5 Metrics You Should Track in 2021
Want to take your business to the next level in 2021?
By tracking the right metrics, you can objectively identify where your firm stands and make the necessary adjustments to reach your most ambitious goals.
Below, we highlight five metrics you should track this year.
1. Number of dials per day, week, and month
This metric is all about staying honest.
It’s easy to overestimate how much time you spend reaching out to new prospects and drumming up new business.
But once you have the data in hand, it’s hard to ignore the truth.
Using that information, you can then decide if you need to set aside more time to dedicate to prospecting.
2. Percent of dials that lead to closed deals
Spending hours and hours on the phone won’t do you any good if it’s not leading to closed deals.
Make sure to track how well your cold calling efforts translate into actual revenue to determine whether you need to tweak your approach.
Just remember to take a long-term view. You’ll rarely close a deal with a prospect without first taking the time to build trust and establish a relationship.
(Need to boost your cold calling results? Download The 10-Minute CRE Cold Calling Script.)
3. Number of deals in each stage of your deal pipeline
This metric will help you understand two things:
- Whether you have enough deals in your pipeline.
- Whether your pipeline is too heavily weighted in one area.
In the latter case, you might determine you have a healthy amount of deals further down the funnel, but you’re light at the top.
Armed with that information, you can focus more of your effort on prospecting and generating leads to ensure you experience continued success down the line.
(Want to improve your pipeline management strategy? Download the pipeline management guide.)
4. Percentage of deals that close by stage
The further a deal moves down the sales funnel, the more likely it is to close.
And you should figure out just how likely.
For example, you may determine your firm closes 20% of deals that reach the proposal stage, 30% of deals that reach the listing stage, and so forth.
This will give you the information you need for accurate revenue forecasting — which you can use to make better budgeting and resource allocation decisions.
5. Average time to close
Take a look at how long it takes to go from opportunity created to deal closed.
Understanding this metric can help you determine how many opportunities you need to create over the next several months to achieve your end-of-year goals.