My husband was a math major in college. My son is an engineering student at the University of Florida. I never took calculus in school, and I only passed physics due to my ability to flirt with a red-headed boy named Lee.
It wasn’t until my career in sales that I learned math.
I learned to figure out commissions very quickly, basically on my way back to the office. That was super helpful initially as I needed to know how much I could spend on groceries.
As I matured in my career, I learned the really important math.
How to calculate my closing ratio.
The aha! came to me when speaking to a friend who sold insurance. He suggested counting the "no’s" I heard. This works to keep your spirits up until you got to a "yes".
This is how it all began.
Soon, I would figure out the math of how many calls turned into how many appointments. I then added in the numbers for how many closed and then for how much money. It took some time to see the pattern.
10 calls—6 appointments---3 Closes totaling $3,000
20 call---12 Appointments---6 closes for $6,000
Yes, I did make the math easy on this example!
However, let’s say you want to fund an event to the tune of $60,000, and you knew each of your 3 professionally trained fundraisers “math” was 20 calls---4 appointments---2 closes for an average of $5,000 each (closing rate of 10%)…How powerful would you be and yes, this math is simplified to make the point. Of course, each project (and each market) will vary.
In this case---
You need 12 donors at an average of $5,000 each.
To get that, your team will need 24 appointments
From 120 initial calls.
If you were one of those 3 fundraisers, how clear would your plan to reach your budget be?
This “math” works well if you and your team embrace it and track it for your own knowledge. It won't lead to success if it's used to micro-manage, question, or as a stick. Rather, it can and should be used to support your teams' efforts and give them a roadmap to reach their goals.
Team Kat & Mouse's Custom Measurement Forms
Team Kat & Mouse has specific forms to help your team measure and embrace the amazing power of math.
For more information take a look at www.TeamKatandMouse.com