Measuring business development success
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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