Last week we implemented the ability to add custom categories to deals. No big development right? However, instead of thinking about them as categories why not try thinking about them as “sales types”?
The reason we suggest this is because “categories” is too open. It in a sense means you can apply any logic to how you categorise your deals.
And that’s the flaw. You just end up giving yourself too much admin and pain because it’s hard to keep it simple. Here are a few examples:
- Categories can be used for stages – meaning you need to change category every time you move the deal on (a lot of Highrise users do this)
- Categories can be used for products – but what happens when you have multiple products? Even multiple categories will get you stuck.
- Categories could be used for locations or even periods of time – again Highrise users do this. It’s not natural.
This all gets you into a categorisation game with no other real benefit than you’re deals are nicely tagged or categorised. Mmmm admin.
Welcome to sales types!
Our philosophy for sales types is simple:
- Types should apply whether the deal is won, lost or pending
- Types should be assigned once and shouldn’t involve any more admin after that
- Types should be something that can be measured
- Types should have nothing to do with products, locations, stages and dates or anything else that can change
If you sign up for a standard Tracks account you’ll be assigned 5 different types, which you can edit, add to or delete. The 5 are listed below.
You’ll see that once a deal is a type, it’s a type and it can’t be changed – a speculative deal is always a speculative deal (regardless of how hot it gets). What’s even more the case is that mostly all B2B businesses have these types of deals, but rarely use them as categories. They are too busy messing around with clunky CRM stages.
Here’s an example of what we mean:
Would you rather see how many deals you have at the “pitch stage” or how many deals you have that are a “good fit” for your business?
Knowing the number of deals at the “pitch stage” tells you nothing about the probability of closing. Whereas, if you know how many deals you have that are “good fits” vs. “speculative” then you can measure and get a better feeling for the strength of your pipeline.
Also, there will have been times when you have thought that there were too many speculative deals in your pipeline. Every business has. Using sales types in Tracks will help you measure and stay on top of this.
That’s why we love sales types.
PS – we’ve called deals that are almost certain to fall “slam dunks” for a while, so we decided to keep it in!