Measure Results
High Sales-Converting Businesses Have One Thing In Common... They Are All Obsessive About Measuring Results
By Steve Hackney (Published: January 24)
When it comes to conversion and improving sales, I can spot an under-performing business by asking just one question...
Tell me what you're measuring and how often?
Most business owners are poor at this.
...and if you have a sales team and you're just measuring and reporting on sales conversion (call or meeting to sale as a team and as individuals) this is a fraction of what you should be measuring.
Measuring results really is a vital part of improving and optimising your CONVERSIONIZE System.
As the old saying goes, ‘what you can measure you can improve’.
But you can’t measure everything, not do I advocate that, otherwise you’ll just get bogged down and end up being blinded by the numbers.
You want to measure the parts of your conversion system that will yield the biggest insights and therefore help deliver bigger results.
If you pay close attention to these numbers, you’ll be surprised how easy it is to improve results.
But what elements of your conversion system should you measure?
The good news is we’ve already figured this out for you and depending on the tech stack you use, some of this will be done automatically for you (we give our clients a complete tech stack to run their conversion system and as an added bonus it records all the important numbers).
The table below details the primary Key Conversion Indicators – KCIs that should be measured across your conversion system...
Now it obviously depends on your business and how many calls or meetings (in-person/virtual) you typically need (we run a two-meeting system), but this list of KCIs will give you a great start.
It’s good to record your KCIs right now.
Go back one month and measure the different KCIs listed above.
That will give you a stake in the ground so to speak.
And one great word of advice for you at this stage, is this…
It doesn’t matter what your numbers are right now compared to anyone else (industry averages - why be average?) or what you’ve done in the past.
They are your numbers.
All you have to focus on is improving them from where they are today.
And the first stage of that is by measuring them.
And another point I’ll make now is that you should measure these KCIs daily so you can react quickly if needed and then also look at the performance each week and monthly.
You can't be agile if you're measuring results weekly or monthly.
Clearly it depends on the volume of prospects running through your funnel (website and landing pages). If it's a trickle, then recording daily is a waste of time, but at the very least record weekly.
We record daily and advise most of our clients to do the same.
So let's go through each KCI...
Unique Visitors (UV)
This is the number of people arriving on your website and landing pages. You should be using software like Google Analytics (free, but as good as any) to measure and track every visitor.
Unique Visitors To Lead (UVL)
This is the percentage of Unique Visitors who subsequently convert into a lead.
Unique Visitors To Sale (UVS)
When it comes to conversion this is the one number that stretches across your entire conversion system. It's a measure of the overall effectiveness of your system and all the tactics within it.
Qualified Lead (QL)
This is the percentage of leads that you categorise as qualified from the total number of leads generated.
Lead To Meeting (LM)
This is the percentage of leads that book a meeting (call, in-person or virtual).
No Show (NS)
This is the percentage of people that book a meeting but for various reasons don’t turn up for them meeting.
Meeting To Sale (MS)
This is the percentage of people you meet who convert into a new client, customer or patient.
Obviously, the next question is how do you improve each KCI?
Well, the great news is that as you put each element of CONVERSIONIZE into your business those numbers will ALL automatically improve.
Your Next Risk-Free Step...
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