Key Performance Indicators For Business Development

Common Question:

How Successful Is Business Development?

Key Performance Indicators are not only important to determine how successful your Business Development Rep is, but it also helps you determine how well you are doing as a whole company.

As an experienced Business Development Manager there are things that I have found to be very important in determining the success of the rep. The main goal for a rep is to always nurture existing relationships while prospecting for new potential business.

Throughout my career I have used several metrics to track my performance and I have taught others on how to use those same metrics.

Here are some that I find helpful:

1. How many cold calls have I made?
2. How many meetings do I have scheduled in a week?
3. How many “referrals” are mine?
4. How often do I post on social media?
5. How many emails have I sent out?
6. How many networking events have I attended in a certain amount of time?

*It takes an average of 7 touch points before someone even remembers who you are. So the more activity you put towards those potential clients, the more you will get out of it. The more activity you have the bigger the client base becomes as well.

*There are going to be slow times within every industry and changes in the market. This will cause you to change your strategy as I mentioned in the previous article “Business Development Strategies”. Constant communication with everyone within your company is going to be key during those times. Make sure your strategies align and continue to adapt.

Key Performance Indicators as mentioned earlier are a way to also help you determine how well your company is doing as a whole as well.

Look out for the next article on the certain indicators that I think are beneficial to use.