This tool is designed for the following audiences:
The tool is used for two purposes:
Take the following examples.
A website estimates its sales rate for a new product will be 10% (1 sale per 10 visits). It estimates the maximum achievable rate to be 20%. In its first week, of the 10 visits to the information page of this product, there was 1 sale. The sales percentage macro calculates the odds of surpassing the target sales rate of 10% as 0.3 to 1. The corresponding probability is 24.9%
In the year-to-date (the end of the previous month), a commission salesperson has had 40 sales calls, resulting in 6 sales. The target rate is 10% while the maximum achievable rate is 20%. In the current month, the salesperson has had 10 sales calls, resulting in 2 sales. The sales percentage macro calculates the odds of surpassing the target sales rate of 10% as 16.3 to 1. The corresponding probability is 94.2%
A store is looking for an average sale to exceed $100. In sales from the previous two weeks, the average was $100.35. For the current week, the average is $102.13. The sales amount macro gives the odds of exceeding an average of $100 as 13.1 to 1 with a corresponding probability of 92.9%. If this were a new store with no prior data, using just the data from the current week, the odds would be 8.7 to 1 with a corresponding probability of 89.6%.
The two tools can be used in tandem. For example, suppose the odds of exceeding a sales rate of 10% are 3 to 1 (corresponding probability of 75%) and further suppose the odds of exceeding an average sale of $500 are also 3 to 1. Then, for 100 sales calls, the salesperson can expect to make at least 10 sales each earning an average of $500 for a total of $5,000.
We are now looking for beta testers of the sales target macro. To test the macro, you must become a member of Bayesoft.com. Within a week of registeration, you will be asked to complete a survey in which we ask you about the usefulness of the product and what it should be priced at. As our way of saying thanks, you can use the macro free of charge.
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