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If you are a business that deals with education-technology products and offerings, then this where you put aside everything and read this blog. As the Sales Manager (or management) of an Edtech company looking at growth of your company & products in this vast expanding domain, a transparent sales funnel with measurable metrics needs to be created as soon as possible. Data is the king as always and the same applies to companies in this domain as well. Data which is clean and accurate help marketing & sales teams to be effective and successful.
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Top KPIs to Hasten Your Education Technology Sales are:
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Number of outbound telephone calls made by the concerned team. This KPI shows how active each member of the team has been. If a benchmark has been set and members underperform then action will be required to fix the situation.
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Duration of each call. This KPI reveals the efficacy of the marketing pitch to the leads and the interests shown.
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Response rate. It refers to the suitability of your programs to prospects as well as is a good indicator of your data base (and its quality).
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The number of calls made to a “hot” lead. This reveals the amount of calls made by the team member in order to convert them into a student. This KPI indicates to the management the effort put in by each member.
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Call-to-conversion ratio. This KPI refers to the % of the calls made that end up converting leads into students / clients.
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Categorisation of the outbound calls. Calls can be segmented into: answered, unanswered and no – interest calls. This metric is a solid indicator of the quality of your lead process.
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The average number of tele follow – ups. It shows the number of calls made to a lead before they convert to a student / client or don’t. It allows the management to come up with a “follow up calls” policy thus setting a bar on the number of calls before each case is closed permanently. Thus, wastage of time of the company is reduced.
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Pipeline coverage. It is defined as the consolidation of all sales opportunities compared with your revenue target. Strong pipeline coverage indicates that the concerned team members ought to concentrate on sealing more admissions etc. Weak pipeline coverage indicates more work needs to be done on creating sales opportunities.
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Churn rate. This is measured by clients at the beginning of the month minus the clients remaining at the end of the month divided by the clients at the beginning of the month. This KPI helps to decide whether the management ought to focus on gaining a wider base or upselling / cross – selling products & offerings. Churn rate can be improved with following KPIs: calls made per customer who has cancelled or renewed, number of follow up calls for customers who have renewed or quit, sales by lead source, revenue per marketing team member, product based revenue.
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