Smart marketers and public relations pros know that maximizing effectiveness and efficiency are keys to generating sales revenue. They’re also aware that the best way to achieve this is by identifying and tracking key performance indicators (KPIs). The trick is knowing which ones are important and meaningful.
As the old saying goes, “Time is of the essence”—and the shorter the sales cycle, the more time sales staff has to move on to new clients and generate more sales. By measuring time spent selling, strategies to remove and lessen these roadblocks can be instituted.
Two studies shed even more light on the challenges
One by Dreamforce reported that sales reps spend less than 36 percent of their time selling. Another by SiriusDecisions found that 82 percent of decision-makers felt sales staff were unprepared. Giving sales quicker and greater access to content will enhance not only sales but also KPI.
At the same time, track and measure the time it takes to access, personalize and deliver content. Doing so, and making adjustments when and where necessary, can reduce needless staff time and improve efficiency and KPI.
Follow up initial training with continuous and ongoing training on new products, services, data, and content. By having the latest data, sales staff will be able to address and satisfy customer needs as well as convey value propositions more effectively, and close deals quicker.
To ensure that staff is getting beneficial results from training, set benchmarks through performance reviews, skill assessments, and product certifications. Compare results going forward to track changes and measure improvements, which may also yield clues on how to improve future training.
One of the best marketing effectiveness measurements and sales cycle acceleration is the conversion rate from lead to customer
How long does it take for a lead to become a customer? Time permitting, dive even deeper by tracking buyers through their entire journey. Looking at each step along the way should provide even more tips on making improvements that might shorten the journey.
As brands scramble, customer acquisition costs (CAC) often tend to soar while growth rates decline. A major cause is a cost to onboard sales staff. CMOs would be wise to compare the cost to train against each salesperson’s first deal in order to determine if and where changes are needed.
Content, both the time it takes to create it and its usage, are important to measure
Track the time it takes to create and update all content from one-pagers, presentations, and/or case studies. Include any other additional expenses like freelancers, agencies, or third-party analysts. Consider allowing sales to tailor their own material so long as it retains the branding and content so they have more time to conduct what they should be doing—selling.
Track the content used by sales and the frequency at which it’s downloaded and shared with customers. Where in the sales cycle is it being used? Determining these can help content applications as well as improve CRM while reducing CAC.
Improving lead quality requires a partnership between sales and marketing
By working together in formulating a lead score methodology comprising the ideal buyer profile, sales will be better able to prioritize leads that lead to higher close ratios.
Increasing customer lifetime value (LTV) and net promoter scores (NPS) are connected and are the final KPIs. Measuring customer churn and employing best practices to retain them will improve LTV while encouraging loyal customers, and those being courted for LTV will boost sales.