Engagement Metrics in today’s competitive business environment are a crucial factor in increasing closure rates. As examined in our previous blogs, meaningful conversations with the sales rep is a large influence on customers. Predominately, they expect sales reps to feed them the content that matches their interest at each stage of the buying process. Buyers educated via the internet are not as interested in standard demos and sales pitches. Reports show that engagement increases closing rates by over 40%.
One may think, “Of course I see that engagement is important, but it’s easier said than done.” In other words, it takes a lot of effort to find out what really engages a prospect and respond in an accordant matter. The good news is that thanks to online sales development platforms like Fileboard, this becomes quite easy. With online tools, sales reps can easily track prospect engagement and identify opportunities that are most engaged, winnable, or as we say, “ready to buy”. Reps can customize their pitch based on what they do with new tools
8 Engagment Metrics You Can’t Ignore
To add fundamental, relevant value to sales conversations, there are 8 key metrics that each sales representative and manager should monitor. These metrics are illustrated below:
Engagement Score per Opportunity
The engagement score of each prospect is based on activities and interactions within a specific opportunity. For example, a prospect that only opens one out of five emails sent and never replies or makes any attempt to contact will get a very low engagement score compared to an opportunity that opens all email including links and has replied to 2 emails. It’s no surprise that the sales rep has a better chance of closing the deal with the opportunity who has the higher engagement score. As a result, the sales rep spends valuable time on the sales-ready opportunities and won’t waste time on opportunities that are not ready.
Engagement score per content item
This metric determines the engagement score for each content item that has been sent by the sales rep to the prospect. The engagement score depends on the number of times the prospect has opened the email, how much time they have spent on it, which pages have been viewed and for how long, and how many times the content has been forwarded. The more such activities, the higher the engagement score per content item. This gives the marketing and the sales reps insight into which content works best for each prospect during each buying phase.
Engagement score per live meeting/presentation
The engagement score per live meeting/presentation determines the score for a meeting with the prospect based on several different factors. These factors are calculated based on number of attendees, duration of the meeting, and attention level of the attendees. By attention level, we mean did they really pay attention to the meeting or were they scrolling around and doing other activities on their devices? These insights help to proactively supervise a prospect’s attention when the engagement score is low, for example by asking a question. It also helps with determining how well sales reps are pitching and learning from each other’s best performances. A good question to ask is why one rep has much higher live meeting engagement scores than others?
Pages of content most viewed by prospects
All sales reps would like to know which content helps convince the prospect close the deal. They would like to know which specific content in their entire marketing collateral is capturing the attention of the prospects and driving them towards the purchase. Moreover, they would also like to know the content that generates the least attention. This metric makes it easy for sales rep to identify the content that is most viewed by the prospect. This helps the sales rep identify their winning formula, but also tells them what to talk about during a follow up call. Marketing can learn how effective content is or isn’t and optimize their content further.
Email opens per total emails sent
The prospect’s interest level can be identified through whether or not they open the email sent by a sales rep. This metric finds out the ratio of emails opened per total emails sent. If the ratio is low, the sales rep needs to come up with ways to adjust their campaign. Maybe they need attention driving subject lines of their emails? Perhaps they are targeting the wrong prospects? Should they first target ones that are showing interest? Sending emails with no real analytics of results is often inefficient with the time wasted following up with dead-end prospects.
Files/content opened per emails opened
Usually a prospect opens up an email and then jumps to the next one within a few seconds. They rarely open links provided by the sales rep. This metric gives the sales rep an opportunity to find out the number of links opened per emails opened. If the ratio is high, it means the sales rep is doing a good job, if not then the sales rep needs to utilize better marketing content.
Engagement score per Opportunity related to its value/amount (for Salesforce users)
This metric within Fileboard is only available for Salesforce users. The calculated engagement score is based on the multiple factors described before and is added to each opportunity. The forecast not only shows an estimate of how close sales rep is in closing the deal, but the engagement score as well. The predictability of these forecast increases a lot as it doesn’t just depend on the sales rep’s estimation but takes into account the prospects engagement. An opportunity that is estimated to close with a 90% likelihood but with almost zero engagement is not realistic and in reality will have a much lower likelihood of closing.
Sales Campaign Performance
After a sales campaign has taken place, the campaign needs to be evaluated to determine its effectiveness. Metrics to evaluate the entire campaign can be useful too, such as the number of opportunities and deals resulting from the campaign.
Monitoring and using engagement data in your sales process will enable sales reps to focus on the warmest opportunities first and add value to their sales conversation as insights on the interest of the prospect will help them to add relevancy based on the prospects interests and buying stage. Engagement data also helps improve team performance as sales reps can compare the engagement scores for their prospects and pitches, and leverage their best practices. Marketing can also benefit from these insights. Not only will marketing learn how sales are really using their content but will also learn how prospects are responding to their messages.
If you haven’t worked with engagement data at all in the sales process, start by measuring three key metrics first and decide which tool or platform can best support you in delivering these insights, and if possible integrate these results in the follow-up and sales process. After the first results add more metrics and insights to your sales process to increase productivity.
How Fileboard can help with an engagement metrics and data driven sales process
Fileboard’s sales development platform provides sales teams with these metrics and many more. Fileboard enriches the sales process with engagement and helps sales reps in identifying the opportunities that are most engaged and winnable. With Fileboard, sales reps are able to prioritize the sales pipeline based on the sales readiness of the prospects. This is based on the level of interaction of your prospects with your sales and marketing content. The seamless integration between Fileboard and Salesforce allows the sales rep to view their account and the prospects or opportunities that they have been interacting with directly within Salesforce. Sales managers can increase the predictability of the pipeline by adding engagement data to increase the likelihood of closing opportunities. Fileboard is the engagement layer for Salesforce and its engagement metrics are the missing link between your company and growth.