Numbers, data, conversions, activity, metrics, benchmarks, and goals.
There are so many different ways to measure the progress and overall success of a sales team, but surprisingly, there are still communities out there who aren’t doing so! Or worse yet, companies micromanage their sales teams with multiple metrics and benchmarks that change regularly, based on the concerns of a reactive rather than proactive leadership team. Can you imagine having a moving target and never knowing what it might change to month after month? Can you imagine not having goals at all and never really defining progress? It might sound far-fetched, but it happens consistently in the senior housing industry.
Let’s take a look at some metrics that every sales person should be monitoring for themselves. Not coincidentally, teams that measure these metrics regularly can easily identify their own areas of opportunity as well as their strengths they can leverage. Putting the focus on a few key areas might be a game changer for your business!
- Inquiries contacted to first time visit conversion: This is a simple conversion, but is always overcomplicated. First, how many inquiries do you receive on a monthly basis across the board? (web, phone, walk in, etc…) Of those inquiries, how many do you actually get to engage with for a first time call on the phone? Take that number and compare it to how many first time tours you booked as a result of those phone calls. This is a true inquiry to visit conversion.
- Example: 30 total inquiries, reached 25 by phone, and booked 18 first time appointments
- Visit to Deposit or Visit to Move in conversion: The closing conversion is a reflection of the sales person’s ability to move the prospective family forward to the next step of commitment. For monthly rental properties, focus on the Visit to Deposit, as well as the Visit to Move in. For the CCRC/entry fee communities, make sure you are measuring the initial deposit or any other true financial commitment that leads to the move in.
- Follow up Calls to Appointment scheduled: So many companies set a benchmark for calls made each week, which is great. It is also important to look at quality, not just the quantity. If you make 100 phone calls in a week and only schedule 1 return appointment, would you consider that time well-spent? We don’t. Begin to track your follow up calls and identify, of those calls you made, how many next steps were booked? It could be a lunch, revisit, home visit, meeting at the hospital – the goal is to set an agreed upon next step to meet. Our coached teams have a 25% conversion rate, but the industry average is 4% – just 4%!! Begin by measuring yourself and set a goal to grow by 5% every month.
- Tracking scheduled outreach appointments: Scheduled is the key word. The “drop by” can be necessary, as a last resort, but the majority of outreach visits should be scheduled. A common challenge observed in training and coaching is that sales people don’t have a purposeful reason to follow up, so they opt for the quick “drop by” and leave a brochure, materials or muffins. The referral source doesn’t see value in the visit, so it’s challenging to book an appointment. A vicious cycle! If you are currently using drop by visits, make it a goal to have 50% of your outreach as scheduled appointments.
For more information on how we can help create a strong core value within your sales team, please contact us →
