Jason Owens, Founder of Renewable Confidence
What does not get measured does not get improved. Your metrics are the best leading indicator of the health of your business.
Here we talk a bit about how to get the most from your metrics.
In each episode, I am going to ask you to send me your commitment for the week. Usually, this will tie directly to the subject of the podcast.
I hope you enjoy these sessions.
Send me your commitment for the week. Details inside.
Click to Get the Full Transcript
Coming to you from a small mountain town high in the Colorado Rockies. My name is Jason Owens and this is The Renewable Confidence Podcast — the show that helps you build confidence yourself and in your business every day.
Well, Hey, today is time for the Monday morning check in. Where do you get your sales process, your sales hat on, and you are thinking about sales from the moment you sit down all the way through. This helps set the stage for the week on what you’re going to do this week. All right, so in this episode I want to talk about your sales metrics, right? So what I mean by that is how do you measure if you’re doing well? Okay, so we’ve talked about your sales leads, we’ve talked about your sales funnel, but really what is it that you’re measuring in your business? Well, what part of your performance are you measuring that really gives you an idea of, yeah, I am moving the needle forward, or dang it, no, I’m not right.
I think that’s one of the best wake up calls we can give ourself is to tell the truth about how things are really, really going. Now if you are a classic extroverted salesperson, you have a really good tendency of overestimating how well you’re doing. Okay, I’ve seen that a thousand times. Now on the other end of the spectrum we have the, the less than confident introvert who um, completely undersells what he or she has to offer and how he or she is doing. So hopefully you fit somewhere in between, maybe around the happy medium there. But I really, really want to get an idea of metrics and really what it is you are doing to measure how you’re doing in your business. So let’s just talk about a few categories here. So let’s talk about retail. All right, so if you are in retail, what are some metrics that you can use?
Well, you certainly have foot traffic, right? So the amount of people who come into your store, you have the people who come up to the register. Most of the time, if you’re in a small shop and someone comes up to the register, let’s say a fair portion of the time, they’re coming up with something to buy, right, to complete a transaction, of course you can also track dollars, right? But if you think about it, the, the dollar part of that is really kind of a lagging indicator, right? So, okay, great. You, you can sit there for yesterday and you can tell me that your store made $1,200 $500 thousand dollars, you know, whatever the number is for your story, you can tell me that, okay, that’s good, but what really are you doing to affect that or to, to increase that, right? It’s kinda hard for you to say, well, we had a $500 day and that was my sales metric.
That’s nice. But that’s not really an influencer, right? Foot traffic into your store. That is a good leading indicator, uh, type metric. And it’s the leading indicator metrics that I’m really intrigued about. Alright. Outbound. So if you’re in a classic outbound sales environment, let’s say that you are in the financial services industry and your, your deal is securing mortgages, your deal is, um, maybe you are writing policies for a property casualty. Maybe you are in the, the, uh, more the financial advisor role where you’re trying to create portfolios for people and get them to roll assets to you. So for that world, that classic outbound world, that really your leading indicators are going to be the number of outgoing calls or the number of outgoing emails, right? Another good indicator there would be the number of connections that you make. So of those outgoing calls, how many people did you actually talk to?
Right? You’re gonna end up leaving a lot of messages, but how many of those people did you actually speak with? Right? How many appointments did you book? Okay, those are all good, good leading indicator metrics. If you’re on the outbound and you’re doing cold emails or maybe even warm emails to people, you’re leading a metric. Not only is going to be the number of emails that you’re sending out, but also those number of the number of replies that you get out of it for people booking an appointment with you, right? Or the people wanting a quote from you. Okay? So those are good outbound metrics online world, but really, um, [inaudible] about site traffic there, how many people do you have coming in? And then of course you’re looking at your conversion percentages for people who add something to your cart while people who come into your store, people who add someone to your cart, people who get to checkout and then people who convert, right?
So again, just kind of going up towards the top part of that funnel, it’s usually most of the people that I’m working with, it’s a traffic problem. You are dealing with traffic issues. So kinda like a retail store, brick and mortar, it’s all about getting foot traffic while you’re looking for that digital equivalent, the inbound world. Okay? So, uh, you’ve, you are a classic content marketer. You are creating blog posts, you’re creating social media posts and all that, and you’re driving people into a site. Well over right there, your leading metric is going to be your subscribers. And then of course a, another good obvious sales metric there is going to be the number of purchases, right? So people who go just like the online world, the people who go all the way through your sales funnel there. So just to give you an idea they’re for your world, uh, really give that some thought.
What really is the metric that you’re going to do now, you know, inside these Monday morning check-ins, it’s not just an education piece. This is run just like a classic good old fashioned sales meeting where I’m going around the table and I’m asking each of you, what is your commitment this week? So my major question here is what three metrics are you going to apply to your sales and marketing activity this week? What three metrics? And when I say that you’re going to apply them, I don’t just mean, Oh yeah, this week I’m going to think about my foot traffic in my store. No, you will create a spreadsheet and you will then begin tracking what is your foot traffic? What can I do to influence that amount of foot traffic? Same thing goes with the online world. How much traffic did I have come into my store?
What can I do to influence that? Right? So when you begin tracking this and you begin seeing it for two weeks, three weeks, a month, three months, you then start to really deeply are always considering, wow, what is that I can do to drive traffic in my store? What is it that I can do? How can I find more people to call if I’m in that outbound world? Right? So how can I get more, more phone numbers? How can I get more opt in lists? How can I find more businesses to reach out to? Right? So again, as you measure this, you will then begin starting to act and starting to behave in ways that we’ll be able to influence that number. And that is the behavior that is King, that is what we’re looking for. And that’s why this exercise is so important. Okay, so again, my call to action here, I want you to go ahead and drop me an email to email@example.com again, that’s firstname.lastname@example.org in the subject line, I just want you to put one word and that word is metrics.
Okay? Again, metrics, and then I want you to answer the question, what three metrics will you apply to your sales and marketing activities going forward? All right, so that’s it, everyone. That’s the Monday morning check in. I cannot wait to hear back from you. I love doing these episodes. Hey, if you have a chance, we’d love for you to pop over to iTunes, give me a review over there. We’d love to get your feedback on this. I would love to know what I can do to even further support you out there in your sales and marketing activities. All right, everyone, you guys take care and I’ll talk to you soon. Bye. Bye.
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