This article will cover everything you need to know about these three mini-panes on your Analytics dashboard, that are super-important for tracking your sales successes.
The Closing, Engagement, and Show-Up Rates are valuable metrics for sales teams as they directly represent team effectiveness and overall sales success:
The Closing rate card is based on "Won" deal types, indicating the success rate of closed deals. Very useful for tracking the overall team's performance in closing deals.
The Engagement rate card will show stats based on "Won" and "Deposit" deal types, representing the level of customer engagement.
The Show Up rate card will show metrics based on total call outcomes of Strategy calls, excluding cancelled and no show calls, and dividing with all Past calls.
All together, these metrics provide a comprehensive picture of the sales funnel's health, helping the team to identify areas for improving tactics, prioritizing high-potential leads, and to make data-driven decisions to improve overall conversion rates.
Before we go into all details about every card specifically, it's important to mention that the stats you'll see in these cards will be shown according to the date range filters and data source filters ( Global Data - all events or a specific Event).
Closing rate card
This is useful for tracking the overall team's performance in closing deals, when deal type is Won, meaning complete sales payment has been collected.
Formula: The total number of unique Contacts with "Sale" outcome - Won deal types,
divided by the total number of unique Contacts in Past strategy call, for the selected date range and data source filter.
Engagement rate card
This card shows how effective your team is in closing sales in general, counting both won and deposit deal types into one.
Formula: The total number of unique Contacts with all "Sale" outcomes (Deposit plus Won deal types both), divided by the total number of unique contacts in Past strategy calls, according to the selected date range and data source filter.
Show up rate card
This card unveils the curtain on call attendance rate. A high attendance rate reflects strong interest from leads and ensures that the valuable time and resources invested in appointment setting translates into actual conversations.
Formula: The total number of all Strategy calls minus (Calls cancelled plus No show), divided by the total of all Past calls for the selected time period, and in accordance to the data source selected filter.
Additional card information
Definition of a unique contact, which are taken into account for these three widgets is:
All leads with a unique email or phone number, that have scheduled at least one call within selected period of time
Leads that were not merged in Global Data as duplicates
In case same lead scheduled two or more calls within the selected period of time, only one will be counted as unique.
All three cards will show following information:
Increase or Decrease in percentage shown for the selected date range
increase will show in green
decrease will shown in red
Previous period is considered as a period before the dates selected in the date range filter, taking the same number of days from the period before
Date range selected from the top Analytics page filter will be shown at the bottom of the card
Best practices, tips and tricks
Closing and Engagement rate
Closing and Engagement rate
We've placed these together since both reflect on "Sale" outcome metrics, with an only difference in if the deal type is "Won" only (Closing rates) or both "Won" and "Deposit" (Engagement rate).
Here're some expected benchmarks on monthly basis, but kindly note that benchmarks can vary by industry, country, region, etc...
B2B Sales
Good monthly closing rate is considered to be around 20-30% of qualified leads.
For high-ticket, complex B2B sales, even 10-15% can be considered as good due to longer cycles.
B2C Sales
In B2C sales world, where sales cycles are shorter, a good monthly closing rate is typically 30-50% and above.
Some high-performing teams may close above 50% on a regular basis.
Everything below 30% is considered concerning and in case you're experiencing such closing rate, check out our pro tips for adjustment proposals below.
Pro tips
Here's what we can propose you to do if you're seeing closing rate below 30%.
Start with taking feedback from the sales team, and backtrack down the pipeline to narrow the search in diagnosing a low closing rate.
This method may be very effective since Sales reps are on the front lines and have firsthand knowledge of where deals are falling apart.
After gathering feedback you will be able to identify patterns easier.
For example if:If you realize Sales reps are not providing solid reasons for not closing deals, you should consider providing them with additional training.
Sales reps and stats confirm a lot of leads is not interested, contact cancelled or bad fits (unqualified):
check your appointment setting process, and train Setters not to approve such leads, if they were are coming from discovery calls.
Or if these leads scheduled call a direct strategy call, adjust marketing campaigns. Maybe there is something misleading in the marketing material that makes these leads think your service/product is a good fit, until they learn more on the call
You're seeing a lot of follow ups, and sales reps confirmed that they need more time on the initial call to close the deal out, set longer meeting duration, and reduce number of slots for the day.
Quality always wins over quantity.
You have way too many "need approval from other person" you're targeting wrong group of people that are not decision makers. Readjust marketing outreach and try to get in touch with decision makers.
If you have any questions iClosed setup-wise or you would like to ask for advice, feel free to reach out to our Customer Support team at any time via chat button.
Show up rate
Show up rate
A high show-up rate is crucial for sales teams because it directly affects the likelihood of converting leads into sales. When prospects attend scheduled calls or meetings, the sales team has the opportunity to address objections and demonstrate product/service value.
Here're expected benchmarks our team was seeing for the last couple of years and from what we've gathered from feedback received from customer. These benchmarks are shown on monthly basis, and please note that they may differ by industry, country, region, etc...
Good show up rate
For scheduled calls, a show-up rate of 70-80% is generally considered strong.
This means that most leads see the value of the meeting and they are committed enough to attend.
This also may confirm that the marketing strategies, appointment setting process, event setup and in the end lead avatar that you are targeting, is pretty solid.
There is always room for fine-tunning, but definitely there is less reasons to be worried.
Excellent show up rate
When leads are well-qualified and there’s a clear fit, show-up rates can be even higher, around 80-90%.
You can say that the processes are well fine-tunned and no show's are justified. Keep up the good work!
Concerning show up rate
If you're experiencing show up rates for reasonable number of calls below 70%, you should start troubleshooting and tweaking your processes.
But make sure these show up rates are not affected by the ongoing sales campaign to cold or less-qualified leads. If that's the case, 50-60% show up rate is realistic.
Pro tips
If you are experiencing a show up rate lower than 70%, but you are sure appointment setters are well trained, leads are of higher quality and marketing campaign is good.
We can propose following best practices in terms of adjusting the events setup:
Set scheduler to be open for upcoming 3 days max
Go to Event setup and set date range to 3 days instead of longer number of days of even indefinite
People tend to forget and cool down if the call is going to take place further than 3-5 days
Once you're fully booked, push the number of days to 4 or 5 days
Simplify booking form
Even though you may need a lot of answers form the leads to understand if they qualify or not, sometimes the answering a lot of questions can create a bad experience on leads end
Keep duration of the meeting as short as possible
super long meeting durations can make leads change their mind on the day of the meeting
Find the right measure between keeping it as short as possible, and having enough time to present product/service
Optimize notifications
Do not overuse notifications. We all have more than enough emails coming into our inboxes.
Try to find the right strategy depending of the time set in the event before leads can schedule a call (e.g. on the same day or minimum 24 hours difference)
and create strategy according to the event setup.
Our suggestion is:
Email confirmation + SMS as booking confirmation
Email 24h before meeting (especially if the schedule a call 2-3 days before the call date)
Email + SMS 15min before meeting
But, bear in mind that nothing can make lead show up on a call if he decided not to show up. Simply, that comes as part of the job.