Defining Closed Won
Closed Won is a sales term that refers to the process of closing a sale. It is used in the context of “closing” a deal. Closing deals can be complicated, so it’s important to know how to close a sale successfully.
Closing could be defined as the act of persuading someone to buy something from you. If you are selling a product or service, it is up to you to convince your customer that it is worth their money and time. You need to convince them that what you have for sale will make their lives easier or better in some way.
The first step in closing a sale is building rapport and trust with the buyer. This means being friendly, honest and open about who you are and what you’re selling. You should also be prepared for objections from your customer — these are things they say when they disagree with something you’ve said or done during the sales process. Your job during this stage is to overcome these objections so that your buyer will agree to make an offer on your product or service.
Key Metrics for Closed Won Deals
Deal Conversion Rate:
The Deal Conversion Rate is the percentage of opportunities that close successfully. It is calculated by dividing the number of closed deals by the number of opportunities in an account. This metric can be used to understand how effective your sales team is at converting leads into customers.
Average Sales Cycle:
The average sales cycle measures how long it takes a prospect to convert into a customer. It is calculated by dividing the total number of days between when a deal was won and closed by the number of closed deals in an account. This metric helps you determine how long it takes your sales team to get results, which can help you predict revenue growth and make better decisions about staffing or resource allocation.
Quota attainment:
Quota attainment measures whether or not your sales team met their quota for a given period of time. It is calculated by dividing the number of closed deals (including renewals) by the total number of days in that period multiplied by 80%. In other words, if you have 100 days in a quarter and achieve 30 closed deals, that would be 30% quota attainment (30/100 x 80%). This metric helps you understand how well your sales team performs against their quotas over time so that you can adjust staffing if necessary.
Win rate:
This is the percentage of opportunities that you have won. It is calculated by dividing the number of Closed Won deals by the sum of Closed Won deals and lost deals. For example, if you have 10 opportunities and 5 of them close as deals, your win rate is 50%. As a general rule, it’s good to have at least 40 percent of your salespeople hitting their targets each quarter. On an individual level, if you have someone who’s consistently bringing in more than double the number of deals that other salespeople in your department are closing, then they’re probably doing something right (and you should ask them for their secrets).
Deal size:
The average deal size is the average amount you sell to each customer. It’s calculated by adding together the total value of all closed deals and dividing it by the number of closed deals. The average deal size is another important metric because it tells us how much revenue your team is making. If you have a low average deal size, then there may be a problem with your pricing strategy or customer buying process. On the other hand, if you have an extremely high average deal size, it might mean that your sales reps are working on bigger deals that take longer to close or require more resources from your team.
Understanding Closed Won Data
The best sales teams are always looking for ways to improve their performance. They know that a winning strategy means more than just closing sales — it also means closing more of the right deals.
Closed Won Data is one of the best tools for helping salespeople improve their performance. It has been used by companies like Google, Amazon and Netflix for years, and it’s now available to any company that wants to use it.
But what is Closed Won data?
Closed Won data is simply a record of every deal that your company has closed, including information like which salesperson closed the deal, how much money was involved and how long it took them to close it.
Why should I care about Closed Won data?
There are several important reasons why you should be tracking this data:
1. It helps you focus on your top performers – You can use this data to figure out who your top performers are and give them more opportunities to succeed in the future. If someone isn’t performing well on average, then they probably need some help or training before they can be successful in their role again.
2. It helps you understand your sales process – You can use this data to see the average amount of time it takes for your team to close a deal is, or how many calls or emails it takes before someone is ready to make an offer. This will allow you to make adjustments as necessary so that everyone on your team has a similar closing ratio.
3. It helps you understand your average client – You can use this data to determine what your average customer looks like, and how they behave. This will help you figure out how to better cater to them in the future.
Closing the Sale
Closing a deal is a skill that can be learned and improved upon. You might think that it’s all about the product, but in reality, it’s more about the customer.
In sales, there are two sides to every story: yours and theirs. As a salesperson, you need to understand how your customers think and what they want so you can position yourself as the solution to their problems.
Here are some tips for closing a deal:
Understand what makes your customer tick. What does she care about? What does he value? What is important to him? This understanding will allow you to connect with her on a deeper level and ultimately close the sale.
Get in contact with the decision maker(s). If you can’t reach them directly, reach out to someone who will be able to help facilitate an introduction or pass along information that may be useful in closing the deal.
Ask open-ended questions instead of yes/no questions so that they feel comfortable talking about themselves and their needs. This will allow you to gather information about where they are coming from so that when it comes time for them to make a purchase decision, you will already know what matters most to them and how your product fits into their lives at that moment in time.
Eventually lead them to questions that encourage them to say yes. For example, “Does this sound like something you would be interested in?” or “What do you think about our price?” These questions help build interest and create momentum toward a positive response.
Ask for the sale. Don’t assume that if you’ve done everything else right, your prospect will take your offer without question. Instead, ask for their business by saying something like, “Would you like to purchase this today?” or “Would you like me to go ahead and process this order now?”
Make sure you’re light and conversational while also being in control. Understand your client fully and show them you have total faith in your product and that they’re the right fit for what you’re selling. They’ll see your confidence and poise in your interactions, making the sale even easier for you.
Often, you need to get more sales data and find out where you can improve your performance. Various tools can help with such questions. As an option, you can use https://closelyhq.com/.
Closely will help you build lead lists, run multiple outreach campaigns on autopilot, and track the results of your efforts in your dashboard.
You can create an outreach campaign of several messages (connection message + follow-ups) and Closely will send messages on autopilot targeting LinkedIn users. You can choose the audience from LinkedIn search URL, groups, events or simply download a CSV file with your prospects’ profile URLs.
Closely will also auto-like posts and auto-endorse the skills of your prospects. Check out how to start using it:
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