Too often the “feel good” factors and recency of wins overtake facts when it comes to evaluating success of business development initiatives. It’s a great idea to develop some metrics for business development.
Tracking these will be useful:
- number of proposals to established clients
- number of proposals to established clients for areas beyond the traditional services provided to the client
- level of “wins” in desired practice areas, industries or markets, or with target clients
- client satisfaction as measured and evaluated through personal interviews
- client feedback received through written surveys
- numbers of referrals generated by clients
- your relative “win” rate or percentage in the face of competition
- trends in client retention
- cycle time from opportunity identification to delivery
- cost of business development initiatives.
By developing a meaningful metrics suitable for your own practice group, you will have a valuable decision support tool for the future.
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