Three Rules of KPIs
Three Rules of KPIs
- What gets measured, gets managed and what gets managed gets done
- The more marketing campaigns you operate across a larger group of marketing channels, the more KPIs your business will need to track
- The faster your business is moving / growing, the more frequently you will need to look at KPIs
Understanding a Sales Funnel & Measuring KPIs
A sales funnel is designed to move people who don’t know you, but want or need your services to learning who you are, what you do and contacting you to inquire about your services. Then, after the inquiry – request a quote for services and hire you.
There are three stages of a sales funnel – Top, Middle, and Bottom.
Top of the Digital Marketing Funnel
This is where people start to get to know your business. Here you are measuring the traffic you drive to your website or landing page(s) and the campaigns you are running.
Middle of the Digital Marketing Funnel
Once someone visits your website, they gather information about your business, your services and take you up on your offer(s) to inquire about services. At this stage you are measuring conversion of that traffic into the offers you are promoting.
Bottom of the Digital Marketing Funnel
After converting on one of your offers, your lead is now engaging in sales and either hiring you or deciding not to. At this stage we measure how many opportunities convert into sales and the job revenue that is made.
Indicators of Performance
Indicators of Performance
In the most simplest form, you want to measure and know the following.
- Generate enough traffic to our website via campaigns to convert into the enough opportunities in order to close enough new jobs at our average revenue per job to hit our sales goals
- Send out enough quotes to customers to close enough new sales
- Close enough new sales to generate the revenue to hit your goal targets