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How can you track the time it takes to close deals in your sales process?

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Tracking the time it takes to close deals in your sales process is essential for optimizing your sales performance, forecasting your revenue, and identifying bottlenecks and opportunities. In this article, you will learn how to measure and analyze your sales cycle length, the average number of days from the first contact to the final sale, and how to use it to improve your sales operations.

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Saranya Roy

Senior Sales Strategy & Operations Manager, Amazon.com | Ex-founder, SaltnSoap.com

1 Define your sales stages

The first step to track the time it takes to close deals is to define your sales stages, the milestones that mark the progress of your prospects through your sales funnel. Your sales stages should reflect your buyer's journey, your sales methodology, and your industry standards. For example, you might have stages such as prospecting, qualification, discovery, proposal, negotiation, and closed-won. You should also assign a probability of closing for each stage, based on your historical data or industry benchmarks.

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Saranya Roy

Senior Sales Strategy & Operations Manager, Amazon.com | Ex-founder, SaltnSoap.com
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Tracking the time it takes to close deals in your sales process involves using a CRM system to record and monitor each stage of the sales cycle. Implement a system where sales reps log key milestones, from initial contact to deal closure. Analyze this data to determine the average time taken at each stage and for the entire sales process. Segment data by deal size, product type, and customer segment for more nuanced insights. Regularly review this data to identify bottlenecks or stages that require optimization. Use these insights to refine sales strategies and training for efficiency improvements. Monitor changes over time to assess the impact of process improvements.

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Matthew Magee

Sales Operations & Optimization | Team Builder | Strategic Problem Solver | Process Driven | Data Nerd | I help companies sell faster, more often, for more money and LOVE helping them grow
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Resist the temptation to get too complicated here. Think broadly. I've seen as many as 8-10 sales stages and it became tough for sellers to know which one they're in and therefore accurately stage their pipeline. Sales opportunities don't all follow the same path to closed won - so leave some room on the path for them to move a little and change lanes, so to speak.

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2 Set up your CRM system

The next step is to set up your CRM system to capture and record the time it takes for each deal to move from one stage to another, and from the first stage to the last stage. Your CRM system should allow you to create custom fields, workflows, and reports to track and display your sales cycle length. For example, you can create a field that calculates the number of days between the creation date and the close date of each deal, and a report that shows the average sales cycle length by stage, by rep, by product, or by any other relevant dimension.

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Matthew Magee

Sales Operations & Optimization | Team Builder | Strategic Problem Solver | Process Driven | Data Nerd | I help companies sell faster, more often, for more money and LOVE helping them grow
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A hurdle I've wrestled with is how to handle sales that skip stages. Do you allow it? Do you force the CRM to send them through the stages so your funnel is linear? Do you simply make it a rule and hope sellers follow it? Whichever decision you make - it will affect your age and telemetry data. So know that going into your decision and be prepared for the pros and cons. Skipping stages will make it hard to see where your deals get stalled or if sellers are sandbagging; yet not all deals move in a linear fashion. So think about what tolerance you have and set your CRM up accordingly.

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3 Analyze your sales cycle data

The final step is to analyze your sales cycle data and use it to identify patterns, trends, and insights that can help you optimize your sales process. You can use your CRM system or a BI tool to create dashboards and visualizations that show how your sales cycle length varies by different factors, such as deal size, lead source, seasonality, or customer segment. You can also compare your sales cycle length to your industry average or your competitors, and see how it affects your conversion rate, win rate, and customer satisfaction.

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4 Implement best practices

Your analysis can help you implement best practices to shorten your sales cycle length and increase your sales efficiency and effectiveness. To start, align your sales and marketing teams to generate qualified leads and nurture them with relevant content and campaigns. Utilize a consultative selling approach to understand prospects' needs, challenges, and goals, and tailor your solution and value proposition accordingly. Leverage technology and automation to streamline sales tasks like scheduling meetings, sending follow-ups, and creating proposals. Additionally, provide clear calls to action and incentives to motivate prospects to move forward and overcome objections. Finally, monitor and coach your sales reps to ensure they follow the sales process and best practices, while providing them with feedback and training.

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Matthew Magee

Sales Operations & Optimization | Team Builder | Strategic Problem Solver | Process Driven | Data Nerd | I help companies sell faster, more often, for more money and LOVE helping them grow
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Some of my favorite areas to analyze: What stages to we tend to lose from the most? Where do we "no bid" or qualify out of deals that are a bad fit and how long does that take? Learning these things will help you to do those things even sooner. If you can reduce the amount of time you spend on deals you lose or weren't a good fit for your solution; the more time you have for selling the ones you'll win! And that means more $$$.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you track the time it takes to close deals in your sales process?

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1 Define your sales stages

2 Set up your CRM system

3 Analyze your sales cycle data

4 Implement best practices

5 Here’s what else to consider

Sales Operations

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How can you track the time it takes to close deals in your sales process?

1

2

3

4

5

1 Define your sales stages

2 Set up your CRM system

3 Analyze your sales cycle data

4 Implement best practices

5 Here’s what else to consider

Sales Operations

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