{"id":762,"date":"2020-02-24T11:14:12","date_gmt":"2020-02-24T10:14:12","guid":{"rendered":"http:\/\/www.telekta.com\/blog\/?p=762"},"modified":"2020-02-24T11:14:12","modified_gmt":"2020-02-24T10:14:12","slug":"new-market-entry-metrics","status":"publish","type":"post","link":"https:\/\/www.telekta.com\/blog\/2020\/02\/new-market-entry-metrics\/","title":{"rendered":"New Market Entry &#038; Metrics"},"content":{"rendered":"<p><em><strong>When everything is unknown, how can you productively use metrics<\/strong><\/em><\/p>\n<p>Before &#8220;lean startup&#8221; was a term, there were many of us preaching agile market development<img loading=\"lazy\" decoding=\"async\" class=\"alignright size-thumbnail wp-image-821\" src=\"https:\/\/www.telekta.com\/blog\/wp-content\/uploads\/2020\/02\/Screen-Shot-2020-02-24-at-11.10.39-150x150.png\" alt=\"\" width=\"150\" height=\"150\" \/>entry into a series of phases<!--more-->. \u00a0As with agile software development, iterative does not mean uncontrolled. \u00a0I break a new product launch or a new market. \u00a0The early phases focus on activity while the later phases focus on results.<\/p>\n<p>At the very beginning, it is all about engaging with potential customers. \u00a0Who, what, and how are far less important&#8211; how many and how complete is the key. \u00a0Also, this is relative to the previous day\/week\/or month. \u00a0We need momentum. \u00a0We don&#8217;t need targets here. How many calls, emails, meetings&#8230;. \u00a0keep it simple, but focus on acceleration.<\/p>\n<p>Soon, however, it is important to focus on the qualitative indicators of activity. \u00a0To build these, start with an assumptions about annual revenue, average deal size, win rates, meetings to opportunity rates, responsive customer to meeting rates. \u00a0You can also consider number of outbound reach outs or number of targets identified if this is a large part of the process. Using these assumptions you can then build back a map of what should be the activity levels. \u00a0Remember, this is just setting initial targets. \u00a0Trends are likely more interesting that actual values and Results are the ultimate calibrator, so there is no reason to over emphasize these values..<\/p>\n<p>Focus on key metrics that will be consistent.\u00a0 First customer meetings or a responsive customers are relatively simple to define while a &#8220;interested customer&#8221; is far more fuzzy.<\/p>\n<p>As momentum builds and the sales process gels, the focus will move to optimizing the ratios (eg. first meetings to won deals) and looking to make sure there is balance in the sales funnel. \u00a0One tip is to look at funnel flow rather than funnel size. \u00a0Deals have a bad habit of staying in a funnel too long and distorting reality. \u00a0A healthy funnel has regular movement into, out of, and between the funnel stages. \u00a0Flow in (new prospects), Flow out (lost or won deals), and percentage of deals that have not changed state in the last x days are three KPIs I almost always use in one form or another.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>When everything is unknown, how can you productively use metrics Before &#8220;lean startup&#8221; was a term, there were many of us preaching agile market developmententry into a series of phases<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-762","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.telekta.com\/blog\/wp-json\/wp\/v2\/posts\/762","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.telekta.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.telekta.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.telekta.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.telekta.com\/blog\/wp-json\/wp\/v2\/comments?post=762"}],"version-history":[{"count":2,"href":"https:\/\/www.telekta.com\/blog\/wp-json\/wp\/v2\/posts\/762\/revisions"}],"predecessor-version":[{"id":822,"href":"https:\/\/www.telekta.com\/blog\/wp-json\/wp\/v2\/posts\/762\/revisions\/822"}],"wp:attachment":[{"href":"https:\/\/www.telekta.com\/blog\/wp-json\/wp\/v2\/media?parent=762"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.telekta.com\/blog\/wp-json\/wp\/v2\/categories?post=762"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.telekta.com\/blog\/wp-json\/wp\/v2\/tags?post=762"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}