Will your current strategy result in your business achieving its revenue goals from 2017 through 2020? When you start planning for 2017 and beyond, it’s the most important question every business owner should ask. If you are a technology company that provides hardware and services, your product offerings over time will change. Do your sales tactics need to change as well? While your current business needs to sustain itself, how and when do you successfully introduce new initiatives? The beginning of a new year is a great time. New initiatives should be backed up by measurements or key performance indicators. Here are six Key Performance Indicators (KPIs) that every company can implement.
Think of it this way. 10 years ago Apple didn’t sell phones, yet today phones are 2/3 of their revenue. The seeds you plant today may not immediately bear fruit, but all new initiatives need to start somewhere, and every successful strategy should be accompanied with a measurement.
KPI 1: New Accounts in your CRM (including email)
KPI Target
- 5 per week/sales rep
- In one year 4 sales reps can increase your DB by 1000 contacts
Why It’s Important
- Your sales team is THE BEST option you have for building a lead database—make them accountable!
KPI 2: Emailed/Online Sales Quotes
KPI Target
- 2 quotes/week/rep
- 100 quotes/year
Why It’s Important
- Your sales team must get accustomed to delivering sales quotes online
and not in person if they wish to sell to millennials.
KPI 3: New Online Buyers
KPI Target
-2 new online buyers/month
-In one year 4 reps will create over 100 e-commerce customers
Why It’s Important
-20% of all B2B business will be e-commerce.
-Your SEO ranking will increase as site traffic and online sales increase.
-Your company value increases.
KPI 4: Printer Supply Monitoring
KPI Target
- 20 devices/month/sales rep
- 4 reps will add 1000 devices to your revenue pool in one year,
adding 400 supply purchases per month @ $100/unit
Why It’s Important
- Most office printers are not under contract and supplies are required periodically.
- Supplies are THE BEST product to automate into e-commerce sales.
KPI 5: Unique Website Visitors
KPI Target
- 250 visitors/month/sales rep
Why It’s Important
-Achieving this goal forces activity that brings visitors to your site.
-If you are not able to achieve this, you need a new marketing partner! It’s 2017.
KPI 6: Online Revenue
KPI Target
- $100,000/year/sales rep
Why It’s Important
- Without separating out an online quota, your sales team will
continue to ignore your website.
These new 2017 KPIs have a distinct digital feel—no accident there, right? If you consider that by 2020, 20% of all B2B revenue will be transacted online, then there is not much time to get your business headed in that direction. These six KPIs should enable most companies to still focus sales activity on what drives revenue today, while exposing the sales team to the digital/e-commerce opportunity that is on its way. Actually, the e-commerce opportunity is here—it’s not “on its way!” Many digital initiatives fail because they often live outside the sales team: owners don’t want to distract sales from their revenue goal, right? Successful sales people of the future will be fully integrated into your digital strategy. Successful sales people of the future will “live” in your website. These six KPIs can ensure you are moving in step with that future reality.
Yes, you will also need an e-commerce website, but these goals will help drive activity to help justify the $5,000 price tagof a new e-commerce website.
Here’s my email: nmcconkey@tangentmtw.com.
Here’s my website: www.mpstoolbox.com.
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