In our recent report, “The 7 Success Secrets of Market Leaders,” we identified 7 characteristics exhibited by market leaders. Knowing how you compare to these best practices will help you grow your business. Last week we addressed the second of these seven characteristics; all market leaders have clear action plans.
The third characteristic that all market leaders share is
THEY KNOW THEIR NUMBERS
Action plans are only as valuable as the metrics that support them. The truth is, numbers don’t lie. All market leaders have defined the specific metrics required to achieve their goals, and they measure their success based on their ability to hit their numbers.
Tracking their numbers afford market leaders the ability to monitor their progress at any moment and identify the required actions to keep them moving forward.
Based on their individual goals and supportive action plans, there are dozens of metrics market leaders track. However, there are some metrics that are more common among market leaders.
The top metrics to track for your personal professional success include:
1) Prospect Calls
Market leaders are consistently pursuing new business opportunities. Whether they track calls attempted, calls completed, or prospect call hours, they understand the phone remains a top tool for making the initial connection.
2) Prospect Meetings
Market leaders understand they need to be in front of their prospects. Whether they track meetings scheduled, meetings held, or presentations given, market leaders recognize there is nothing more powerful than a face to face meeting.
3) Exclusives Listings/Representations
Market leaders recognize that prospecting metrics are essential to track their efforts in finding business. They also know they need to track their progress at winning opportunities. Whether they track exclusives secured, exclusive opportunity value, or average value, tracking exclusives allows them to monitor their progress on winning business.
Market leaders recognize they must track their closed opportunities as well as be transparent with the progress with their team. Possible metrics they track include opportunity value, average value, or even type of transaction. Market leaders may track these particular metrics on a team scoreboard, their CRM dashboard or their pipeline.
Market leaders track their personal and team marketing efforts, as they recognize prospecting initiatives can be highly leveraged with a strong market presence. Possible metrics to track include personal meetings, group meetings, physical offerings, and digital initiatives.
6) Client Retention and Expansion
Market leaders understand that their best source for leads and additional opportunities are their clients, whether they are active or inactive. Metrics they may track include client meetings, phone calls, referrals and specific client presence initiatives.
7) Team Development
All market leaders have individuals that they work with, and they understand that team member growth and communication are essential for success. Metrics they track include team meetings, team member networking efforts, team member community efforts, and team member’s personal development efforts.
8) Personal Development
Market leaders consistently strive to improve, to get better. They are never satisfied with where they are. They may track their reading time, their progress to a new designation, their training and/or coaching hours. The result is they purposely improve. This is not a coincidence or an accident.
Market Leaders track a majority of their goals on a weekly basis. Even monthly or quarterly goals are reviewed weekly to monitor, if not ensure, progress.
Step #3 to being a market leader is knowing your numbers. Download the other Success Secretes of Market Leaders below:
Tracking goals is not hard. Getting lost in your pursuit for growth is easy without proper tracking. Market Leaders allocate the time to pursue and track their goals in addition to moving transactions forward. Their ability to optimize their time will be the topic for next week.
At the Massimo Group, we have worked with our market leader clients and provide them the tools which allow them to adhere to their plan for growth as well as easily and consistent track their metrics. They know their numbers. They adjust and continue to progress and grow their income. If you would like to speak with someone at The Massimo Group about how we can work with you to build your plan for greater success, contact us today.