Many companies, maybe even yourself, are experiencing a slow-down in sales and revenue. Some companies are thriving due to the need for their products and services during this time. Very few companies are 'business as usual.' Realities change week-by-week if not even more frequently. So, how does this affect your critical metrics in sales? What should you be measuring? How often?
Good sales leaders will tell you that you need to be looking at leading indicators to get a good grip on your business. If you look at results only, you won't have a pulse of what is happening right now. It is merely an indication of the things that happened weeks or months ago that have come to fruition. Looking at results is like looking at a scoreboard at the end of a game. You’ve either won or lost, and there are no adjustments you can make to correct it. This Salesforce article talks about which leading indicators to examine.
With the world upturned with the COVID-19 crisis, what should you be measuring? Is it any different than before? With things like demand increasing or decreasing, companies cutting expenses, people working from home, and focus shifting, the strategies you established at the start of the year may need to be thrown out the window. Now more than ever, you need to try new things, measure effectiveness, adjust, and keep rinsing and repeating until you find something that works. If you want more on strategic planning, check out our blog on “Strategic Planning - Why Companies Do It Wrong.”
Activity is vital to measure always. But now, it may be a good idea to get more granular. Start by determining your two to three key activity metrics. Is it calls? Emails? Demos? Webinar attendees? Discovery meetings? Determine what are the right metrics for your company and set goals for your people around them. Many are now working from home rather than doing face-to-face meetings. These metrics will be new to them. Work with them to set their goals.
If close rates are down (and they are for many), you may need to increase activity to make up for the close rate. Set new goals each week for your team based on what is happening and monitor trends.
If close rates are way up (some industries are thriving right now), you may not want to take anything and everything coming at you rather, focus on your priority customers to make sure you are taking care of them during these times.
Look at all of your metrics in a more segmented manner:
As the sales leader, you'll want to make sure you're inspecting your team's work to ensure they are doing the right things, making adjustments as follows:
Your coaching focus and methods depend on reviewing these metrics. Without them, you are flying blind, and it's hard to figure out what is needed to succeed. In this world that seems to change by the day, you should be looking at this data daily. Get feedback from the team. Share ideas. You and your team are in unchartered waters right now. They are looking for direction, and metrics and data can be your best friend in determining what direction to give them.