What are the most effective ways to measure your team's performance with data?

In my experience, when it comes to account management, data is king! Here are some essential metrics to track: - Acquisition & retention: CAC, churn rate, CLTV, NPS - Revenue growth & engagement: ACV, renewal rate, touches, resolution time - Team efficiency: CSAT, utilization, sales cycle, lead conversion Take your data, and then segment, benchmark, & visualize it to uncover insights and drive actionable improvements. Like I said to start, data is king, but it only holds value for your team when you use it to empower them and help them succeed!!!

One of the best ways is tracking how much work your team completes and how accurate it is. Also, gather feedback from users or customers to see if they're happy. Using methods like Agile helps keep track of progress. Look at past data to predict future performance. By combining these methods, you can get a clear picture of your team's performance and areas to improve in a nutshell.

KPIs must drive the team's performance to achieve the company's goals. They should be clear, trackable, and measurable. Example: KPIs will vary if we consider increasing overall revenue by X%. Marketing will have KPI to generate more MQL(marketing qualified leads). Sales will be expected to increase their pipeline to $X and hit a certain conversion ratio (25%, for example). Pre-sales will have a KPI to win a % of POCs. Customer Success team will have a KPI retain customer (let's say 95% retention rate) and identify at least two opportunities for upsell during each quarter. The Product development team may have a KPI to release new features that will increase product adoption or generate more revenue.

Truly measurable KPI's have to be identified to drive accurate data collection. Picking your KPI's by looking at what the client is needing to measure, capture and review and what your people produce and syncing those needs, then making sure your data can be collected in whole and accurately is the only way to measure true performance. Data and math never lie.

"One source of truth" is the underlying foundation in managing KPIs effectively. Sales and marketing either use the same systems to track the lead-to-customer flow or the two systems have to integrate. Product development should be based on data source (system) to manage and prioritize collectively internal and external (customer) requirements. Customer service and support teams' KPIs will be based on having a proper ticket/case management system to enforce SLA and response time to customer inquiries. Customer success teams usually leverage data logged in other systems, such as CRM, ticket management, product adoption, and survey tools, to measure their KPIs. Effective KPI management heavily relies on accurate and accessible data.

Making sure your data in consistent and understood by the client and the staff is key to providing true KPI measurement. Taking the time to meet with your team to discuss the data and what the end goal is can truly enlighten them and may help you capture valuable feedback to further solidify the data. Only then should you discuss how to present the data to your client and the usefulness of the data to the client. Analyzing and interpreting the data internally and then communicating externally, can become a valuable asset to the relationship.

You must always audit, test and review your data before and during the use of the data. Making sure your data stays pure and consistent throughout time speaks to the integrity of the relationship with the client. You are only as good as your data. If the client has to point out inconsistencies in the data to your team, you have not been as dedicated to the relationship as once promised.

Unprompted positive feedback is the best sign of good performance. When your clients or colleagues come to you, unprompted, with good things to say about a staff member, then you know you’ve got a star. Hold onto them!