As a summary, those key measures are: the number of opportunities in your sales cycle, multiped by the value of each of those opportunities, multiplied by your closing ratio as a percentage, and divided by the number of days or the length of time it takes you to close that business.
If you focus every single month applying one of those metrics, you are going to improve your overall sales velocity.
Tactics to Improve the Number of Opportunities in Your Pipeline
1.) Go back to your database and reinvigorate old leads—leads that are maybe bought from someone else, leads that you lost, customers who have stopped ordering or buying from you, or customers or buyers you were never able to get a hold of. Those leads should convert into opportunities more quickly than a brand new cold lead.
2.) Go through your entire client database once again and ask for referrals. Ask for outside referrals: who are they neighbours with or who they do business or partner with? Additionally, of course, ask for internal referrals: who else inside their organization from a different business unit, division, sister company, or partner company that you could talk to.
In those two ways, you should dramatically improve the number of opportunities in your pipeline quickly, leading to an increase in your sales velocity.
