Welcome to March! With the end of the month comes the end of the first quarter of 2024.
Will you be 25% to the 2024 goals you set? Did you set any goals? Or are you shooting from the hip and hope there will be money in the checkbook at the end of the week so you can get a pizza and go to the movies?
You have seen it before: if you measure it, you can manage it. You cannot achieve your sales goals without measuring sales metrics. But what should you measure? Based on an article I read on LinkedIn, here are 14 metrics I recommend you start measuring immediately.
Sales performance metrics should be monitored daily, weekly, and quarterly.
1. Total sales, either revenue or margin, based on how you compensate sales reps
2. Net new clients (combination of new clients and lost clients)
3. Current client account revenue (ensure each client is ordering your best selling products)
4. Sales growth (are you better or worse compared to last year)
5. Client retention (it is easier to keep clients than it is to obtain new clients)
Sales activity metrics should be set based on daily, weekly and monthly performance based on the sales role.
6. Cold calls (how many calls or emails to talk to a future customer)
7. First-time appointments set (how many phone calls to get one appointment)
8. New proposals
9. Follow up (relentless follow up converts proposals to sales)
Sales conversion metrics are those that help you determine if your sales process is working and what you need to change.
10. New referrals received (if below goal, you need to step up your networking activity; set up a weekly goal of new contacts met)
11. New referrals given (referrals given can lead to referrals received)
12. New opportunities entering the pipeline
13. Opportunities that convert to proposals
14. Proposals that convert to sales (Woo-hoo… dinner and a movie this weekend!)
Set up quarterly accountability meetings with the whole team. It is easier to achieve 2024 goals when we adjust activities and behaviors in April or July than in October. Do not wait until a new year to begin tracking metrics. Start today. The faster you establish and begin monitoring sales and marketing metrics, the sooner you will Heat Up Your Sales!
