Sales Win Rate

Why is the Sales Win Rate important?

The sales win rate is a crucial metric for modern, data-driven sales teams. Tracking this sales KPI reveals crucial insight into what’s working (and what’s not) in your sales process. The data provided by tracking this metric is used by sales managers and VPs alike to answer questions such as:

• What percentage of new leads are we closing?
• Which reps are performing best?
• Are we attracting the right buyers into the funnel?
• Are there any seasonal differences in our win rate?

Answering these questions gives sales managers the data to adapt their sales strategy for future success.

How to calculate the Sales Win Rate

When calculating the win rate there are two things you need to consider:

1. Time: it’s up to you whether you prefer to measure the win rate over a month, quarter, or year. However, the whole sales team should be aware of this so that they can follow the progress accurately.
   
2. Whether to include all leads: here, you need to align on whether you are including all leads, or just those qualified as opportunities by sales.

How can I increase my team's win rate?

All ambitious sales teams look to increase their win rate. Here are some ways how:

1. Analyze your win-loss performance

Tracking your win rate gives you vital insight into your sales performance.

By analyzing this metric by individual rep, VPs and managers establish which of the team members are on top of their game and which need to improve - and can coach the strugglers.

Another aspect to measure is any seasonal fluctuations in your win rate, allowing you to better forecast your future sales numbers.

2. Be more selective with your qualification process

It can be tempting to move as many prospects further through the funnel, but you’ll only be deceiving yourself in the long run. Engaging in a proper dialogue with sign-ups helps ensure that you’re focusing your efforts on leads that are more likely to convert.

If you’re struggling for a concrete framework when it comes to qualifying your leads, follow the Budget, Authority, Need and Timeline (BANT) method.

3. Bring the decisionmakers on board quickly

One way to increase the win rate - and speed up the sales process at the same time - is to get the decisionmakers involved as soon as possible. By doing this, you can quickly establish if the sale has genuine potential, and prevent any roadblocks down the line.

Increase your win rate with real-time dashboard visualization

In Plecto, the win rate is best visualized on either a number box or a speedometer widget so sales teams can easily track their progress. If you want to compare how your different reps and teams are performing, then a leaderboard works well here.

For all widgets, use conditional colors so you can easily identify whether you’re on target or not.

Measuring the Win Rate is an essential component of your Sales KPIs, and works well when measured alongside these other metrics:

• Number of Won Deals
• Sales Conversion Rate
• Average Deal Size