One of the continuing themes at our recent Tradewinds Council© meetings ( https://www.jimthomasintl.com/the-tradewinds-councilcopy.html) has been the integration of Sales, Marketing and Customer Service to appear to be a more proactive, non-siloed face to the customer.
We have built a set of leading indicators for channel partners, so it is probably high time to develop some metrics of leading indicators how these co-mingled efforts are progressing. Too many metrics are daunting so pick the sales strategies you embark upon and the right measures that match. Keep the holy grail of sales growth in minds, most sales goals are based on growing revenue through:
Retaining/Selling to existing accounts
I used to program annual customer loss at 3-6%. These clients either went out of business, found a new solution with a competitor or had a business downturn that I shared in. This 90% of my effort went into retaining current accounts. It is less expensive to retain them rather than having to recapture them. What leading indicators to measure?
Adding new products to accounts
Most organizations have a measure called a Vitality Index or how fast are new products being accepted and purchased. This is really a lagging indicator and can be applied to new and existing accounts. The leading measures below can be done for both new and existing accounts.
Adding more existing products to existing accounts
You want to eliminate more volume purchased for same products as part of this measure-they have already been sold-you want to measure the impact of broadening the customer product offering. These could be looked at as lagging indicators because they are a measure of results, but it does give a measure of the customer acceptance of a broader product offering.
What you will find by measuring these items is the strength of your relationships with existing clients. You want to be increasing your business with existing clients every year. It keeps you in and your competitors out.
Do you want to have a free fifteen minute discussion so we can discuss leading indicators for your business? Sign up on my web site http://www.jimthomasintl.com/ or contact me directly by phone.
We are expanding our Tradewinds groups to add another Advanced Exporter Group and an Emerging Exporter Group. Contact me if you are interested in joining a group and benchmarking your global business development activities.