Product Release: Deal Score
Improving the accuracy of your forecast is simple in theory – it all stems from using data before committing to a decision. Traditionally, these decisions are being made based on gut feeling, with limited visibility of what is happening within an account. To improve the accuracy of your forecast, these decisions need to be based on the genuine likelihood of those deals to close.
This is where Deal Score enters the fray. We’re now providing users with predictive forewarnings that will play a key role in improving the forecasting accuracy across sales teams. Deal score introduces a tangible way to make those decisions based on the data in your CRM, rather than making baseless assumptions.
Our deal score metric is comprised of 100s of different variables to deliver a score from 0-100 which indicates how likely the deal is to close successfully. We consider relationships, engagement, deal stage, close date, deal value and so much more to provide a quantifiable figure to demonstrate how the deal is progressing.
With this, each deal is being analysed in real-time, providing you with instant insight into the performance of the deal and its likelihood to close based on your historical performance. Deal scores are weaved into the opportunity overview, offering a swift insight into the score of the deal while reviewing your pipeline.
Deal score brings benefits for reps and managers by providing a digestible way of understanding how likely a deal is to close. For reps, it introduces a clear view of deal performance as well as which opportunities require just more attention to close. Meanwhile, for managers it offers an excellent gauge on how teams and reps are performing, and also paves a way to identify which deals to prioritise when coaching for success.
So how is deal score calculated?
Deal score is a predictive metric that considers multiple factors being fed through via your CRM. Of those 100s of variables, these boil down to the following 7 attributes;
- Deal Stage
- Is the deal closing soon, or is it only early in stage?
- Engagement Score
- Is the account well engaged or not?
- What about the decision makers, are they being engaged sufficiently?
- Engagement Score Trends
- Is it going up, or is it going down?
- Age of the opportunity
- How long has the deal been in your pipeline?
- How does it compare against your sales cycle benchmark?
- Close date
- Has it changed, or has it remained the same?
- How many relationships are you working?
- Are enough being engaged with to ensure the best rate of success?
- Next Action Date
- Is a meeting or call on the horizon?
- How soon is the next interaction, or is it still a while away?
All these factors are then considered within the context of your historical performance benchmarks to provide a score from 0-100. This score is updated in real-time with the constantly evolving nature of your sales benchmarks, meaning it’s always relevant regardless of month or quarter.
By adding context to the state of each deal, you can now make decisions empowered by the data in your CRM. Prioritise deals whose scores are slipping, and accelerate deals whose score is improving. Deal score is now live in our Revenue Intelligence Platform and is available to customers with the following subscriptions;
To start improving the accuracy of your forecasting today, plug in to Ebsta, and get started immediately.