Saint Paul, Minn., Aug. 15, 2017⎯OppSource, a leading SaaS-based sales development platform provider, today announced that Philip R. Styrlund has joined the company’s board of directors. Styrlund is an internationally recognized thought leader on business value transformation and the owner…
What are the Key Measures of Engagement in Today’s Sales World
Measured Marketing • October 19, 2017
When it comes to increasing revenue and engagement, sales teams must come up with a rock-solid strategy that leverages your audience and levels the playing field against your competition.
When searching for creative ways to increase revenue and engagement, it’s imperative that you focus on the metrics that matter. Measuring your work and properly reacting to the data is a key aspect when it comes to boosting your close rate. By measuring some key performance indicators (KPIs) you can find out where your prospects are engaging with your brand and when they’re saying, “No thanks!”.
But, with all of the information and tools out there these days, it’s hard to pinpoint which metrics really matter to your organization’s bottom line. Here are a few KPIs that you can monitor to measure the success of your engagement efforts and overall sales strategy.
Lead Response Time
In the game of sales, response time is a crucial element for success. Record the average amount of time it’s taking your salespeople to contact interested prospects. If it’s taking weeks, days or even hours – it’s too long! The shorter the lapse is between the first touch and the follow-up the better.
A salesperson that is able to reach out to prospects at the exact moment they click a specific button the website, download a whitepaper or request a demo, can solidify a relationship with that prospect. This idea was built around the concept that just because a consumer shows interest in your services or products today, it doesn’t mean they will remember you by tomorrow. That’s the reason it’s so important to connect with prospects as soon as they show interest in your brand.
Overall, moment of interest techniques can help sales teams hand off better sales ready opportunities. When sales development representatives can give highly valued leads to the closers, your organization’s engagement should improve.
Increased Time Spent Engaging with Website Content
This metric defines how interesting your content is. The actual time users spend on your site will tell you if people find your content relevant, unique or useful. There are several analytics tools that will help you measure content engagement effectiveness in terms of both the length, behavior flow and recency of a session on your website, the most popular being Google Analytics.
For those that are hoping to build a strategy around web content, a conversion-friendly website with informative content is key. You shouldn’t spam your users with annoying pop-overs, overused calls-to-action or a desperate sales pitch. Instead, focus on creating multiple pieces of original content, from articles and whitepapers to infographics and videos, that will help position your company as a thought leader within your industry.
Measuring time spent on site can also help if you’re trying to develop more conversion-friendly content. For example, if you have a certain article that’s seeing a higher amount of engagement (time spent on page), you can take that and build it out further. Since users are showing the most interest in that topic, develop more content assets around it to feed their urge for more.
Number of New Customers vs. Monthly Sales
By measuring the number of conversions you can gain insight into the number of new customers that connected with your organization on a monthly basis. To understand if your sales performance is on track, compare the monthly sales with the previous month’s sales. Additionally, record your monthly new leads to get to the root of your sales performance.
Sales Volume Per Location
When you can track sales volumes across certain locations, whether it’s online sales, different regions throughout the country or physical stores, you can gain insight into where your product or service is performing best. Once you identify the areas with the highest and lowest demand, try to determine why they’re performing as such.
If there is a certain website, region or store that performs higher than others, you can focus on bringing personalized services and products to that area of your outreach map.
Average Deal Size
The average size of closed deals can provide you with important information on which prospects to actually pursue. Salespeople need to optimize their time, spending it as wisely as they can. If you have a smaller average deal size than you want, evaluate your lead generation strategy and why it may be producing low-quality leads. Sometimes, salespeople tend to go after smaller deals because they’re simpler to close than a larger opportunity.
Team up with the marketing department to determine ways you can work together to modify your lead generation strategy to help boost engagement with prospects.
Once you do capture a prospect’s interest, what’s the likelihood that they will move down the sales funnels and actually convert into a customer? The opportunity-to-win ration is undoubtedly one of the most important metrics in the sales measurement process. It shows which tactics are persuading users to move on to the next step, among other things, like employee performance.
For those in sales management roles, it’s essential that you know the strengths and weaknesses of each member on your team, so you can distribute resources accordingly. Some reps are great at getting prospects into the funnel, but may be poorly fit to close. On the other hand, some team members may be great at closing, but lack the proper skills for a sales development role. When you can measure your opportunity-to-win ration, you’ll gain insight into which team members are winning sales and which are not.
Need Help Tracking KPIs?
To gain an accurate picture of your organization’s data, try the sales platform developed by OppSource. We’ll help you measure KPIs with comparative month-to-month analysis of everything from cost per lead to lead response time to content performance and more.