M a r k e t i n g t i p
Shifting timelines can generate
more business now and in the future
Part two of a three-part series on managing results for maximum success.
The methods in which you measure results have a direct impact on those results. Last week's article discussed what you measure - going beyond just dollars funded to measure success at a more granular and strategic level. Similarly, the timeframe in which you measure results can positively impact your success.
One way to change your measurement timeframe is creating a new or additional sense of urgency. Most companies measure results on a monthly basis. As you might expect, SunBridge Capital typically sees the highest per-day fundings on the last couple business days of the month. Odds are your vendors also measure their sales on a monthly basis. So, brokers and vendors make a push at the end of the month because of the looming cutoff date of the measurement timeframe. Some lessees probably want to wrap up their financing by the end of the month as well.
What would happen if your business shifted its measurement timeframe to the middle of the month instead of the end? What if you measured your results from the 16th of one month through the 15th of the next month? You now have two cutoff dates each month - one is yours, one is driven by your vendors. There are now two periods of urgency each month. You will likely fund more deals each month because of the greater frequency of the urgent periods. And you will have more resources available during each period, because you cleared out your pipeline during the previous period of urgency.
Last week's article discussed measuring small wins, such as phone calls, applications and approvals. What if you measured each week's success by the number of approvals you received from funding sources? Again, you create motivation, either for yourself or your teams, on a more frequent basis. Think of it this way: Do you want to fund ten deals a month, or earn twenty approvals each week. Based on your past, which one leads to more revenue? Now, what would happen if both of those measurements of success were important to you? You would increase your overall fundings and therefore revenue by consistently motivating yourself or your team to keep the pipeline full. The additional benefit is that everyone involved is more aware of the causes for your successes and challenges and can predict them. If you don't fund ten deals in a month, there are dozens of possible reasons why. But if you earn twenty approvals each week and still don't fund ten deals, you have a better idea of where to focus your attention. Likewise, if you fund ten deals this month but only receive five approvals each week, next month is going to be slow for fundings and you can start making adjustments now.
One final idea in shifting your measurement timeframes in order to achieve more success: stretch them out. In some situations, creating more urgency can be a negative. If a salesperson is told to make five sales this week, he will perhaps conduct himself in such a way that may generate some near-term sales but not promote long-term relationships and future sales. Consider a mix of frequent and longer-term time periods for measuring results. For instance, securing the first application from a new vendor may take a while, so don't put salespeople in the position where they are demanding or groveling for an application in the first couple days. Stretch out the timeline to a couple weeks so that the salesperson has the time to build rapport and lay the foundation of what will be a lasting relationship and source of business.
The most important lesson in altering your measurement timeframe is to test new ideas and track their results. Keep it fresh by trying new things and then measure the results. You'll soon find which changes are bringing in more business and which may be only causing anxiety for your sales and marketing teams.
