some experts In anticipation of edtech’s second honeymoon period, founders in the space will have to change their tactics and learn how to get more results with less money.
With a great product, a great marketing team, and a great sales team, you can expect a lot of revenue. Unfortunately, the reality is that none of these things help at all.
Once you understand what makes each strategy “effective” or “good”, you’ll be on your way to success in no time. Learning how to break down your tactics is key to improving your bottom line.
A direct way to improve your bottom line
Address sales force effectiveness
Metrics analysis begins with determining the target outcome for each manager. Since there are only so many things a person can do, it’s important to know how much time and effort everyone puts in each day.
It’s important to assess your sales department’s workload to see if anyone is doing too much or too little. Oftentimes, sales her managers are assigned too many leads, which can have a negative impact on their effectiveness. Overburdened sales managers cannot communicate effectively with clients, negatively impacting the overall return on their marketing investment.
You can calculate the “normal” workload based on the product and take steps to avoid assigning new leads to overburdened sales managers until the workload normalizes.
Service Level Agreement (SLA) for each lead
SLAs can be used as indicators of how quickly sales managers respond to incoming requests. Our data show that elapsed time is directly correlated to conversion rate.
The manager should call the customer back within 5-20 minutes. A callback time of 30 minutes to 1 hour can reduce conversion rates by 20% to 30%. A manager who calls a customer back an hour later cuts the customer conversion rate in half.
Create a simple dashboard to track your SLAs per day to see if your team is overloaded or not enough leads.
