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Companies That Automate Prioritization Average 97 Percent Greater Conversion Rates Compared To Those That Don't, According to Analysis of More Than 400 Sales Organizations
LOS ANGELES, July 16, 2014 /PRNewswire/ -- Velocify, the market leader in cloud-based intelligent sales automation software, today announced the results of a new sales optimization study titled "The Power of Prioritization – How Automating Relative Importance of Sales Activities Can Impact Sales Success." The study uncovered how prioritization technology, which enables salespeople to focus on the most important activities throughout the day, empowers sales teams to work more productively and improve sales results.
Consider for a moment the job of a salesperson: they often switch between multiple activities – ranking new leads, scheduling follow-up calls, filtering and sorting lead lists – and this approach takes a toll on performance. For example, a study by Jason M. Watson and David L. Strayer showed that 97.5 percent of individuals see a significant decrease in performance when required to handle two tasks simultaneously.
Velocify's new study supports this academic research, demonstrating breakthrough sales performance among salespeople who utilized prioritization technology to focus on selling. Performance improvements included an average of 88 percent more talk time and 15 percent greater conversion rates than those salespeople not utilizing prioritization technology.
At the company level, the potential is even greater. In fact in some cases, companies rose far above an apparent "invisible ceiling" that limited the performance potential of organizations that rely on individuals to prioritize their work throughout the day on their own, without the help of technology. Companies that exhibited heavy usage of prioritization technology averaged 178 percent greater conversion rates than those not using prioritization.
Key findings of the study
Salespeople and companies that used prioritization technology were able to increase both the number of leads they were able to handle as well as performance metrics on those leads, realizing the following improvements over those not using prioritization technologies:
"Today, salespeople are burdened like never before with more data and tasks to deal with in a given day than the human mind could possibly organize or stay on top of," said Velocify CEO Nick Hedges. "Even though the benefits of helping sales reps organize and prioritize their work are obvious, this study provides definitive evidence that prioritization technology improves sales productivity. The study showed us that a whole new level of sales performance potential is seemingly unlocked by prioritization technology."
The study analyzed more than 400 Velocify customers across more than a dozen industries, which dealt with more than 500 new leads per month over a 90-day period. It compared the performance of companies and salespeople that use prioritization technology with those that do not.
True impact of sales activity prioritization
More than just sorting by a fixed lead score, activity prioritization technology simultaneously considers multiple factors, such as lead status, scheduled actions and appointments, time since last contact, as well as the lead score, to keep a constantly updated queue of contacts that shows the salesperson who to reach out to next. Prioritization technology frees salespeople to focus on their most important job: selling.
"The prioritized queue is incredible because the salesperson wakes up in the morning, they turn on their computer and they go down the list of their priority sales activities for the day," said Velocify client and goMediGap Chief Operations Officer Kevin Walbrick. "Instead of worrying about which lead to follow up with next, the automatic queue does that for the salesperson. Velocify allows me, as an administrator, to strategically build the logic in the backend so it's easy for salespeople to make the right calls at the right time."
Velocify is a market-leading provider of cloud-based intelligent sales software, designed for high-velocity sales environments. Velocify helps sales teams keep pace with the speed of opportunity and increase revenue by driving rapid lead response, increased selling discipline, improved productivity, and actionable selling insights. The company has helped more than 1,500 companies across a variety of industries improve customer acquisition practices and sales performance. Velocify was recently recognized as one of the fastest growing companies in North America by Deloitte and a Best Place to Work by the Los Angeles Business Journal.
Sales Activity Prioritization is a central feature within Velocify's sales acceleration technology and is unlike anything on the market today. The technology streamlines the activities of all salespeople, ensuring they are always following up on the highest priority activities first, while staying on top of important tasks throughout each day and throughout the sales cycle.
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