While some experts Expecting a second honeymoon period for edtech, founders in the space need to change tactics and learn how to get more results with less money.
When you have a great product, a great marketing team, and a great sales team, it makes sense to expect to make a lot of money. Unfortunately, the reality is that these things don’t help much at all.
Once you know what makes each of your strategies “effective” or “good,” you will succeed. It is important to learn how to break down your tactics to improve your earnings.
Direct ways to improve sales
Address sales force effectiveness
Analyzing statistics starts with determining each manager’s target results. Because one person can only do so much, it’s important to know how much time and effort everyone puts into it on a daily basis.
It’s important to assess your sales department’s workload to see if anyone is being overworked or underworked. Often a sales manager is assigned too many leads, but this can compromise their effectiveness. Overworked sales managers are unable to communicate efficiently with customers, negatively impacting the overall return on marketing investment.
You can calculate “normal” workload based on your product and take steps to avoid assigning new leads to overburdened sales managers until their workload normalizes.
The Service Level Agreement (SLA) of each lead
SLAs can be used as an indicator of how quickly sales managers respond to incoming requests. Our data indicates that elapsed time is directly related to conversion rates.
Managers should call customers back within 5-20 minutes. Conversion rates can drop by 20% to 30% if the callback time is between 30 minutes and an hour. A manager who calls customers back after an hour cuts their conversion rate by half.
Create a simple dashboard to track SLA by day and see if your team is overloaded or not enough leads.
