We all know that metrics matter in sales. It is critical that sales teams leverage data to increase the conversion rate on leads, shorten the amount of time it takes to win a sales, and boost the value of those wins. When it comes to training, sales teams must continue this culture of “looking at the numbers” to both capitalize on successes and to find areas for improvement.
In the social enterprise, where sales training and implementation is enhanced by increased social collaboration, metrics still matter. I recently read a great article on the Radian6 blog entitled “10 Key Sales Metrics to Track,” which highlights ways sales teams can quantify the value of their strategies in the social enterprise.
Here are five of the metrics discussed the article that best apply social sales teams:
- Lead volume: Not only should sales and marketing teams measure how many leads they have, but also which channels are providing the most leads. Once you know which channels are producing the most (or most qualified) leads, you can focus your efforts on what works best.
- Cost per lead: Earning a lead takes time, energy, and commitment – even if that lead comes through a social channel. As a result, it is important to always be mindful of the return of the investment on the time put into developing new business relationships online.
- Conversion Rate: Knowing the percentage of leads that covert to sales is important as an overall metric, but also a measure to be taken on various channels. This is a great way to see how your social channels stack up when compared to those that are non-social, and can also give insight to which social networks are driving sales.
- Sales Value Per Fan/Follower: As the article says: “In order to determine a value per fan or follower, you have to determine the overall value of the medium itself.” Once you can calculate how many sales are coming from respective channels, you can calculate the value of each fan or follower on that channel. Bonus: you can also identify which social channels could have the most impact on your prospects by researching their participation in each.
- Highest Value Lead Sources: Once you have calculated metrics such as lead volume and conversion rate, you can identify what sales originated in social networks or were positively impacted by interaction on social networks. This can help further identify which social channels are effective at various stages of the sale.
Does your sales team train in the social enterprise? What metrics matter most to you?