In marketing and sales, purchase funnels form a crucial part of how we view the customer journey. And the most common way of measuring the effectiveness of a purchase funnel is with conversion rates. Conversion rates provide a temptingly simple way of measuring how successful each of your tactics or touchpoints has been in moving the customer along – one step nearer to that all-important final stage – the sale.
In business, we use summary metrics all the time. A summary metric is just another way of saying you have summarized a series of data into a single data point – like a total or an average. Most of the time, when you report on business KPIs like Revenue, Customer Satisfaction, Acquisition Cost, or Lifetime Value, you’re doing so in the form of a summary metric. But summary metrics can be misleading, because they reduce complex patterns in your data down to simple, singular figures.
If you’ve ever had to set a goal, it’s likely you’ve come across the SMART framework.* A SMART Goal is a goal that is Specific, Measurable, Assignable, Realistic, and Time-related.
From booking rep appointments to even boosting your ecommerce conversion rate, sales calls can massively impact the success of your business, which is why it’s so important to know how to measure sales productivity by the success of your calls. When the discussion of sales calls comes up, many people instantly think of cold calling (phoning prospective customers before they express any kind of interest in your product or service).
