Growing your business is as much about math and numbers as it is about customer satisfaction and service delivery. Paying attention to the right metrics will let you design the best and most effective strategy for increasing revenue and meeting your sales and revenue goals.

So what are the metrics that you and your B2B team should be tracking? Here’s a list of key indicators you can use to keep your momentum going.

1. Monthly Visits and Leads

Tracking the number and type of sales opportunities is critical for your business. In one study of companies not exceeding their sales goals, 74% of them weren’t tracking their monthly activity in this category.

In order to set clear and measurable targets for B2B sales, compare your old data with the new, and set tangible goals for what you want to strive for. There are a number of sales metric tracking tools out there that will help you do this, many of which use Excel or other software that you probably already have.

2. Qualified Lead Rate

Your qualified lead rate will help you assess the quality of both the channels you use to generate leads and the strategy you use in looking for leads going forward.

Not every avenue will produce the same amount of warm leads. Some will direct you to businesses that are less likely to be interested in your product or service. If a broad approach is turning up a ton of leads but no real prospects, go deeper on the channels that get the best results.

Take the time to assess the number of leads that any one channel generates over a specific period, in comparison to other B2B lead generation avenues that you use, and adjust your plan accordingly.

3. Fit Rate, Closing Rate, and Win Rate

Your fit rate is a calculation of the number of meaningful conversations that your B2B team needs to engage in to find the right customer.  For example, if your sales team has to talk to four prospects (on average) to get to a proposal, your fit rate is 25%.

Your closing rate will then be the number of people you send a proposal to, divided by the number of clients with whom you get to the point of making a proposal. So, in short, this metric is the number of fit rate proposals divided by the number of closed sales.

Your win rate, then, is the number of new accounts that you generated, multiplied by your fit rate. If of three conversations, you get one final yes, your closing rate is 33% and your win rate is 8.33%.

Why track this? Because it will help you plan for a reasonable and actionable amount of conversations that you need each team member to engage in during any sale period. If you know your fit rate, you can set goals based on data. That way, you’ll have realistic expectations for conversions and revenue goals.

4. Client/Customer Acquisition Costs (CAC)

This metric is a snapshot of how much it cost you to gain each customer. New customers are important, but not to the extent that they cost you more than the revenue that they generate.

In order to calculate your Client/Customer Acquisition Costs, take the number of total sales and marketing costs for a specific period of time for all customers and then divide that by the number of new customers and/or clients that you generated during that time period.  

Here’s how it would work: if you spent $20,000 on sales and marketing in one year (on advertising, salaries and other overhead) and generated 10 new customers in that same period, your CAC is $2,000.

Your goal, over time, is to see that number go down instead of up. This will show you how efficient your B2B sales force and your B2B sales efforts are and allow you to adjust any planning and strategy accordingly.

5. Sales and Marketing Key Performance Indicators (KPI)

One element that teams often fail to track is the alignment of the KPI of sales and marketing teams.

If your sales and marketing staff do not regularly meet and share data, it’s common to be missing the info you need to determine which sales activities are working. Some analysis indicates that as many as 24% of marketers don’t know whether their efforts resulted in closed deals — which is crazy, considering how easy it is to track this information with a modern CRM!

Aligning your sales and marketing efforts will allow your talent to see what is working best and double down on those strategies while pulling back on those that are less effective.

If you’re working to grow your business, don’t shy away from sales and marketing performance metrics. If you haven’t used them before, it only takes a little practice to get comfortable reading and analyzing them, and the work will pay off exponentially if it helps to boost your sales.