I Doubled A Business in 60 Days to Show It's Not Luck (Part 1) | Summary and Q&A

TL;DR

By addressing issues such as low show rates, low close rates, personnel problems, and targeting, the company was able to significantly improve sales performance.

Key Insights

• 🇦🇪 Show rate, offer rate, close rate, cash collected percentage, and units sold are vital metrics for evaluating sales performance.
• 😤 Personnel issues, such as lack of a dedicated sales manager and improper team utilization, can significantly impact sales outcomes.
• ⤴️ Targeting the right audience and optimizing ad campaigns can greatly improve appointment show rates.
• 😚 Effective sales scripting, including deeper discovery questions and objection handling techniques, is crucial for improving close rates.

Transcript

I have 13 portfolio companies and I just doubled one of them in 60 days by solving five key problems and what I'm going to do is show you the data of what it was before why it was wrong what we fixed and what happened after enjoy three young Founders who are all sad because they were not making the amount of money that they wanted to make so before... Read More

Questions & Answers

Q: What is the show rate, offer rate, close rate, and cash collected percentage?

The show rate is the percentage of people who have an appointment and actually show up. The offer rate is the percentage of people who are offered a product or service. The close rate is the percentage of people who make a purchase. The cash collected percentage is the percentage of cash collected upfront.

Q: Why is tracking both show rate and offer rate important?

Tracking both show rate and offer rate allows the company to determine the quality of their leads and the effectiveness of their sales team. It helps identify if the problem lies in the leads or the sales process.

Q: How did the company address low show rates?

They analyzed their targeting and ad optimization strategies to ensure they were reaching the right audience. They also implemented tactics such as double dialing, faster time to contact, and effective nurturing to improve appointment show rates.

Q: How did the company improve their close rates?

The company improved their close rates by focusing on more meaningful discovery questions during sales calls. They identified the need to understand the prospect's intentions and deeper motivations to better tailor their sales pitch. They also implemented looping techniques to handle objections and ask for the sale multiple times.

Summary & Key Takeaways

• The company identified five key problems affecting their sales: low show rates, low close rates, multitasking issues, personnel problems, and targeting.

• They hired a sales director to improve management and hired a new media buyer to fix the targeting problem.

• They downsized the sales team and set higher expectations for the setting team to increase utilization and performance.

• They optimized the sales scripts, focusing on deeper, more meaningful questions, and implemented looping techniques to handle objections and ask for the sale multiple times.