5 Critical Sales Metrics You Need to Be Digitally Tracking in 2017
More and more, startups and corporate offices are using metrics to increase sales as well as boost motivation among sales teams. Digitally broadcasting these sales metrics is an engaging way to communicate with every member of the team on a platform that is easy to understand and interact with.
Why Track on Digital Signage?
By effectively tracking the right metrics of your sales team, you can then increase the impact of the data by streaming it across digital signage for the entire office to view and benefit from.
When publicly displayed on a digital screen, real-time metrics can increase productivity and incite healthy competition. What this does is build morale through a sense of belonging, teamwork, and rewards-based goals. All of this leads to improved overall performance and engagement.
To help you improve the performances of your sales representatives, here are five critical sales metrics and KPIs you should be tracking in 2017.
1. Average Deal Size
The average size of a closed deal is a metric that can quickly reveal which deals are and are not worth pursuing. And, as a sales manager, it is important to ensure the representatives on your team are spending their time in the most efficient way possible.
If the average deal size is smaller than the company would like, utilize digital signage to broadcast this number before starting a competition. Broadcast on the company leaderboards to enhance lead generation and boost sales performance through gamification.
2. Lead-to-Customer Percent
It is this final funnel metric that gives you the tell-all number on the effectiveness of not only your sales team but the marketing team as well. This number is important to display internally to sales and marketing team members, as it shows the overall effectiveness of the sales and marketing funnel.
To get sales reps to understand how they are functioning as part of the larger team, broadcast this metric across digital signage.
3. Sales by Lead Source
If most of your sales are coming from one lead source, this places your business at risk, and understanding where your leads are coming from is one way to prevent this risk.
Digital signage is the perfect platform on which to provide graphs or charts of the sales by lead sources so your salespeople are constantly in the know. By tracking the lead sources for your sales, you can optimize your lead generation, as well as tailor the sales process to fit the needs of the leads.
4. Revenue Per Sale
Working to increase the revenue per sale is one of the easiest ways to increase sales and profits. The classic story of McDonald’s doubling their profits by simply asking, “Would you like fries with that?” is the perfect representation of increasing revenue per sale simply by changing one factor in the process.
Providing a revenue-per-sale metric on digital signage that is constantly updated and adjusted throughout the day will get your employees thinking about how they can increase the revenue per sale each time they are speaking with a client.
5. Overall Sales Growth vs. Goal
Different factors, such as the dollar value and previous period sales revenues can affect this metric, which is why it is an essential part of growth projections and is instrumental in strategic decision-making.
Monitoring this metric over time allows you, and your sales team, to gain a clear understanding of growth trends and normalize your values. Rather than simply provide this data in a meeting, constantly broadcast the metric across digital signage to provide attainable (yet challenging) goals that will aid in engaging your sales team while also keeping communication transparent.
The Bottom Line: Metrics and Digital Signage
The key to harnessing the power of digital signage is understanding your sales team so that you will be able to effectively implement the correct sales metrics, updates, and leaderboards.