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In today’s data-driven business environment, you collect more information than ever about your sales funnel. You might see reports on everything from time on a call to the number of contacts before a sale. But what numbers actually impact performance for the modern salesperson? Should you be tracking total sales? Of course, but that’s not all you should be looking at. To get value from your data, you need to understand what metrics actually show sales improvements. Here are a few KPIs that often get ignored, but may be the most important part of any sales improvement strategy.
At its most basic definition, sales is all about adding to the potential customer pool. No salesperson has a 100 percent close rate, but the one adding opportunities to the pool is a valuable resource. Keep track of this by looking at your account mapping. Which of your salespeople takes the time to map out additional points of contact for a prospect? The more complete the account picture, the more you are able to shape the deal to land the new client.
A low close rate might mean you need to redistribute your teams, not say goodbye to the person landing you the most selling opportunities. Remember that every sales meeting is a chance to gain a new client, so someone adept at scheduling is just as valuable as the person who closes the sale. Track this metric on a leaderboard to keep tabs on progress and celebrate wins when quotas are met.
At its core, selling is all about building a relationship between your team and your prospects. For relationships to develop, your sales team needs to take a proactive approach to socializing with prospects. This metric could track everything from social selling activities to fleshing out individual profiles with personal details.
The most effective salespeople don’t just dominate on the leaderboard, they also dominate in a lot of other tasks. To get the best out of every person on your team, think about some training and competency tracking. After all, there is a lot of work that goes on behind the scenes and before you make the first call to a new prospect.
Another metric that can help determine sales goals is your total pipeline value. How much is your pipeline worth if every single prospect made a purchase? Then take a look at actual sales percentages to develop realistic targets for your teams.
You’re already tracking the number of meetings scheduled, but how many of those meetings progress to an actual proposal? By tracking this metric, you can see how well you are converting from one stop along your pipeline to the next. Understanding how and why prospects move through your sales funnel can give your business a big boost. You might uncover surprising bottlenecks or see how much support work some of your staff does to give the rest of the team a strong foundation. Your sales team is exactly that — a team. Tracking and displaying the right combination of metrics lets your team know that total performance is just as important as individual achievement. Closing is only part of the sales journey, and you should recognize more than just your closers.