Are You Using The Right Sales Metrics To Track Your Leads?
Have you ever watched a video in which the audio and video didn’t sync? Pretty frustrating, isn’t it? It’s probably not as frustrating as when a prospect says one thing and does another, though. With the right sales metrics you have greater insight into the truth behind your prospects’ intentions. But are you currently tracking the most accurate indicators?
The best way to measure the effectiveness of your sales process is through your prospects’ level of engagement. Are your buyers taking action on their own, requesting new content or reaching out to you? If your prospects are proactive and engaged in your sales conversations, you’re more likely to close deals.
There are several ways to go about tracking prospect engagement, but a few sales metrics are especially worth your consideration:
- Comments – Number of people commenting on your social media assets
- Downloads – Number of people downloading content (e-books, whitepapers, tip sheets, etc.) from your website or emails
- Shares – Number of people sharing your sales assets
- Subscriptions – Number of people subscribing to your blog, emails or other sales assets
- Time With Content – How much time a person spends reading or interacting with a piece of content
The key to using these sales metrics is determining which provide the most accurate reflection of what’s important to your prospects.
It’s also valuable to determine if there are changes in the nature of your communication with prospects in your sales funnel. You should understand your normal conversation patterns with prospects so that you’re able to spot changes (both positive and negative).
Two great example metrics are:
- Time Between Communication – The amount of time that passes between communication points with your prospects
- Time To Close – The amount of time it takes for a prospect to move from an initial lead to a customer
In the case of both sales metrics, an increase in these indicators isn’t good.
When taken from a single prospect perspective, if you’re used to hearing from a prospect within two days and a week has passed with no communication, that’s a bad sign. It could be that your contact is on vacation, but barring any extenuating circumstances, the longer you wait to hear form them, the more likely it is that you have a problem.
From a high-level perspective, if it’s taking you and your sales team longer to close deals, there’s probably something wrong. This knowledge gives you the power to recognize your problem and take corrective action.
No matter which metrics you use, it’s critical that you get feedback from your prospects to confirm what your sales data is telling you. Make it as easy as possible for them to provide feedback. The more empirical data you have, the better you understand your target market.
The Tellwise Nutshell (TTN): The importance of analytics in today’s sales environment can’t be overstated. But as important as it is to track your sales process, it’s equally critical to track the right metrics and focus on the leading indicators of your standing with prospects. From the key social selling metrics like downloads and shares to “time to close,” make sure that you double-check your data with your prospects’ feedback.
To learn more about using analytics to improve your prospecting strategies, check out the Tellwise Tipsheet.