Know Your Equation for 2017 SuccessBy John Barrows | January 4, 2017
How did 2016 end up for you? Well, it’s 2017 now so who really cares? The answer is no one so I hope you enjoyed whatever time off you took over the holidays to congratulate yourself (or not) because 2017 is here and in this what-have-you-done-for-me-lately profession, whatever you did last year doesn’t matter anymore. I’m also guessing that your quota went up and that your territory got smaller. Welcome to the club. If you’re still pissed about that then you’re either brand new to Sales or you need to find another profession because it happens every year, get used to it.
With quotas going up, territories getting smaller, and the pressure to excel increasing we need to figure out a plan of attack or we’re destined to fail. And the plan can’t be to just work harder and hope for the best. We need to be SMART about our approach and figure out exactly what we need to do to crush our number in 2017 which is what this post is all about. I’ll walk you through a quick exercise you can do to figure out your own equation that will drive your daily and weekly activity levels this year.
Calculating Your 2017 Goals
I’ve included 2 different tabs on this worksheet. Each tab has a different equation depending on your role. If you’re an inside rep (SDR, BDR, etc) with the focus of setting up meetings use Tab 1. If your focus is closing revenue and you get most of your meetings set for you then use Tab 2.
Start with inputting your main goal (highlighted in green). I recommend doubling whatever that number is. For example, if your goal is $1M/year in revenue then make it $2M/year. It’s what most of the top sales do to help them consistently exceed quota.
Next, if you’re measured on revenue then you need to input your average deal size (highlighted in orange). Then estimate the conversion ratios between each stage of your sales process. For example, if you made 100 calls how many times would you get to speak with someone other than a gatekeeper? If you’re a closing rep then what percent of your meetings turn into proposals? You can usually get these baseline metrics by looking back at the past few months to see how many calls, meetings, proposals and closed deals you had and then figuring out the ratios from there.
If you plug these numbers into the spreadsheet it will auto-calculate to show the exact activities you need to do on a daily, weekly, and monthly basis to hit your target. From there you can set goals and measure against these metrics every day or week depending on how closely you want to manage yourself. Make sure you write these goals down and make them visible to remind yourself every day what needs to get done.
Lastly, choose a reward you’re going to give yourself when you hit your goal at the end of the year regardless of what your company will do for you. Find a picture of it, print it out, and stick it up next to your goals as a reminder of what you’re working for. Make it Happen!