We have many clients who have experienced rapid growth and although there are varying reasons for their success, the underlying theme amongst them all is data.
Knowing which data to look at and then understanding how that data impacts your goals allows you to make confident decisions about where to push your resources.
This gives you an incredibly strong advantage against competitors who guess at what’s going on.
Like anything else, not all data is important, so smart businesses will invest the majority of their time and focus on “data that moves the needle.”
These are also referred to as “chief metrics”.
Chief metrics are numbers that when they grow (or decrease) your business grows or shrinks as a direct result.
They have a direct (and often times immediate) impact on your business results.
Chief metrics are different for every business but we selected 3 that almost all businesses (who rely on the phone to generate sales) should keep a close eye on.
- MISSED CALLS
Missing calls is money down the drain, plain and simple.
From our own data, we know that 17% of total calls are missed. Over the course of a year, the sales revenue lost would leave most business owners, sales managers and CEO’s horrified.
Responsiveness is key here.
Studies show that the odds of calling and qualifying a web-lead in 5 minutes versus 30 minutes drop by 21 times.
Leads get very cold, very fast.
In the example below, we can see that for the month our demo client missed 93 calls!
Even if there were 5 genuine sales calls in there, that’s enough reason to ensure I answer every call.
For example, let’s assume that a client is worth on average $235 per month, that’s $2820 per year.
If I can grab an extra 5 clients per month from my missed calls, that’s 60 new clients per year introducing an added $169,200 annually to my business doing nothing other than making sure I answer my phone. (60 clients x $2820 annual revenue).
- CALL DURATION
Based on our own data most sales calls last for approx. 3 minutes.
Knowing this means we know what to look out for when reading our data.
In the below example you can see that half of our total calls for the month are in fact under 30 seconds.
This would be worth looking into.
It could mean:
- We’re getting calls from wrong numbers.
- The calls are being mishandled and opportunities wasted.
- If your team are making outbound calls then they may be struggling to get to the decision maker or their opening message might need some work etc.
- It could mean that the IVR system is picking up the calls and the call is abandoned before getting transferred to a human.
Call Recording is essential because it will give you an insight into “why” you’re getting undesirable numbers.
Again, there may be some more sales opportunities buried beneath this data.
- CALL ROI
Few companies know the true value of a sales call.
Do you know which channel/s drive your highest converting sales leads?
Each sales call has potential revenue assigned to it, understanding what a successful sales call is worth gives you a major advantage when it comes to lead acquisition.
For example; if the average dollar sale on a successful sales call is $100 and you spent $20 acquiring that call then you may be able to double your marketing spend giving you access to even more and/or higher quality leads.
Most good marketers know that: the more you can spend to acquire a lead, the less you need to worry about competition.
Again, data makes this possible.
- Know your chief metrics; these are the numbers that control the growth of your business.
- In order to manipulate your chief metrics, you need to understand your key data points.
- Once you understand your data you’ll have a clear idea of which areas to manipulate to improve your results.
There is a veritable goldmine buried underneath your data, all you need to do is identify which data to chase and then work consistently to improve the numbers.