Good morning all. I hope everyone is having a cracking week. As a small but expanding business, we have recently employed our first BDM. I believe I have found and looked over all the resources available on the LPMA website however I would like to hear other people’s top 5 KPIs for their BDMs. Your advice would be much appreciated.
Kind regards,
Russ
Hi Russ,
I think this depends on their role, but I would prioritise Reporting, Data, Activity (calls, social media, OTM letters, meeting with salespeople and doing appraisals for them, forming alliance partners), appraisals, management agreements sent and new managements.
At the start, it’s mainly about data and activity and how it’s being reported - for eg, you would want to be able to get the metrics out of the system (along the lines of, if it’s not in the system, it doesn’t exist).
To make calls for eg, they need to make about 20 call connects for the opportunity of one appraisal and it’s usually about a 50% conversion (may not be ready, may a sales appraisal etc). I tend to find that it takes about 50-70 pieces of data to do that, so they’ll need about 250 -300 pieces of data to make 1 weeks worth of calls. If only 30% are answering, then they’ll need to top up about 30% each week in order to have enough data to continue making calls and follow up. I would suggest somewhere between 1200 and 2000 pieces of data in total.
If you’ve employed a BDM where they’ve been fed by a sales team previously, a lot of this will be foreign to them.
Set a clear meeting agenda each week and expect reports around data entry, calls, appraisals, management agreements sent, new managements (that is leased).
This does genuinely depend on what they’re doing, how many in the sales team, how many managements you have, how good they’re at Social Media, doing Videos etc. So many factors.
Hi Jodie,
That is some fantastic advice. Thanks so much for your insight. It all makes very good sense and as it happens our new BDM does come from a background of having a sales team feeding them so your guidance there is gold.
Once again thank you.
Regards Russ