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When was the last time you had a performance review? In the days leading up, surely, you sat back in your chair and thought to yourself, “You know what? I’ve done a great job here. And I’m sure my boss will take my word for it!”
And then you undoubtedly waltzed into your boss’s office and said, “I’ve done a good job here. All right, review over!”
Or are we missing a few details? At every level of an organization, employees—and their managers—are viewed through a series of metrics, whether we’re calling them by that name or not. Because in the world of accounting, bottom lines, and competitors, it’s not enough to simply feel like you’ve done a good job—you have to measure it.
With that in mind, we’ve honed in on a just a small sample of the KPIs—that is, Key Performance Indicators—that are important for any sales organization to understand and analyze. With each, feel free to dive deeper into the metrics, and you’ll find that on the other side is a clear and true pathway to success.
Whether your employees are tasked with prospecting or not, this is a simple metric that any sales person can adhere to: are they turning their leads into contracts or not? That, in essence, is your Customer Acquisition Rate.
Allie Decker, writing for HubSpot, outlines exactly what Customer Acquisition Rates translate to for your business, noting quite simply that acquiring new clients “allows your business to 1) make money to meet costs, pay employees, and reinvest in growth, and 2) show evidence of traction for outside parties such as investors, partners, and influencers.”
Simply put: if you’re not consistently acquiring new customers (at a reasonable cost), your business simply cannot grow.
But what good is it to lock in a client once if you’re just going to lose them tomorrow, or in a month—or a year? Crudely: You could turn a cow into a cheeseburger now, or you could nurture it, breed it, and create a whole herd of meat, dairy and fertilizer-producing cattle. One of them takes a little more work, sure, but the benefits are hard to quantify.
Make sure that you’re tracking not only how many new customers you’re bringing in, but how you’re engaging with existing ones. Research shows us that existing customers are much easier to retain and upsell than prospects in the pipeline.
Don’t neglect those who are truly taking care of you!
Finally, as a manager, this should be a metric that you are relentlessly trying to improve or maintain.
The numbers simply do not lie on this one: engaged, happy employees are the consistently outperforming those who don’t feel like they have attainable goals or a place within the organization long term. If they’re not satisfied, they’re not going to be selling as well as they could be.
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