METRICS TO MEASURE DIGITAL SALES EFFORTS
“When people ask me what’s the ROI of Social, I ask them… what’s the ROI of Trust, and what’s the ROI of Loyalty. The answer, when used to build relationships the results will be… longer lifetime value of a customer, larger average order value, and increased frequency of purchase. All measurable and all lead to increased sales and profits.” – Quote by Ted Rubin
If a company is not measuring the returns on their investment in the digital sales process and the team effort, then they are most likely to face negative consequences as compared to other companies in the same space. As we all know, more people are now moving to online shopping etc , all thanks to the need to distance and remain isolated. With the experience being pleasurable, the number of people increasing their spending & time online will remain high. More people intend to shop online and are impacted by digital engagement via multiple channels. Companies who recognise the need to provide curated and personalised content that is relevant, engaging and informative will ace the market. To understand that you are on the right path, please read the blog to know how to measure your digital sales experiences.
The metrics to measure digital sales efforts are:
Upselling and cross - selling %. Your best chances of higher sales always lie in established / loyal client base. Keep them happy and they always remain loyal to you. A digital sales experience that smoothly converts into a service, content, and commerce experience plays an important role in getting the clients to try other products or shop for better products etc. You can promote your range based on good quality content (text, video and audio) without the need for the sales team to step in.
Qualified leads. A well curated digital experience definitely leads to a good % of qualified leads. You can confirm this by measuring marketing and sales-qualified leads against previous qualified lead benchmarks. Plus, follow the % of prospects that shift from marketing-qualified to sales-qualified.
Close deals rates. To measure your company or department's close rate, count your closed deals and sales-qualified leads for a said duration. Divide closed deals by prospects and multiply the number by 100. Word of caution - Close deal figures or % vary from industry to industry. Artificial intelligence (AI)-based prospect scoring enables the sales department to concentrate on prospects that is going to convert into a paying client. And ROI calculators aid in surpassing price pains.
Average deal cycle times. count the total number of days from first engagement to sealing the deal for all sales. Divide that figure by the number of deals. This is a KPI that becomes better when you use content and digital process flows to journey clients through your sales process quicker. Content can be of different types like ROI calculators, configuration tools, and client delight tales.
It's all about the money at the end. Isn't it? It's the sun to the planets in our solar system. It is the reason for money being poured into digital acceleration and sales processes. Though many factors affect revenues per month but better sales-related experience KPIs translate into higher revenues with time.