The Use of Key Performance Indicators (KPIs) in BD
Hello, Rob Brown here from the BD Academy, giving you BD Bullets number seven. It’s a short, sharp and actionable point to help you generate more business for your professional firm.
I’m looking at a blog today from Scoro.com, and the title of the blog is “Top Ten Marketing KPIs that everyone should measure.“ This is a site for general salespeople but let’s see what we can take from this.
Remember that KPIs are key performance indicator. If you’re going to win business for your firm, if you’re going to generate new clients, then what activities, what tasks do you need to be doing?
What do you need to be measuring for you to generate new leads? You can have KPIs for what you’ve done. They are historical. Amount of business won. Number of calls made.
Here is the original video:
Activities that Best Convert Leads Into Sales
You can also have future KPIs for what you want to do. For what activities you’ll focus on. This blog featured this pretty funky table. I’m going to describe it to you. Here it is.
It’s from a company called Marketo, and it says, “This is a graph that shows the average conversion rates for various marketing channels.”
The table showed different ways of sales prospecting and the relative conversion rates from lead to opportunity and then conversion from there.
The conversion rate from activities like email is relatively low. That doesn’t mean it’s not effective. Just that you need to be more targeted and strategic with it to make it work.
Inbound marketing, that’s you going out there and putting content of thought leadership, writing blogs, putting on updates, sharing great content, collating great content, that’s a pretty high conversion rate compared to events or paid marketing, webinars and just nurturing leads generally.
The High Conversion Rate of Referrals
The table says referral have a 10.99% conversion rate. That’s how good those opportunities are. You’re more likely to convert a lead that comes to you through referrals.
What’s it say at the bottom? This is the big takeaway here. It says, “Did you notice that the two highest converting channels were the ones based on trust?”
We’ve got inbound marketing, building up your reputation over time, and we’ve got referrals which is advocacy for you and your brand.
They said, “Take it as a hint to optimise your marketing activities accordingly, and prefer a long term commitment to short term gains.”
Everyone would love to send an email out and get a response straightaway with somebody that says, “Hey, this is exactly what I need. I need your accountant services. I need you to represent my firm legally.” But does that really happen?
What I’m saying to you on this BD Bullet is, look at those activities that generate trust and likability. They are the ones more likely to generate a good lead for you, and hopefully a new client.
Happy business developing!
*** These BD Bullets are bite-sized quick videos for accountants and lawyers to help you win a lot more business and bring in more clients. Each one is posted on LinkedIn and also in this BD Academy Blog. For a full index of all BD Bullets, contact BD Academy Founder Rob Brown here.***