Pipeline Builders #14
Welcome to another edition of Pipeline Builders, where we explore diverse sales strategies and tactics utilized by sales professionals. In this edition, we are going to talk about the main sales metrics to be taken into consideration. What should we look into? Which metrics indicate if our content is successful or if we are meeting the expected numbers?
The same metrics are not relevant for everyone! This depends on what your objective is, which audience you seek to impact, and what type of business you have. To gain a better understanding of which metrics are key for each type of business, we have sought the assistance of experts in the field, and below, we bring you different perspectives that you can apply.
We begin with Kendra Lee, President of KLA Group, discussing why sales metrics often fail B2B business owners. In her experience, most of them focus solely on end goals: closed sales and new clients. While crucial, these metrics alone don't guarantee success. The B2B sales process unfolds over multiple steps and time. Monitoring progress throughout, not just at closures, is essential. This approach informs necessary adjustments to positively impact revenue targets and new business development. Relying solely on final metrics leaves uncertainty until closures, risking missed revenue and margin targets. Keeping the above in mind, she provides us some sales metrics we can monitor to identify what is – and isn’t – working within sales, divided into three areas.
Monitor Sales Activity Metrics (daily, weekly, and monthly)
Monitor Sales Conversion Metrics (monthly and quarterly)
Expanding on the discussion of metrics for B2B businesses, Asif Masani, founder of the FP&A Professionals Institute, introduces the metrics he considers most critical. He also provides instructions on how to calculate them, which you can find in his post.
Massani believes that by consistently focusing on these key factors, we can not only maintain but actively foster a business environment that thrives. This approach ensures that our operations remain aligned with our strategic goals, leading to sustained growth and a robust, healthy business. Keeping these principles at the forefront of our decision-making empowers us to navigate challenges effectively and seize opportunities for improvement and expansion.
Moving into outbound sales, a scenario common among most startups, Mike Gallardo, Senior Sales Director at Deel, emphasizes that no single metric provides the complete picture. Drawing a comparison to Pokémon, he highlights the necessity of capturing them all. Gallardo outlines the essential metrics for emails, phone calls, and efficiency.
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Open Rate
Reply Rate
Positive Reply Rate
Bounce Rate
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Dials
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Conversion Rate
Booking Rate
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Opportunities
Show Rate:
Pipe Rate
Account Conversion Rate
Contact Conversion Rate:
You already have many metrics to use to understand how your sales are going and what can be improved! But always remember what Tanveer Mostafa, Head of Sales at Untap Your Sales Potential, says: "You are not your number." If you dwell on your number for too long, it will burn you out and leave you feeling empty. The most important metric is your effort attainment. Outcomes are very difficult to control, especially in sales. Inputs are 100% in your control.
To close this week's edition, we bring you the 5 recommended experts of the week. Individuals with extensive knowledge in the world of sales, whom you will surely love to follow.
Impressive overview, truly insightful. To amplify your strategy, consider integrating A/B/C/D/E/F/G testing for deeper insights into customer behavior and preferences, a method we've seen work wonders in tailoring content and offers more effectively.