The importance of metrics has been a common theme in recent posts. Today’s perspective offers an innovative way of approaching the ever-important subject.
A conversation on how measuring relates to sales efficiency could go in many directions. To simplify into 2 essential points, I suggest the following…
Make sure you are measuring:
• The quality of Marketing’s leads
• How effectively the Sales department is using these leads
These two umbrella points encompass most of the power behind measurement.
1. Measuring Marketing Quality
Marketing’s contribution to sales, although a separate entity, must be recognized and reviewed. Measuring the quality of leads that the Marketing team produces ensures that the Sales department is only being handed qualified leads. In other words, by measuring the Marketing team, you can rest assured that your Sales team is being provided with opportunities that have the potential to turn into prospects and wins for your company.
2. Measuring Sales Efficiency
Don’t measure your Sales team solely on how many deals they close. Obviously, closure rates are a necessary metric to consider in any sales process. It is not the only metric, however. By placing equal, if not greater, importance on other metrics, you will not only reinforce the importance of the end result, but also the importance of the entire sales process. Measuring how many qualified leads translate to meetings, prospects, and proposals will tell your Sales team that facilitating the buying process is mission-critical. We all want to close the sale; your reps included. It’s the process, however, that will get you to that point.
By executing effective measurement techniques in just these two areas, instigating an internal alignment between Marketing and Sales, you will see results in the number of accounts closed and the amount of revenue generated.