CLOSE RATE WORKAROUND!!

[BEastom]

Hey Community,

I, like many of you, have been extremely frustrated with the inability to track close rate of deals.  Even though this is one of the most important metrics for a sales team, Hubspot has no way to track close rate unless it is closed won vs closed lost.  I found this to a big problem because in most cases our sales rep goes to the house and if they don't close it in the house, it is still open for us to do follow up.  This means it is NOT closed lost yet.  Because of that, the closed won vs closed lost for any short term period was never accurate. 

Another issue we had is that a sales rep could close the deal in the house, but then the deal could fail to get financing.  In this case, the deal is closed won for purposes of tracking the statistics of a salesman's performance because he did everything he was supposed to, but in the system it would be closed lost because we were unable to do the job.  The analytics of closed won vs closed lost would be incorrect.

In order to make this work, I have done a couple of things.  

1st: However you wish to have the deal tracked.  Maybe you put the sales rep as "Deal Owner", maybe you use something else.  We have an alternative property called "Outside Sales Rep"  that we use for tracking.  The analytic will use this field as the "Total Deals" portion of the Close Rate.  We also have an "Inside Sales Rep" that could potentially close the deal after the Outside Sales Rep has left the home.  

2nd:  I created a Secondary Property called "Closed By"  This field is ONLY filled out if a deal is sold.  This allows me to track WHO closed the deal, which means that if the Inside Salesman closed it after the Outside Rep left, it would still show this as a closed deal that was an In home visit by the rep, but someone else did the closing.  Thus, his close rate would be lower, but the deal would still be closed.

3rd: I have a Third Property called "Result" which is entered when the Rep leaves the home.  It has a few options that include Items that make the lead uncloseable in the house.  Such as if the person is not home, or ends up leaving before the rep can give the presentation, or if the rep is exclusively an insurance job meaning the rep has to wait on the insurance adjustor to do anything.  This field is used for filtering results so that ones that are lost but were not a truly closeable lead is not counted against the rep.

In Analytics I created a Pie Graph to show this: 

Displaying: Closed By

Measured by: Count of Deals

Filters are set as: 

1.  Who the Outside Sales Rep is I want to track, or I could potentially put in all the reps if I want a total team Close Rate.  

2. Time Frame I want Tracked

3. Result filters OUT the results I don't want to be tracked in this metric such as No Demo, or Not Run, or Insurance

This gives a beautifully labeled Close Rate for not only the Outside Rep, but the Percentage of that particular Salesman's customers that were closed by Inside Sales.  In this instance, the Deals closed was about 43%, but only about 18% were closed by the Outside Salesman, the rest (25%) were closed by the Inside Salesman AFTER the rep left the house.

This works perfectly for me and is lightyears ahead of the ones available inside of Hubspot naturally.  I scoured all over looking for a way to do this, and kind of stumbled upon it.  Because it requires having a few of your own fields available, I figured most will not have this set up in a way to do it, however, it is not a difficult set up.  You can add the custom properties yourself, and You can create an automation fill them out in bulk so that you don't necessarily have to go in and manually change all old deals if certain parameters are met to make this possible.  But at the very least, you can make sure the fields are filled out for any future deals by making them mandatory under certain stages so that this will work in the future even if you can't do it immediately.  

[kvlschaefer]

This is a great workaround, @BEastom!

Thank you for taking the time to write this and sharing it with the Community 🙂

Best,

Kristen