The end of every quarter is a the perfect opportunity to reflect on what happened during the previous three months and, most importantly, how this information can make your next quarter even more successful. In order to do this, though, you need to have a strong and replicable sales management process for analyzing the successes and failures of the previous quarter and transforming them into actionable goals for the upcoming one.
One of the most effective ways to do this is to hold Quarterly Business Reviews (QBRs) – structured meetings designed to review the progress of the last quarter and establish prioritized goals for the next three months. During these meetings, executives explain the current state of their teams, diagnose obstacles, offer potential strategies for overcoming them and discuss new goals for the next quarter. The best sales managers use QBRs as opportunities to re-prioritize goals, reallocate resources and improve performance.
However, in order for this to be successful, sales managers must understand QBRs and know how to use them in the most effective manner.
Are you ready for your next QBR? Follow these 4 simple tips and you’ll be sure to get the most out of your next quarterly meeting.
With infinite time, all sales teams would be perfectly successful, but this is obviously not the case. Therefore, sales managers must make sure they not only have a set of clearly defined goals, but that they have also ordered these objectives correctly. QBRs are the perfect opportunity to do this because they allow sales managers to get out of the trenches and reassess their short- and long-term strategies.
An essential part of prioritizing your sales team’s goals is soliciting feedback from your colleagues – especially your higher-ups. On a day-to-day basis, sales managers are typically fully occupied with the brass tacks of running their team, which leaves them little time to step back and get different perspectives. QBRs provide a great opportunity for them to do this, as sales managers can use these meetings to confer with CEOs and other high-level executives about longer-range issues and view their process from a new perspective.
Align your objectives
Once you have prioritized your team’s goals and incorporated suggestions from key stakeholders, it is time to make sure your plans mesh with the company’s larger mission. Sales is an important part of any company, but it is not the only one. Therefore, the end of each quarter is the perfect time to step back and confer with the leaders of other teams to make sure that your goals and theirs are in harmony. Use QBRs as a chance to present your new goals and ensure that they are in keeping with your company’s long-term strategy.
Analyze the data
The bulk of each quarter is generally a slog for a sales team – each day is an isolated unit during which your reps work diligently to nurture leads and close as many deals as possible. However, at the end of every quarter, you should take all the data you’ve accrued — individual rep performance, success rates at various pipeline stages, average deal size and so forth — and use it to guide your plan for the next quarter. How could individual reps improve their performances? Where did the majority of failed deals stall? How many sales is your pipeline projecting you to close in the coming quarter? Only by taking the time to analyze your sales analytics can you hope to make the next quarter more profitable, efficient and generally successful than the last.
What tips have you found to help you get the most out of your QBRs?[image source_type=”attachment_id” source_value=”19979″ align=”center” width=”632″ height=”250″ quality=”100″ link=”https://offers.insightsquared.com/forecasting-ebook.html?blog_source=organic&blog_medium=blog&blog_content=postid20411&blog_campaign=data-driven-CTA”]