Sales development is a complex process that has only become more data focused as technology advances. Monitoring your sales data from the top of the funnel to the moment qualified leads are passed on to your account executives is crucial to ensuring your sales process is optimized for success.
The only way to get the information you need to be able to stay ahead of the game and react to changes in the market (and/or changes within your sales development department) is to track and analyze key sales development metrics. Below we list the 7 most important metrics you need to make sure each step of your sales development process is watertight, so your funnel doesn’t lose any valuable leads on their journey to joining the ranks of your loyal customers.
Once you have crafted and sent out your sales and marketing messages, be sure to monitor the Open Rate of your content, either with the help of a CRM like HubSpot, Salesforce, or a tool like Google Analytics. There are many websites that can give you benchmarks for what your open and click through rates should be depending on industry. Low open rates for your content can be caused by a number of things, but the usual suspect is that you might need to rework your subject lines. It’s also possible that your email is getting filtered out as spam before it is ever seen. Make sure that your email doesn’t rely on images, as these sometimes cause emails to be flagged as spam, also make sure your headline is interesting, not inflammatory. Reach out consistently over a period of time, and pay attention to the time of day that your emails receive the most interactions.
Next, check out the Response Rate of your prospects. Pay attention to the number of prospects who not only open the emails you send, but click through the calls to action (CTAs) or accept your prospecting call offer to receive more information, schedule a demo, or a follow up call. Monitoring the response rate will give you insight into how valuable your prospects find your current message, how well you are addressing your prospect’s concerns, and that your product or service is presented in an appealing way.
Similar to the response rate, another important indicator to keep track of is the Conversation Rate. It’s important to quantify and monitor when and to what extent your call outreach is generating useful and positive conversations. If your outreach is generating a high conversation rate, you can be sure your lead lists are well-targeted, your audience is excited about your service, your reps are doing a great job connecting with your prospects and your message is addressing an important pain point. Conversations with prospects also present the opportunity to gain insight into your prospecting demographic so you can refine your outreach and increase sales.
The newest research is supporting what most good sales reps have known intuitively for a long time, Response Time matters. Prospects that interact with your website, request a demo, click a CTA, are 7 times more likely to become qualified leads if they are contacted within an hour of their initial query, while sales reps reaching out after 24 hours are 60 times less likely to qualify that lead. Monitor closely your sales reps response times to ensure your SDRs are reaching out within the optimal time frames. Or, look to automating your response calls with on-demand sales agents like those at VOIQ, to guarantee prompt responses when you need them.
Qualified Leads Rate:
The Qualified Leads Rate should give a clear picture of how well your SDRs are grooming your prospects into possibilities for your account executives. High qualified lead rates means your SDRs are reaching the right prospects at the right times, with the right message.
Ensure you are not overspending on marketing, ads, prospecting, or staff, by paying attention to your Cost of Customer Acquisition Rate (learn to calculate this rate with us here). This requires understanding the annual contract value of your clients, and monitoring your sales and marketing budgets. If you're spending more than you should on sales rep salaries, or don’t have the money to scale your team, automating key points in your sales development process can lower costs, and increase the number of leads your current sales reps can manage by reducing their time spent on prospecting.
In a properly segmented sales department, converting SQLs to customers should be taken care of by your account executives, and technically falls outside of the SDR process. However, monitoring your Conversion Rates is the final step in ensuring that your sales funnel is healthy from top to bottom. Once the SDRs have passed off the qualified leads to the account executives, by tracking the conversion rates you can ensure ensure you have successful closers with enough time to spend on following up with each qualified lead, and that they are receiving a consistent flow of opportunities to reach their quotas and generate profits and success for the entire sales department.
Interested in learning more about metrics and what you should be tracking? Download our free ebook below.