Unlocking Growth: Mastering the Top 5 Key Performance Indicators (KPIs) for Success in Your Agency

June 19, 2023 – 4 min read

Randy Schwantz in Insurance Agencies

Randy Schwantz in Insurance Agencies

In the world of business, measurement is essential for progress and success.

The Wedge - Unlocking Growth: Mastering the Top 5 Key Performance Indicators (KPIs) for Success in Your Agency

Without a clear understanding of where you stand in relation to your goals, it’s challenging to make informed decisions and course corrections.

 

In this blog, we will delve into the importance of measuring success and highlight the top five key performance indicators (KPIs) identified by a committee of Agency Owners dedicated to significant growth. By focusing on these KPIs, you can effectively track your progress and take proactive steps towards achieving your desired outcomes.

Appointment Goal vs. Actual

Setting appointment goals and monitoring your actual performance against those goals is crucial.

By measuring the number of appointments you aim to secure and comparing it to the actual appointments scheduled, you gain insights into your prospecting efforts and the effectiveness of your strategies. This KPI helps you identify areas for improvement and refine your appointment-setting process.  (I.e. not enough dial activity, can’t get through gatekeeper, can’t get prospect on the phone, can’t convert conversation into an appointment.)

Qualifying Ratio Goal vs. Actual

Qualifying prospects is a pivotal step in the sales process. Measuring your qualifying goal against the actual number gives you a clear picture of how well your sales process is working to find pain. This KPI enables you to optimize your sales efforts and ensure you are gaining maximum leverage from your differences.

It also ensures you are not wasting time working on accounts, quoting accounts that you have a low probability of winning.  (see the 5 Did They)

Close Ratio Goal vs. Actual

Closing deals is the ultimate goal of any sales process. Monitoring your close ratio, which is the percentage of opportunities you decided to actively work converted into actual sales, is essential for evaluating your sales effectiveness.

By comparing your close ratio goal with the actual ratio achieved, you can identify strengths and weaknesses in your sales approach and make informed adjustments to improve your overall closing performance.

Average Size of Account Written Goal vs. Actual

The average size of the accounts you write has a direct impact on your revenue and profitability.

Measuring your goal for the average size of accounts written and comparing it to the actual figures provides insights into how many accounts you’ll need to achieve your income goals.

This KPI helps you assess your ability to attract and secure higher-value accounts, guiding your sales and marketing strategies accordingly.

New Business Written Goal vs. Actual

Acquiring new business is crucial for growing your book and your personal income.

 

Tracking your goal for new business written against the actual new business secured allows you to evaluate the effectiveness of your lead generation and conversion efforts. This KPI sheds light on your ability to grow your personal income so you can make money, save money and build wealth.

Conclusion

Measuring success is a fundamental aspect of driving growth and achieving desired outcomes. By focusing on key performance indicators such as appointment goals, qualifying metrics, close ratios, average account size, and new business written, you gain valuable insights into your agency’s performance and identify areas for improvement.

These KPIs enable you to make data-driven decisions, refine your strategies, and take proactive steps towards reaching your growth targets. Embrace the power of measurement and use these top-five KPIs to guide your agency’s journey to success.

How The Wedge Sales Culture Drove New Business Growth

The Wedge Sales Culture is credited as the engine of this growth, and this case study explores how the agency has implemented and benefited from this process.

“Hire Producers with Confidence” Use Our Evidence-Based Interview Process to Eliminate Candidates Who Don’t Have GRIT

With my evidence based interview process you can be sure that your next hire has the GRIT to fight through walls and achieve success selling commercial insurance.

 

Growing Your Agency Just Got Way Easier

Do you want to work with me to grow your agency?

Take 90-seconds to complete this application

to see if you are eligible for a Growth Session.

How the Wedge Sales Culture Drove New Business Growth

The Wedge Sales Culture is credited as the engine of this growth, and this case study explores how the agency has implemented and benefited from this process.

“Hire Producers with Confidence” Use Our Evidence-Based Interview Process to Eliminate Candidates Who Don’t Have GRIT

With my evidence based interview process you can be sure that your next hire has the GRIT to fight through walls and achieve success selling commercial insurance.

Growing Your Agency Just Got Way Easier

 

Do you want to work with me to grow your agency?

Take 90-seconds to complete this application

to see if you are eligible for a Growth Session.

Responses

Questions? Comments? Leave us a response! Log in here

*