Hi,
Here we go with week 4 of our growth discussion.
Today we want to discuss:
4. Develop a dashboard populated with a set of KPIs that are used to monitor, improve and report on business, growth and marketing performance.
Well, to do so, we should not only look at the marketing funnel but have the sales funnel and related KPIs on our monitoring as well. By the way, I would also recommend to have regular field meetings to update sales/country managers and sales reps on latest marketing campaigns, assets, upcoming events, etc., so everyone is aware and can make use of that to reach out to customers, partners and prospects.
To the point on KPIs for the business growth performance, we should look at the following figures, which are not a complete list though – please also refer to question no. 1 above:
- From a strategic/tactical point of view:
- Current revenues and projected revenues for month/quarter/year end
- Correlation of marketing budget to revenues and margin
- Correlation of increase/decrease of marketing budget to revenues
- Customer, partner and employee retention rates
- Net Promoter Score
- From an operational point of view:
- Social media reach, subscribers, lurkers, contributors, etc.
- Upcoming events, actions with planned targets on leads, and conversion
- Current amount of opportunities/leads (per stage) in pipeline per region and sales channel
- Current amount of customers/partners, with revenue averages – also per industry; what are our top customers/partners (opportunity management)?
- Amount of success stories, and reference customers
- Sales cycles and stages lengths
- Win/loss ratios, how many deals closed from leads (with and without competition)
- Competitive statistics – competitive and market intelligence
- Average opportunity/lead sizes per region and sales channel
- Pipeline vs. target-revenue-delta ratio per region, and expected end of quarter/year revenues
- Top documents/assets downloaded or accessed (internally and externally)
- Website access statistics, inbound links, page rank, etc.Those performance facts and indicators should be regularly discussed within a group of stakeholders – at least quarterly -, and a RAG (red, amber ,green) analysis against defined thresholds/targets should be made -> all red and amber accountable owners need to provide clear planned measures to solve the issue within the next 6-8 weeks.
Cheers,
Sebastian Grodzietzki
Your Business Workout 