Engagement Many believe that engagement drives results, and so do we. However, we now know that results drive engagement. In 1968, the Harvard Business Review published an article titled: “One More Time: How Do You Motivate Employees?” In it, they emphasized the powerful connection between results and engagement. In 2012, they published another article, “The Power of Small Wins”. In the article, the authors state, “The power of progress is fundamental to human nature, but few sales managers understand it or know how to leverage progress to boost motivation.” We have learned that compelling scorecards can be a powerful tool to engage employees. Compelling scorecards not only drive results but use the visible power of progress to instill the mindset of winning.
Commercial Sales Metrics That Matter
= A x B x C
o Stage Probability To Close o Stage Attrition Rates o Stage Conversion Rates
# of Sales Ready Opportunities
o # of New Prospects o # of Prospects Working
o Prospect Conversion Ratio o # of Client Opportunities o Client Opportunity Conversion Ratio
Average Deal Size o New Accounts/Loan
Figure 5.0 Commercial/Business Banker Metrics That Matter
Figure 5.0 illustrates the commercial (and business banking) Metrics That Matter . Sales velocity is a simple equation to compute your sales per month or revenue per quarter or loan production per month. It is a function of (A) number of new sales ready opportunities; (B) average deal size; (C) win/loss ratio; and (D) average-time-to-close. Sales velocity can be increased by 20% by increasing (A), (B) or (C) by 20%. However, increasing (D) by 20% will increase sales velocity by 25%.
© 2019, Ron Buck
Six Breakthrough Behaviors of High Performers 38
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