Most businesses do some level of measurement in order to assess their position. These are often referred to as Key Performance Indicators (or Measurements). There are leading indicators (a piece of economic data that corresponds with a future movement or change in some phenomenon of interest) as well as trailing indicators ( a measure of an outcome Trailing indicators come at the end of a process or program to measure success. They are also known as lagging indicators).
For example, sales forecasts are leading indicators. Commission reports are a trailing indicator.
If you think about it, salespeople, in many ways, are running their own small business. It’s a good idea for salespeople to analyze their own “business” to ensure they stay on track, because management also tracks these things. Here is a list of some Key Sales Measurements you might consider:
- BID LISTS
- NUMBER OF BIDS PLACED
- PERCENTAGE OF SUCCESS ON BIDS
- DOLLAR VOLUME OF QUOTES
- NUMBER OF ACTIVE CUSTOMERS
- NUMBER OF NEW ACCOUNTS
- NUMBER OF NEW ORDERS
- AVERAGE GROSS MARGIN/PROFIT
- DOLLARS PER REP
- SALES TO PLAN
Are you on target? Ahead? Behind? Don’t know? Now is the time to take action.
I’m not sure where I read this quote but I like it:
“If you’re going to quit anything, quit making excuses and quit waiting for the right time.”