Even though sometimes it feels like tracking performance is meant for performance reviews, business financial assessments and just another task on your list. Being able to measure your performance allows you to manage it. Have you ever tried to shoot darts in a dark room? (please don’t)
So how do you measure your team’s performance? With sales metrics that allow you, as a manager to use your intuition and previous learning to steer in the right direction. Working towards reducing loss or errors.
How many metrics are you tracking?
Sales Key Performance Indicators
These are the ones everyone is looking at permanently, Sales KPI’s measure business success overall.
You will be looking at:
- Total revenue - and by-product
- Market penetration
- Year-over-year growth
- Average lifetime value - how long are they staying.
- Deals lost to competitors
- Cost of selling vs revenue generated
These are just some examples of metrics that you most likely look at. KPI’s will vary from business to business and what your goals are.
Sales productivity relates to how your salespeople reach their target. You will measure the rate at which they achieve revenue targets. If they can do it in less time allotted or no. Usually measured in percentages
- The time they spent on selling activities.
- Time spent on admin tasks and data entry
- Time spent on content creation
- High-quality leads they followed up with
- Sales tools they used
This is to know where revenue is coming from, how and to help you properly optimize your channel strategy. Assuming you do partner sells, you would look into:
- Revenue by partner
- Average deal size
- New opportunities added
- Qualified opportunities
- Average speed to deal
- Retention rate
- Cross-sell and upsell rate
- Satisfaction score
This section will mostly apply to those companies that invest in developing and growing their human force into their best skill level yet. These metrics allow them to measure the success of such investments.
- How many reps are following the provided process
- Learnings applied 6 months after
- Training cost per person
- Time invested in development per rep
- Percentage of reps using marketing collaterals, templates, and scripts.
- Percentage of reps using CRM or other selling tools
Depending on how your company is structured, some of the categories here won’t apply to you. Every process is different and will have different needs.
- Open rate
- Response rate
- Engagement rate
- Meeting scheduled
- Demo scheduled
- Social Media
- Connection requests accepted
- Response rate
These metrics will help you assess your sales pipeline health to know what works and what doesn’t. It's a good place to start when optimizing workflows and messaging.
- Sales cycle
- Average Contract Value
- Close Rate
- Conversion rate by funnel
- Open opportunities by month
- Closed Opportunities by month
These are just some of the metrics that the average sales manager will have to consider using to measuring success for their sales team.
Managing reporting and data is no simple task and can consume large amounts of your time, regardless of the role you have in a sales team.
The tools that you choose to assist with your day-to-day chores will make a world of difference in your outcome.
CRMs can have a large amount of data compiled and available for you to use. Feel free to ask your CRM rep about dedicated reporting and how you can make the most of your data for better strategies.
If you have topped out your CRM usage and believe there are still areas for improvement on how your data is served, chat with a member of our team on how Deeploop allows you to get useful data with a clear reporting structure that makes for improved sales strategy. Book a meeting.