How do you track your sales process?
Try these 7 KPI’s.
Lucy McCarthy blogs…
It is important that your team are all united when it comes to how you sell not only to new customers but existing customers too.
Key Performance Indicators (KPIs) are the markers which direct your sales team and let them know the things they need to do in order to be successful. The sooner you start to measure something, the sooner you will see it improve.
1. Response Time
When a lead comes in to the sales process, it is vital that contact is made as soon as possible. Within 24 hours is a good rule to stick by.
Escalate this to voice as soon as possible. An email can be ignored but if you remember the classic film Phone-Booth (ok a little out dated now as we have mobile phones, who’d have thought!?) , ‘a ringing phone has to be answered’.
2. Rate of Contact
We’ve learned that in order to convert new leads, we need to make sure that outbound call volume is high. Even if at times it feels like a cold call, you have permission to contact this person as they enquired about your services, and you have recognised their need . You would be doing them a disservice if you ignored their enquiry.
Ensure that you are connecting with your potential client and always employ the ‘80/20 rule’ – you speak for just 20% of the time and you listen 80%. Ask open questions and allow them to talk. This enables you to get more useful information.
3. Rate of Follow Up Contact
We found a survey that showed almost half of sales people never follow up with leads after the first contact. Don’t give up! The survey showed that 10% of sales are closed on the 4th contact, and a massive 80% of sales are closed on the fifth to 12th contact. Persistence pays off!
When speaking to a new customers make sure you keep the sale open and think about the cross-sales you can suggest by actively listening to your customers’ concerns. Think of supermarkets and how they use subliminal messaging when you’re shopping, garlic bread next to pasta and sauce… Chances are (unless you’re a carb-avoider you’d buy all 3 and not just the sauce!) and ooh how helpful they are, they’re all right next to each other, making my decision making so easy!
5. Social Media Usage
Actively use social media to communicate with your audience. 80% of people have social media on their mobile phone, this is an excellent way to reach them. The convenience of sending a message on Facebook and the excitement when the little red notification appears (which apparently releases serotonin in the brain) gives customers an access to your business 24/7.
6. Usage Rate of Marketing Materials
Using different forms of marketing allows you to measure what works and what doesn’t, as well as reaching different types of customers. Using social media (as above) may reach a different demographic as a written letter in the post. The right kind of material can provide tremendous value to sales people as it actually offers them an opportunity to follow up with leads to find out what they thought of it. To really close the loop on tracking, try using unique call tracking numbers on all of your content. This will tell you whether you’re getting call backs after the content goes out.
Take a look at this innovative and original way to reach your audience!
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It is imperative to constantly review your sales process and keep track of what worked and what didn’t. ‘360’ your new customers, existing customers and non-returning customers to gain active feedback.
Constructive feedback or ‘observations’ may be useful to communicate within the sales team itself. You might have sales people on your team that are excellent networkers and door-openers, but not so strong closers. If so, then you need to help them either get better, or move them into a different role so that they can open doors for your closers. Either way, tracking this is key.
If you want to know how to refine your sales process, we can help. We can help implement systems that aren’t complex or unmanageable, all you need to do is get in touch and we can drive the rest, call 01326 660022.