Too often, the “highs” generated by recent wins can over-shadow the facts when it comes to evaluating the success of business development initiatives.
It’s a great idea to develop some formal metrics for measuring business development success.
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, 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.
If you need help measuring business development success, please get in touch.
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Remember, nothing is so complex that it cannot be explained simply Albert Einstein was spot-on when he said “nothing is so complex that it cannot be explained simply”. Tenders, bids, proposals, and informal pitches for business are not times to show how clever and capable you are by using legalese (I’m looking at you lawyers), […]