Download
1 / 14
140 likes | 143 Views
If you want your business to generate sales consistently, you better know which marketing sales and activities truly drive your businessu2019s success and how to properly measure your numbers.<br><br>This fastest way to understand your numbers is where KPIs come in to play. KPI stands for Key Performance Indicator. <br><br>Every company and industry has their own and if you expect to compete effectively, learning why each KPI is important and what levers you can pull to better those of your business can often be the difference between success and failure.<br><br>For example, you may want to consider tracking u201clead response timeu201d or how quickly your company responds to a potential customeru2019s request for additional information. You could measure u201crate of contactu201d if your business does outbound prospecting.<br><br>Alternatively, you may want to keep track of the u201copen ratesu201d and u201cclick-through ratesu201d of your email marketing campaigns.<br><br>There are a couple of things to keep in mind though, you do not want to measure something just for the sake of having something to measure. You need to understand how what you are measuring affects your success or failure.<br><br>This doesnu2019t mean whether or not you can explain it to someone. You need to be able to prove it with numbers. Even then, you can run the risk of the correlation of your KPI and success being coincidental. This is why identifying your true KPIs, in the beginning, maybe an experiment of trial and error.<br><br>The next thing to remember is just because you can measure something doesnu2019t mean you should. Try to limit the number of KPIs that you are monitoring to the most essential ones.<br><br>If you begin tracking too many they will create noise and take away from your ability to analyze the health of your business.
E N D
PROFIT BOOST TIP ©2020. All rights reserved. Understanding Your Numbers Will Generate Sales Consistently
PROFIT BOOST TIP UNDERSTANDING YOUR NUMBERS If you want your business to generate sales consistently, you better know which marketing sales and activities truly drive your business’s success and how to properly measure your numbers.
PROFIT BOOST TIP Every company and industry has their own and if you expect to compete effectively, learning why each KPI is important and what levers you can pull to better those of your business can often be the difference between success and failure. This fastest way to understand your numbers is where KPIs come into play. KPI Key Performance Indicator
PROFIT BOOST TIP Forexample, You may want to consider tracking You could measure “Lead Response Time” “Rate of Contact” or how quickly your company responds to a potential customer’s request for additional information. if your business does outbound prospecting.
PROFIT BOOST TIP Forexample, You may want to consider tracking Alternatively, you may want to keep track of the “Lead Response Time” “open rates” & “click-through rates” or how quickly your company responds to a potential customer’s request for additional information. of your email marketing campaigns.
THEREAREA COUPLEOFTHINGS TOKEEPINMIND THOUGH, PROFIT BOOST TIP You do not want to measure something just for the sake of having something to measure. You need to understand how what you are measuring affects your success or failure.
Even then, you can run the risk of the correlation of your KPI and success being coincidental. This is why identifying your true KPIs, in the beginning, maybe an experiment of trial and error. PROFIT BOOST TIP %$#* This doesn’t mean whether or not you can explain it to someone. You need to be able to prove it with numbers.
Thenextthingtoremember is just because you can measure something doesn’t mean you should. Try to limit the number of KPIs that you are monitoring to the most essential ones. If you begin tracking too many they will create noise and take away from your ability to analyze the health of your business. PROFIT BOOST TIP
Revenue per Customer Some examples of KPIs for your Gross Profit Margin financeteam: Monthly Recurring Revenue PROFIT BOOST TIP
Traffic to Lead Ratio Some examples of KPIs for your Cost per Lead marketingteam: Click-Thru Rates of various campaigns PROFIT BOOST TIP
Opportunity to Win Ratio Some examples of KPIs for your Total Sales Volume Discounts Applied / Margin Retained salesteam: PROFIT BOOST TIP Sales Cycle Length
A famous quote from Peter Drucker states “WHATGETSMEASURED, GETIMPROVED.”
PROFIT BOOST TIP If you develop the habit of measuring what you expect from your business and always understanding your numbers, then you can strategically find multiple ways to generate sales very quickly. UNDERSTANDING YOUR NUMBERS WILL GENERATE SALES CONSISTENTLY
If you would like help to generate sales quickly, Visit www.growthadvisorondemand.com "Attract More Customers and Boost Your Profits On A Pay After Results Basis"
