The old adage “What gets measured gets done” usually references managing employees and teams, but it holds true for sales efforts, too. Specifically for highlighting the importance of often mundane and repetitive sales and marketing activities.
It’s easy to focus on the big numbers—the number of proposals given, deals closed, and dollars associated with those deals. However, dozens of activities happen before a proposal is written, and they are excellent predictors of future success. Smart salespeople and sales managers know ALL the numbers. Why? Because they matter.
What numbers should you pay attention to? Start with contacts. These can be phone calls, in-person conversations, canvassing activities, trade show encounters, etc. Track every time a salesperson contacts someone and set targets for daily or weekly contacts. If you are having trouble hitting your contact number, it’s time to pick up the phone and make calls or get to a networking event and shake hands.
Contacts are valuable because they result in repeat business, referrals or leads. People aren’t thinking about you or your company unless they have a reason to do so. A contact is another opportunity for them to think of you and your business. It’s a touchpoint that creates top-of-mind awareness.
Even better, contacts can result in an apparent reason to talk with someone about your product or service via an introductory conversation (a lead). Introductory conversations can result in more in-depth discovery conversations (prospects) and discovery conversations generate proposals or estimates. And, of course, proposals lead to deals and deals lead to customers, and then referrals and more introductions.
By tracking contacts and touches, leads, prospects, proposals, deals, and customers, you develop metrics—how many contacts it takes to source a lead, how many leads become prospects, and so on. The numbers become even more granular when you start tracking lead sources, and you can spend your time on the types of sources that create the best results.
Next, apply dollar values to each level, all the way back to contacts and sources. That’s where the magic happens – when you start associating real dollar value with each contact or touch, it becomes motivational to pick up the phone or conduct research for a strategic referral.
