Investing in the creation of a sound sales outreach strategy is the cornerstone of your business. Without sales, your business would slowly grind to a halt – that much goes without saying.
But even if you have the most thoughtful, strategic sales plan in place, your efforts can only go so far if you aren’t tracking them closely and making adjustments along the way. Starting out strong with a smart strategy is a great way to launch your plan out of the gate, but things will quickly lose steam if you don’t have a plan to nurture and track your efforts.
“Having a good sales strategy in place is step one, but the necessary next step is implementing smart methods for tracking your team’s outreach efforts,” says SageAge Strategies Senior Vice President & Senior Consultant Karen Nelson Crolius. “In doing so, you can ensure your team’s efforts are spot on, and make tweaks as you go to ensure strong outcomes.”
Think about it this way: if you aren’t tracking your sales efforts, then you are certainly not improving. Let’s look at why tracking your efforts is important, and some techniques for doing so.
Why tracking your sales outreach efforts is critical:
It gives you a firm goal to shoot for. Without having a goal to aim for, how can you expect your team to feel motivated to make progress? Drifting aimlessly toward some arbitrary number or random goal is a surefire way to not only miss the mark, but leave your team feeling purposeless. Smart, strategic goals accomplish many things, but most importantly, it provides one benchmark for success that you and your team can look to.
It supports your overall business strategy. When you think about your long-term goals for your business, many things probably come to mind, from community improvements to programming changes to team growth. Some of the things you’re probably tracking, though, are vacancy rates, referrals, prospect rates, conversion rates and the like. These numbers, and the goals you associate with them, are intimately tied to your overall business strategy. Having a keen understanding of these metrics lets you set the stage for progress rather than stagnation.
It improves team morale. Missing a sales goal – or worse, not having one in the first place – is demoralizing. In contrast, setting and meeting reasonable, achievable goals with regards to sales outcomes is one of the best things you can do for keeping team morale high and establishing a strong momentum for future success. It feels good to accomplish a goal and lets team members see how their efforts tie into the business’s overall success. Feeling as though they are contributing to something larger than themselves is a huge part of creating satisfaction at work, and satisfied, happy employees are way more successful than unhappy ones.
Key sales metrics to pay attention to:
There are probably an unlimited number of sales metrics you could track, from list growth to conversion rates to calls made and contracts signed. Knowing what metrics are important to your particular business model is an important part of being successful. Here are some suggestions for metrics you might want to start tracking.
Reach. Yes, that sounds vague, but that doesn’t make it any less important. Reach tells you how many people you are connecting with – or reaching – with your content or marketing messages. It is an aggregate of data from your social media following, your blog, your email database and more. It is key because it tells you how wide your “top-of-funnel” pool is.
Visit-to-Lead Percentage Conversion. This metric tells you how effective your sales and marketing team is at getting prospects to visit certain key landing spots in your sales process. It can also be a reflection of the quality of your content and messaging.
MQL-to-Opportunity Percentage Conversion. This metric tells you what percentage of your MQLs (marketing qualified leads) are becoming quality opportunity leads. The strength of this number can tell you a lot, but what’s most important about it is it can reveal if your criteria for an MQL is flawed. If you see this number falling, it may mean that you are too generous in your criteria for qualifying someone as an MQL.
Lead-to-Customer Percentage Conversion. This is where the rubber meets the road. It tells you how many of your leads are turning into real, paying customers, and gives you one truly solid number to reveal the strength of your sales efforts. This may be the be-all, end-all of your efforts, but the metrics discussed above are often more helpful in identifying ways to improve.
As mentioned, these are just some of the many metrics you could be tracking to better assess your organization’s success and parameters for growth. Interested in learning more about how to use data for better strategy development? Contact SageAge today!
Expert Metric Assessment to Support Continued Growth
If you are managing a senior living community and are in need of expertise in developing and assessing effective marketing, sales and outreach metrics, contact us today. We excel at helping communities identify what metrics matter most to them, and how to create strategies that ensure growth.
SageAge Strategies is a multiple award-winning, strategic growth and marketing organization that operates exclusively in the senior living industry. For more information, please call or e-mail Adrienne Mansfield Straub at 570-601-1720 ext. 100 / firstname.lastname@example.org.