The Revalize Smart Manufacturing Report is Here! Download Your Copy
In order to stay competitive in today’s market, pump and fluid handling equipment manufacturers have to pay attention to two different sets of metrics:
Being transparent about product-related metrics is critical to building trust with customers, and helping them achieve greater success. However, the more performance data you offer customers, the more complicated your sales process will become.
Which metrics should fluid handling equipment manufacturers bother tracking? Here are the six highest priority measurements:
This measures the speed at which fluid moves through a pipe system. Fluid handling equipment is designed to manage a wide range of flow rates, so this metric helps match the customers’ conditions of service with the right product.
This measures how effectively the centrifugal pump is able to convert mechanical energy into pressure, flow, and other hydraulic energies. This KPI is critical in both the product selector and configuration stages of a sale so customers don’t overpay for a pump that generates more pressure than necessary.
This metric was created by the Department of Energy to calculate the overall energy efficiency of different pumps in the market – and weed out models that consume excessive power. It’s determined by measuring a pump’s overall efficiency in comparison to the DOE’s minimum efficiency requirements. Any pump found to have a PEI of <1.0 is not compliant.
This measures the time from which a lead first comes in, to the time it takes to configure a product, price it, generate a quote, and finally, close the deal. The longer this process takes, the less profit each sale generates. The most efficient way for fluid handling equipment manufacturers to improve this metric is by implementing Product Selector, Configuration, Pricing, and Quoting (SCPQ) software.
This KPI measures the average value of each lead. Tracking this can help sales understand how effective their cross-selling and upselling strategies are. If AQV increases during a particular campaign, that signals that a certain product bundle or outreach strategy is more effective than others, and should be duplicated where possible for higher annual revenue.
This sales KPI tracks how many leads actually request a full quote. The metric is useful for breaking down and identifying inefficient sales processes that create the most risk. For example, if leads needing a specific type of pump have a low POOQ, it could indicate inefficiencies with the configuration process that result in them turning to another vendor for help.
What if there was a way to calculate and monitor both product-related and sales KPIs in a single platform? With the right SCPQ software, you can.
Intelliquip by Revalize transforms the entire sales process by integrating product selection tools, configurators, and quote generators into a single sales platform. Customers can automatically calculate the performance impact of different configuration options without input from engineers. The platform automatically records data from every quote and gives sales a deep dive into insights on how their strategies succeeded. On average, users can accelerate their time to sale KPI by 70%. Intelliquip even calculates True Weighted Efficiency, a new way to streamline finding PEI.
Ready to see your sales pipeline truly flow? Schedule a Product Demonstration with Revalize.
