Startup tech sales metrics
*Startup sales metrics is part of the “How to set up your Startup B2B Sales Process in 3 weeks” series.
“You can only improve what you measure” – Tom Peters
It’s the 21st century. “I don’t know” is no longer considered an adequate answer. At Out2Bound we’re huge fans of constant data-driven improvement of the sales processes. So you can imagine we track and make sure we capture a lot of data that tells us whether or not our approach is working and try to improve based on the information gathered.
Here are a few startup sales metrics that are a must-track for the email channel
- Open rate: Try to have at least a 60% open rate. This can be measured for the whole campaign and for each individual email so you know where exactly you need to improve.
- Response rate: Try to have at least a 15-20% response rate. Like the previous one, try to measure both the general response rate on the campaign level and for each individual email in the cadence.
- Views: How many repeat times a single email was read/opened. If you have 3-5X more views from some prospects in your campaign compared to the rest give them a call!
- Link tracking. If you have links that you share in your emails make sure you track who clicks these links.
- In addition to your campaign performance tracking you can always measure the efficiency of your email by observing the following criteria:
- Subject length (2-6 is optimal)
- Word count. Depending on the target group this can vary but as an optimal length consider writing 80-120 word emails.
- Number of questions asked (1-2 in the body is optimal)
- Spam words – some advanced email tools track also the use of spammy language that can help decrease the chances of being marked as a spammer
- When are your top open hours and what days have the highest open rates?
NB! In order to have adequate stats, you’ll need to reach out to at least 200-250 people within two weeks.
Linkedin metrics to track the performance of your outbound campaign
- Invited: Calls ratio – should be at least 2% usually we aim for 3%
- Invited: Connected – should be at least 30% otherwise you need to change something in your invitation message
- Invited: Responded – should be at least 10% or you might need to improve your messaging
- Connected: Calls ratio – should be at least 5% we usually aim for 7% and above. Those metrics speak to how well your campaign can achieve a result (booked meetings)
- Connected: Responded ratio – 30% at least otherwise your follow-ups need improvement.
- Responded: Calls – 20% and above otherwise you might want to think about a different CTA
Additionally, you may want to observe profile statistics like how many people visited your profile and with what background they were.
Call metrics to track during your outbound campaign
When we talk about tracking cold calls there are a number of metrics you can track but essentially you need to get an answer to the following 3 questions:
- Is my calling activity high enough? (How many cold calls are we doing per day?)
- How many times are we able to reach the prospect (call connects)?
- How many from the calls connected do we convert into the next step (Demo, Needs analysis meeting, etc.)?
The easiest way to answer these questions is if we have the following metrics:
- Total dials
- Unique dials
- Answered calls
- Reached prospects of total dials made
- Number of qualified and convert to the next step
NB! In order to make adequate tracking try to make at 50/200 dials per day for two weeks and calculate conversion rates.
SMS sales metrics to track during your outbound campaign
When using SMS you’ll need to track the following criteria:
- Delivery rate – here we’re measuring the efficiency of the numbers used.
Formulae: ( # of delivered texts / total number of text sent ) *100
- Interaction rate – this would be relevant if you’re sending some links in your SMS messages
Formulae: ( Total clicks / Delivered messages ) *100
- Unsubscribe rate – it’s pretty self-explanatory
Formulae: ( opt-outs during campaign / Total number of numbers ) *100
- Conversion rate – this metric shows the effectiveness of your texts. For example, if someone agrees to book a meeting after a text you sent.
Formulae: ( # of conversions / # of total messages sent ) *100
NB! And remember don’t abuse this channel. Use it cautiously.
In the previous article from this series, you can find sales prospecting tools for each channel. Next, you can get answers to questions like: What is Agile? How does it translate in sales? Why use agile sales?
Boris Georgiev is one of the co-founders of Out2Bound. As such he has worked with over 50 B2B founders helping them realize their go-to-market strategies. He is acknowledged by Forbes with the prestigious award 30 Under 30. On a daily basis, Boris tracks trends and best practices in B2B Tech sales.