Conversion Insights adds a whole new dimension of strategic planning to your Scorecard data. This feature from our October release works like a dynamic calculator, measuring the relationships of actual and potential metric values in a cascading model. By tweaking values and conversion rates, you can build a demonstrable strategy for achieving big-picture team goals.
In this blog, we will walk through an example of how to use the tool to develop a clear-cut strategy to enhance sales team performance.
Start With Impactful Metrics
When you choose your metrics, start with ones that will play a role in your performance results. For example, if a Sales Development team works to bring in as many Qualified Opportunities as possible, their Scorecard might be tracking Outbound Calls, Live Connects, and Demos Booked, all of which play a role in achieving their goal.
Based on the example above, the Sales manager can see that their team made 4,915 calls in the past month, and that 305 of them led to real conversations (Live Connects), or 6.2 percent. Those conversations resulted in 52 Demos Booked, based on a 17 percent conversion rate. Finally, we see the cascading impact results in 38 Qualified Opportunities, with a 73 percent conversion from Demos Booked.
In the following sections, we’ll discuss how to use those metric insights to build out a plan of action.
Gauge Strategic Impacts
Now that they can measure the cascading impact of their metrics, the sales manager can strategize how to boost those numbers and predict the impact on other metrics. For example, to increase the number of Outbound Calls, they could build a monthly Contest that would give a prize to the sales rep with the most Outbound Calls.
Forecasting that the Contest could boost Outbound Calls to 6,000, the manager can manually input that quantity and adjust the percentage impact back to 6.2 percent, assuming that the conversion rate should stay the same for now. Now we see that Live Connects would increase to 372, and could likely result in 46 Qualified Opportunities, based on expected conversion rates.
Identify Low-Impact Conversions
Conversion Insights also reveal where the team is wasting much of their effort. Only 6.2 percent of Outbound Calls are turning into actual conversations, limiting the resulting number of Qualified Opportunities. To improve the success rate of outbound calls, the sales manager decides it is time to invest in higher-quality lead sources to ensure sales reps’ time isn’t being wasted.
To predict the impact of this strategy, the sales manager forecasts a higher rate of 15 percent of Outbound Calls converting to Live Connects. This could boost the number of Live Connects to 900, ultimately resulting in 112 Qualified Opportunities for the month, a vast improvement from the 38 Qualified Opportunities currently on their Scorecard.
Nail Down a Game Plan
Now the sales manager has constructed a clear impact model that they can present at the next sales meeting. Supported by these forecasted metrics and demonstrated relationships, they can propose investments into new lead sources, and can start implementing a contest for their team that they know will likely augment the team’s performance.
This example is just one of countless ways you can implement Conversion Insights to build strategies and plan your investments. We look forward to rolling out enhancements that make it even more flexible and impactful for your business needs.