12 May DealStat Sales Meetings: They are Not Just for the NYPD!
DealStat Sales Meetings: They are Not Just for the NYPD!
CompStat meetings are a widely used management tool by police departments worldwide. It is named after the NYPD accountability process. Under this process, productivity of field commanders are measured and the individuals are held accountable for spikes or reduction in time. Technology plays a major role in this process and is an important component to tracking and analyzing results.
To improve the close rate of our Account Executive’s CrossBorder Solutions recently implemented it own version of CompStat meeting called DealStat. In this meeting, each sales person presents his/her pipeline to the entire senior management team (CEO, COO, VP-Professional Services, VP-Sales). Specifically, each opportunity is discussed with the team with an emphasis being given as to the current status and more importantly the next steps. The process is organized and made more efficient through the use of the Sales Module of the ASSEMBLY software. As each opportunity is categorized by Sales Stage and Step, it is relatively painless for the account executive to present the pipeline in an organized manner. Moreover, as every inter-action with the opportunity is documented, there is full transparency as to what has been done accomplished to date.
While these monthly meetings are certainly time consuming (each meeting with each professional last approximately 1.5 hours) the benefits greatly outweigh the time costs. From a management perspective, it gives the team unparalleled visibility into each account executives pipeline. More importantly, it allows the team to understand trends that are developing and then develop reactive strategies in real time. Finally, it provides management with clear insight as to which sales professionals are following our sales process and which are not. Of course, this is a leading indicator as to which professionals are going to work out and which are not.
From the Account Executives perspective, while the meetings feel invasive, the fact that some of the most knowledgeable members of the company are able to provide deal advice on a opportunity by opportunity basis is invaluable. Specifically, it helps each professional craft a going forward strategy and ensures that they have the support of each division of the company. For example, if the team decides that some free professional services work will move the opportunity to the next stage, then the presence of the VP-Professional Services helps make this happen in a timely manner.
In sum, DealStat meetings have eliminated end month/quarter surprises and dramatically improved the close rate of our account executive team. It has become a critical component of the company’s growth trajectory!