Many of the metrics that salespeople and businesspeople track aren’t very useful. Many of them that seem meaningful don’t tell you much of anything, and most are worthless without a whole lot of context.
Even with so much lacking, I love metrics and, when the right metrics are captured and used well, they are extraordinarily powerful. Here are six metrics that you aren’t tracking, but go along ways towards predicting performance.
TPVTDEE: Time Prospecting versus Time Doing Everything Else
To capture this metric, divide the time you spent prospecting by the time you spent doing everything else minus the time you spent making actual sales calls.
10 hours prospecting / (20 hours doing Everything Else – 4 hours on sales calls)
This metric indicates the actual time you spent prospecting (in all of it’s various forms) versus the time you spent doing anything else. Nothing closes that isn’t first opened. The more time and energy you devote to prospecting, the more likely it is that you will generate enough opportunities to succeed.
Your metric here should never be less than 1; the greater the number, the better.
Want to know what your future looks like? Look at the time you are spending prospecting and opening relationships.
UVCNT: Unique Value Creating Nurture Tools
To capture this metric simply count the number of tools that you can use to crate value and nurture your dream clients.
You need to create value before claiming value. The more tools and techniques you have for doing so, the more easily you can sustain the long campaign that it takes to win the opportunity with your dream client. The fewer tools you have available, the less likely it is that you can sustain the effort or differentiate yourself.
A good number to shoot for is 26. That gives you a meaningful way to create value every two weeks, and it gives you the ability to communicate messages other than simply calling to request an appointment because you want and need their business (that’s about you, not them).
Your future with your big deal dream clients is the result of your nurturing the relationship with ideas that create value over time.
DSLMNE: Days Since Last Meaningful Nurturing Event
This metric is calculated by counting the days since your last meaningful nurturing event with your dream client.
Today’s Date – August 1 = 53 days
If your attempts to communicate and create value for your dream client can be measured in quarters, you are not nurturing those relationships and you are not likely to ever deserve an opportunity.
The effective range for this metric is between 14 and 21 days. If your metric is under 3, then in some states you are probably violating their codes against stalking. It should never feel like stalking . . . but it should never feel like neglect or lack of serious interest either. But more like stalking than neglect, for sure!
Want to know whether you will be considered or contacted when your dream client become dissatisfied? When was the last time they heard from you? What was the nature of your communication?
WATDSMBTU: What Are They Doing So Much Better Than Us?
You will recognize this metric by its more common name: wallet share.
Divide the amount of money your client spends with you by the total amount they spend in your segment.
Spending with us $175,000 / Total spending in the category $500,000 = 35%
Of course you want the rest of their spending. Of course you are supposed to be trying to do whatever you have to do to increase and improve your share of wallet. Improving your wallet share means figuring out what your competitors are doing to earn the wallet share that you want. Then figure out what you have to do to deserve the business more than your competitors deserve it.
You found your way in. But if you will be more than one of many vendors, you have to find away to leapfrog your competitors and create the kind of results that make it easy to move the business to you from other suppliers with long and deep relationships. This metric tells you how much better they are doing; you have to figure how with context.
NAS: Notes of Appreciation Sent
To calculate this metric, simply count the number of thank you notes you sent this week.
You made new contacts this week. They made and kept commitments that resulted in them giving you their time and the information that you need to move your opportunity forward. They also gave you access to other people so that you could better put your deal together. You presented to some new opportunities, too.
You also had long time clients give order from you and pay you this week. The paycheck that you collected came to you courtesy of your clients, not your company (Think I am wrong? I promise you that without the clients, there would be no paycheck).
I know you worked hard for your clients and you produced the result you promised them. Maybe you feel like you earned every bit of your paycheck. Your long-term success requires that you are grateful for the opportunities that are given you.
INAS: Internal Notes of Appreciation Sent
Count the number of notes of appreciation you sent to your team.
You did produce results for your client this week, no doubt. But you surely didn’t do it alone. You may be the star of the show, but there is a whole supporting cast and crew that make you look good, even when you are not much more than the front man (I’m not saying your always just the front man, just sometimes. You know when you are the value creator extraordinaire and when it’s all the team).
Have you said thank you? Are you working to build the important relationships that you need on the inside of your organization, the relationships that really allow you to get things done? Who on your team are you grateful for?
If you will succeed long-term, you will do so with a lot of help and you will have lots of people help you to produce results. Be grateful. Say thank you.
Now go and make these metrics meaningful.
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Filed under: Sales 3.0