Bringing in more sales is only part of the game; the analysis, monitoring and reporting of all the activities that lead up to the sale are what count. When you track and identify the positives and negatives, you are in a better position to steer your team to success. Plus, by monitoring and measuring the metrics in the different stages of your sales funnel, you’ll be able to create a more accurate map of how close you are to your revenue goals.
Here are four sales metrics you need to track and measure for your organization.
Reach & Leads Generated
Your total reach is the total number of subscribers in a company’s email database, along with social media followers, blog followers and more — basically, anyone your company can reach via content marketing or traditional marketing methodologies. This metric is important because it measures how wide the top of your funnel is and how any leads you can generate. The more leads you have in your pipeline, the more leads you can qualify, nurture and eventually convert.
Lead Qualification Rate
You can’t afford to measure conversion rates by ROI alone; lead qualification rate is also an important metric. How many of those leads at the top of the funnel actually worked out? By measuring this rate, you can tell whether the leads the marketing team is producing will translate into revenue in the pipeline. The sources that have a low qualification rate need to be reevaluated or nixed altogether. This metric also measures the effectiveness of your marketing campaigns and the quality of the content, which can be changed or replicated as necessary.
Speed to Contact Attempt
This is the time it takes from when a lead is generated to when you call or email them in response to their inquiry. This metric shows you how effective your sales reps are at the most basic level. Speed in response to queries has a direct correlation with conversion rates; if a sales rep calls quickly, they will be able to see results faster. This metric also shows managers which sales reps are are falling behind or failing to contact leads altogether. Reps who let their leads slip through the cracks can be trained or removed.
The revenue pipeline takes the leads that marketing generates and projects the value of that lead based on close rates and average revenue per sale. This helps managers align marketing efforts with sales’ quota to make sure both teams are working towards accomplishing the same goals.
Salesvue is a native application for Salesforce which helps you identify all of the above in an easier, more efficient manner. You can see, at a glance, how many new leads are in your pipeline, how many conversations are taking place and how many are set to close. Plus, you can identify how many calls and meetings it takes to close a deal. With Salesvue, you will know the math of your company’s sales cycle. Imagine the possibilities that open up when you know how many activities convert to conversations, opportunities and ultimately sales. Plus, you don’t need to generate manual reports. Salesvue shows you in real-time the dollar value of every activity your team is doing.
To learn more about sales performance metrics, download our new white paper, the 4 C’s of Sales, by filling out the form below: