3 New Metrics for Sales Performance
In the past, revenue was all you had to measure to see whether your sales team was performing. But as the market and the sales process gets more complex, so does measuring sales performance. It isn’t enough to merely measure the number of outbound calls, deals closed and new meetings scheduled. By measuring the level and quality of sales activity, you gain deeper insight into your team and your market. Plus, you can make improvements as the deal progresses. Here are 3 new metrics you need to be measuring for sales performance.
You have easy access to the number of leads in your pipeline, but how many of those leads turn into real selling opportunities? You need to see how much time your sales representatives are spending on calling leads and converting them to opportunities. You should also look into how many calls are made to the same lead or contact. Then, based on the data you’ve gathered for your sales team activities, you can develop a standardized cadence.
More calls do not necessarily mean more sales. Similar to call effectiveness, you need to measure call traction: are you moving forward with each call, or just wasting your time? Are you moving closer to a ‘yes’ from the prospect? You need to uncover whether your sales representatives are getting more information about the prospect with each call, and whether they are giving the prospect compelling reasons to buy from you.
Win Rate Movement
It’s not just enough to track the win rate; that’s about as good as tracking “only revenue.” You need to look at any major changes in win rates and win rate movement: are your reps closing more, are they closing quicker or is taking longer to get to a close? Looking at merely how many deals have been closed is not going to help you with planning for the future. By identifying changes and fluctuations in win rates, you can identify buying trends and patterns.
It’s All In The Sales Funnel
Don’t forget that all of this activity is happening in your sales funnel. By looking at your funnel and analyzing the activity, you can identify how fast things are moving, who and where the links are and where you can make measured improvements that will impact your bottom line. You can also gauge how many calls and meeting it takes to get to the crucial yes that seals the deal.
Salesvue helps you get there. With detailed reports of your team’s sales activity and filters that let you track sales representatives and prospects based on results, time of day/day of the week and objection patterns, you can control and manage the selling conversation better. Our fine-grain analytics provide you with the insight you need to make better business decisions, leading to sales business intelligence. Contact us for more information today.