcast, I'm your host Sam Jacobs and Iam the founder of the revenue collective today we're going to betalking to this week's guest amy appleyard. If you remember Friday,fundamentals is a very short, maybe five, ten minutes, one SNIPP at onetactical piece of advice or information that you can use to do better in yourjob, whether it's about forecasting negotiation, career, pathing, Etcetaand we're going to talk today with to amy about kind of pipeline,fordecasting and accuracy, and the activities that you need to drive youroutcomes now before we get to that. We want to thank our sponsor that isoutreach, outreach, triples, Tho Productivity of sales teams andempowers them to drive predictable and measurable revenue growth byprioritizing the right activities and scaling. Customer engagement withintelligent automation, outreach makes customer facing themes more effectiveand improves his ability into what...

...really drives results hop over to Arik,Dadeofowud slyh sales hacker to see how thousands of customers, includingClaudera, glassdor, Pandora and Zillo, all rely on outrage to deliver higherrevenue for sales rap. Now, let's chat with amy amy walk us through. How doyou think about running a mid market sales team and you've got a whole bunchof activities you could be measuring. How do you approach it? What are thekey activities and how does that drive forecasting accuracy great? I love thisquestion, so I think we spend a lot of time here atcarbonblack trying to figure out exactly what that success formula isright. So, as the leadership team, our responsibility is to help the repsunderstand. If you do these five or six things you know wit with greatregularity, you will hit your bookings target so once you've set that formulaand people have committed to it. You can then start to see the deals slow inand can help figure out how to forecast it, but for us here what we're focusingon our calls so number of phone calls in addition to the number ofconversations that you're having so any...

...kind of phone call that is longer thanfive minutes, but that might be different depending on what youareselling then meeting set and meetings delivered. So we try to look at bothbecause you can set appointments, but they don't necessarily always getdelivered as well as option and then ultimately bookings. So we find that ifwe actually focus on just doing that, work making the number of calls havingthe conversation setting the meetings getting making sure that you weredelivering the meetings and then building the pipeline. If you're doingeach of those things, you can sort of look at your conversion rate betweeneach and try to figure out what your formula is and how many calls you needto make in order to be able to deliver the bookings as you are building thatpipeline. One of the things that I try to focus on that helps us figure out.How to forecast really accurately is how we kind of bucket the deal so youmight have in the midmarket space you might have under three KDALS or undertwo k deals that are just going to come like a run rate business. That willcome very frequently for you if you are keeping up with the dials and havingthe conversations and setting the meetings and all of that and that youmight, if you can get to where it is...

...really predictable, you might not needto spend a ton of time forecasting, those or talking about those with yourmanager, because you just know it's going to come because you're doing thework and you just get that business close. But then there's probably acouple other buckets. Maybe it's like two, a five or Sixk or could be threeto tk, as well as the bigger deals depending on you know. Your avage dealsize, maybe above Tenk Maye about Fifteenk, where you want to havedifferent motions to go along with them and make sure that you've got the timecarved out in your day to do the research for the bigger deals to havethe longer conversations. Maybe it's a longer. You know poz processor, evlprocess and having those big deals and pacing yourself. Knowing those aregoing to you need a couple of those eash quarter or maybe a handful of themedium size deals. Each quarter helps you not just get lost in that run ratebusiness, so you do the activities and then you figure out how to Segmet yourpipeline in some way and see where you need to apply time and also ask forhelp, and that for us is starting to... here at carbonblack thinking aboutit in that way, it's something that I learned. While at log man there des aincredible forecast accuracy system there, man, it's something that we'reimplementing here at carpon black as well, when you think about, are you open to sharing some of thenumber, the specific numbers, maybe on a daily basis? How many calls do youexpect I min market rep to make and how many meetings ere they trying to setmaybe either per day or per week, yeah? So we're? I actually feel like rightnow, so I just joined this company a couple months ago and we're trying tofigure out exactly what that that formula is. So we have a coupledifferent teams. We have an SMB which is a higher velocity team as well as OVcorporate team and we're looking for the SMB at roughly o Thosanda thirtycalls a day and for the Corp about you, know: Fifteen twenty. There are somefolks who insist that they're making all theirphone calls on their cell phone and that that's what s showing up insalefor. Maybe you CEN, Stil Log, an activity, ind sales forse, but that's abehavior that we're trying to encourage..., because I'm trying to look backhistorically at what has happened to see. Okay for the folks who aredelivering. So you know who are successfully hitting plan like everyevery month and every quarter and every year how many phone calls did they make?And surprisingly, there is a high cor, an not surpriseinlos, tha highcorrelation between the people who are making all the dials and who aredelivering the bookings with e with a high level of consistency. So those areconversations that were having here and just trying to encourage everybody torecord the information so that they can then for themselves know. Are theygoing to make plan and that I think, once somebody tries once you kind offlip and think Weh Wow? This is really going to help me understand how to hitmy targets. Then it becomes less of a a laborious task and something where youactually want to know like what is my formula. You might not need to makethirty dlrs a day. Maybe you can do it with five, and I would love that, likeI'm not going to beat anybody up for the number of phone calls they'remaking or conversations they're having if they're, hitting their bookns tarketYeah Andand. In no case, are you asking...

...people to do a hundred dials a day, soI think Thirty'is, a pretty reasonable request. Yeah Yeah for definitely forthe quota carries. We also have str teams and they are targeted, Wou knowquite a bit higher, but that's their motion right and and that's they aremoving very quickly through through the leads that Aur marking new teamis isgenerating. So they're, probably you know sixty eventy eighty dials justgetting through all the leades that they have yeah and but you're, givinghim a ton of leads and you're on an auto diler. So it's really kind of setup your head set press gown and wait for people to answer the phone yeah yeah awesome, so so recapping its it'sdial, it's sort of dials. It's connects Essentialy ar conversations heldmeeting, set meetings, held opportunities generated and then totalpipeline and ostensibly or probably looking for maybe four or five x, pipeine covera relative. Do quotas that sound byt right, yeah, I'd love for itto be a little lower, but that's about where we are right now, perfect, amy!Thank you! So much for contributing to Friday fundamentals, youve been anoutstanding guest all week on the sales...

...sacker podcast and we've loved to haveyou. So thanks again for your time. Thank you.

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