Companies use Key Performance Indicators (KPI’s) as a measurement to review the success of a particular activity. The KPI can represent itself in many different forms and factors, for example it may be the number and / or value of sales from a member of the sales team, it could be the number of units produced on the factory floor over a particular time-frame etc…
Ultimately, KPI’s should follow the SMART principle to be most effective:
S – Specific: A clearly defined objective that everyone understands.
M – Measurable: An element that can be measured to track progress towards the goal.
A – Agreed: All team members, Managers and Employees, must be on board to meet the objective. (an alternative “A” is Attainable, so identify goals that can be achieved).
R – Realistic: Goals that can be achieved with the resources available.
(an alternative “R” Relevant, so identify goals that are important to your business).
T – Time: Ensure there is a realistic time-frame to meet the objective.
So when you are setting your SMART KPI’s you need to think about:
1) Who: – Who is involved
2) What: – What do you want to accomplish
3) Where: – Identify a location
4) When: – Set a time frame
5) Which: – Identify requirements along with any possible constraints
6) Why: – Specific reasons which will include the purpose and benefits of meeting the objective.
KPI’s are highly recognised in the sales environment and here are some quick top tips to help you along your way in meeting and beating your Sales KPI’s.
Using experienced providers with a combination of marketing automation and proven sales capabilities, targets can be effectively reached.
By Richard Wade
Richard is an International Lead Generation Consultant, and has over 17 years experience meeting sales targets with teleservices and marketing automation.