Meeting Growth Goals Requires Consistent Tracking
If you're a goal-setting agency (which you should be), I'm willing to bet that growth is on that list. Whether you're setting goals for a certain number of clients you'd like to add to your book-of-business or you're speaking about it in terms of a percent growth, there is something you should be consistently doing to stay on track for that goal: tracking metrics.
What metrics should I track?
Metrics can definitely vary from agency to agency, but there is a set of metrics that agencies should be paying attention to. They are:
- Individuals, groups & policies by lead source
- Groups & individuals by status
- Policies by coverage type
- Top producing agents
- Net vs Received Commissions by coverage type
Let's take a look at each individually.
Individuals, groups & policies by lead source
The key word here is lead source. In order to find patterns and know where to aim your lead generating efforts, you need to know what's worked in the past. Looking at your clients (individuals and group) and overall policies by lead source can help you determine the best areas to aim your efforts.
Groups & individuals by status
Though you probably have custom fields or names for these statuses, examples of this are: enrolled, not contacted, quote, app submitted, etc.. This helps you follow your prospects and eventual clients through the sales cycle. It also allows you to see how many prospects or clients you have in each stage of that cycle so that you can get a feel for where your efforts are needed.
Policies by coverage type
Depending on what products you sell, this could be helpful in allowing you to see where most of your business resides. Why is this important? Well, some agencies rely on selling only a few products or coverage types. It's important to keep an eye on those so you can quickly notice any changes and address them accordingly.
Top producing agents
If you're managing several agents, it's important to know how they're performing. We're not encouraging micro-managing here; we're encouraging knowing how people are performing so you can identify where you can help. This graph showing top producing agents by their commissions earned helps to visualize this:
Net vs received commissions by coverage type
When looking at your agency's financial health, it's vital to know where your revenue is coming from, how it compares to last year, and, perhaps most important, where your net profit comes from.
How can I track these?
There are a couple different ways you can track these, but the easiest is definitely within a CRM that is already housing this information. Agencies do track these metrics within Excel spreadsheets, but you'll need to understand the time commitments with that. Plus, that won't be real-time; you'll need to continually update the information.
AgencyBloc has a feature that allows agencies to visualize all of these metrics and more on the same dashboard that they're seeing their activities and follow-ups. These graphs are updated in real-time per the data that is in their AgencyBloc account. This provides insight to agencies without any extra effort on their part.
One of our clients said:
Charts and graphs are great communication tools which help visualize our processes, growth, as well as deficiencies in areas which need improvement.
Mike Coppess, VP of Sales & Marketing at Vesta Voluntary Specialists
Want to learn more about how your agency can begin using graphs to visualize the data within your CRM? Check out this webinar we recently recorded: