Knowing your new business prospecting KPIs is an absolute MUST for anyone who manages a new business team or individual business development manager. See a related post HERE on the four cornerstones of sales.
This has never been truer than when your team are working remotely; they may tell you that it is not possible to contact decision makers or that if they do contact them they are not receptive, but this is simply not true and we have the empirical evidence for that right here.
This chart shows the two main key new business prospecting KPIs, what we call “access rate” and “conversion rate”.
Access rate is the percentage of calls that ‘connect’ with the decision maker. We typically expect this to be at about the 3% mark, so for every 100 calls made, we expect to speak to three decision makers (I know, it’s a tough task our new business teams have).
Conversion rate is the percentage of these ‘effective’ calls, that convert into an opportunity, by which we mean one of the following; a face-to-face meeting (either virtual or IRL) or a brief being sent through to us to pass on to our client. We typically expect this to be about 25%.
As can be seen from the chart above, our access rate is steady, but what may be surprising is that our conversion rate in April to date is over 32%. So more than 32% of marketing or communications decision makers we speak with are actively looking at engaging with new agencies.