KPIs are a significant source of valuable information for any business. They can be an essential tool for sales managers to use as a way of observing how their sales staff is operating. KPIs can offer insight into what is and isn’t working.
The following are five of the most imperative Key Performance Indicators your business needs to focus on for growth.
New Sales Leads
The growth of your business depends on not only retaining current customers, but on acquiring new ones, as well. You want to be certain that every employee is working toward common goals. This includes bringing in new clients and closing sales loop holes.
Consider having each employee become a certified professional sales person in order to ensure they are operating at their best. When you give your team the training they need, whether through call center coaching tools or face-to-face sales exchanges, you are empowering them to do their job better. Training helps them learn how to nurture new sales leads and turn those leads into happy customers. It is worth every penny of investment.
Employee Satisfaction Rate
One of the most common mistakes a business can make is to see their customers as being more valuable than their employees. Yes, customers are where the money comes in. However, that money will only come in if you have a strong, effective staff to make customers feel comfortable and enthusiastic about doing business with you.
Happy employees make for happy customers. Your employees should be your biggest fans. They should be working from a place of personal satisfaction because it leads to a place of professional success. If you treat your employees right, then that satisfaction will be obvious to every customer they come into contact with.
System Touch Points
The goal of any efficient business should be to have as low of a touch point as possible. This is because a low touch point means it is taking less approaches from your sales team in order to close sales. Not only is it a more efficient use of the sales team’s time, but it also shows your customers are feeling comfortable going into business with you without a lot of convincing.
The number of system touch points that need to happen throughout your sales process can be a great KPI measurement. This number can help you learn where you need to improve and can give you the opportunity to work with your sales team to enhance touch points that are translating into dollars.
Keeping Up with Competitor Pricing
You can’t have tunnel vision in business. It is vital to keep your eye on your competitors in order to stay competitive. This doesn’t mean over-obsessing, but it does mean staying informed. Be sure your sales staff knows how to handle any price objections that might arise from sales interactions, as well. Being prepared is an important key to success.
An excellent strategy is to offer a price-matching option for customers. This allows you to stay competitive in a way that also makes potential customers feel good about the money they are spending. They know they are getting the best price available on the market.
How you engage with your customers speaks volumes about your business. You want a plan that allows you to keep in touch with both existing customers and potential customers. Have a process in place for reaching out when a customer has left an item behind in their shopping cart. Have a birthday discount or an automatic prompt to check in every so often.
Tracking KPIs in an efficient and productive way can help you focus on the growth of your business in a way that little else can. It’s all about how you put those KPIs into action that matters. Your business depends on it.