A sales development team needs ways of measuring and tracking customer interactions, particularly when it comes to lead generation and prospect conversion into deals. After all, your sales development team is dedicated to increasing your business and keeping existing customers through advertising methods and the generation of qualified leads. It is vital to a successful campaign to be able to objectively measure which methods consistently work best. This is where metrics come in for your sales development or SDR team. The four most effective ways of tracking these metrics are discussed below.
Total Amounts of Qualified Leads
This amount is very important, and it helps your company forecast the value of your leads and how well your campaign is working. For instance, after leads are turned over to an account executive or sales rep, pricing is then discussed. At this point, there is usually a monetary value attached to this opportunity. When you have a month’s worth of figures totaling the value of all the deals your team has generated, then you can figure out the total value of your pipeline. It helps you with your conversion rates and in filtering out opportunities that were not a good fit or could not proceed due to budgetary restraints. Problem areas can be discovered at this stage, including areas where demos may be over-booked or leads which are being forwarded that are poorly qualified.
How Many Prospects Turn Into Deals
This number reflects the strength of your outbound pipeline. It is where some deals are beginning to close. Compare the conversion rates of your sales development team to ascertain any deficiencies. You will want the figures for rates of qualified opportunities which are then converted into closed and outbound deals. It helps you figure out if you have a good conversion and closing rate based on opportunities coming into your company. This is the stage where you look at individual sales team members’ figures in order to see who may be struggling versus the team members who really know their stuff and provide consistent results. This way you can reward those who excel and ensure that those who feel weaker about their sales skills get the training they need to do their best.
Average Contract Value and Average Sales Price
Ideally, your sales team will have members strategically placed so that the outbound team handles the larger prospects and your inbound team deals with the smaller prospects. That is why these metrics should show that outbound contract values are higher than inbound. Outbound teams work great for giving more complicated accounts the personal touch and effort they are looking for. Inbound sales are good for lead nurturing.
Your Qualified Opportunity Figures
The important number to assess is progress toward the monthly goals. However your SDR team gets your opportunity in front of you, it is the qualified prospect who matters, not the overall prospect figure. A more important way of tracking is by experimenting with new techniques and checking in to see that the sales goals are still realistic. Individual methods are not as important as the result they generate.
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