So what does baseball have to do with sales? Well the story of Moneyball tells how an analytical, evidence, and metric based approach was used to achieve success. It also happens to be the story of how the Oakland Athletics transformed their team by re-evaluating traditional baseball strategies that lead to wins.
The A’s came up with a new strategy based upon the resources that were available to them. One of the approaches of their new strategy was to recruit under-valued players in the league. This saved them money, but still put them in a good position because even though the players were not highly sought after, they were still good. This new strategy paid off by taking the team to the playoffs in 2002, 2003, 2006, 2012, 2013, 2014 and 2018.
The Secret to Moneyball Success
The A’s identified and broke down key processes and the metrics required to understanding those processes. If one takes those processes and metrics that they used in their strategizing and analyzing, and stripped them of the baseball quality, it is easy to transpose their methods to sales performance.
Can You Answer These Moneyball (metric based) Questions for Your Company?
- What is your new top-line revenue goal for 2020?
- Do you know how many leads, meetings, proposals, and closures it will take to achieve your goal?
- Do you know your 3-key sales process ratios: leads-to-meetings, meetings-to-proposals, and proposals-to-close? Do you know which way these ratios are trending?
- What is the accuracy rate of your forecasted sales closure? (Forecasted close date to actual close date)
- Are you confident your current plan will achieve your goals? What data gives you that?
- Do you know which area of your sales process is the biggest constraint to achieving your goal?
If you would like to learn more about the Moneyball Principles that you can apply to your organization get in touch and schedule a discussion with me.