4 keys to Success
In any performance or sales based position, understanding, analyzing and measuring metrics is the key to maintaining focus and productivity. In following with Pareto’s Principle, the 80/20 rule says that 20 percent of something always are responsible for 80 percent of the results. In our case 20 percent of our time generates 80 percent of our productivity and revenue. Similarly over the years I have noticed that in many instances 80% of sales are related to 20% of your clients.In order to monetize on the 20% of your day which will produce the majority of production, we have come up with four main key performance indicators to help you analyze and track your efforts.4 Key Performance Indicators (KPI’s)
1. Business Development
THE KPI: The key with business development is to keep track of your efforts and monitor your conversion rates into successful business. Once you have tracked your efforts over a period, analyze your results and shift your effort accordingly. Create a monthly business development goal and break it down into weekly and daily goals. This daily goal should be achievable within a focused 1 hour of your day. Keep in mind that marketing is math; it’s a numbers game. The more effort: the higher likelihood of success.
2. Managing Inactive Accounts
THE KPI: Based on your existing inactive database, develop a monthly goal and break this down to a daily performance goal. Make sure to make this a specific number of contacts per day. Also keep it to a number that can be managed in 30 minutes. A “No”, in the past could simply be a “No, not yet.” Maybe the timing wasn’t right. Persistence pays off, and promoting new offers or rekindling an old business relationship could pay off big dividends and cost a whole lot less than marketing for a new one.
3. Tracking Campaigns/Offers
THE KPI: Everything, if organized effectively can be tracked and monitored. If you are managing a number of campaigns/offers, set aside 30 minutes every day to review performance on your current campaigns/offers. Based on your analysis; set a game plan on promoting current successful campaigns or new ones in your pipeline. Setting a specific amount of time to do this will allow you to effectively utilize an important part of your day productively.
4. Client Contact
THE KPI: Set aside 30 minutes in your day to follow up with your active client base. Selecting a few contacts a day is the key to not overwhelming yourself. Even if it’s just a call to say hi and let them know about how you value their business and appreciate their loyalty in doing business with you.
With a typical 8-10 hour day if you are managing to follow the 80/20 rule, then 80% of your productivity will come from 2 hour and 30 minutes of your day. If you follow these four specific Key Performance Indicators for those 2 hours and 30 minutes, you will ultimately achieve your goals quicker, increase your sales and expand your current client base.
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