One of the staggering differences between great and good salespeople is that good ones achieve their targets oftentimes, whereas great sales reps do the same consistently. Good salespeople win the respect and trust of their respects, whereas great ones earn referrals, loyalty and appreciation from their prospects on a consistent basis.
Every salesperson be it an amateur or at mid-level aspires to be a great sales rep. If you too yearn to join the bandwagon of great salespeople, then you have landed on the right page, since this article throws light on five key Performance indicators (KPIs) that every sales manager should preach in 2018 and beyond.
Often, salespeople get the feeling of being stuck in hot waters. Yes, sales managers particularly the ones on the field find it extremely difficult and challenging to keep a track of key business operations and their teams’ activities. The most effective way for sales managers to gain key insights pertaining to all things sales is to monitor and keep a tab on key performance indicators.
What exactly are KPIs?
KPIs are metrics that help to track the performance of a particular business, department or individuals. The key here is to pick the KPIs that matter the most to your business goals and industry vertical. Here are five KPIs a sales manager ought to stick with, always.
Yes, these are often the most qualified and relevant leads in your sales CRM software? Track their upsell figures and use this information to categorize as to how certain leads respond to certain service/product pitches. A good sales CRM software will help you to track as what, whom, how and when a sales rep cross-sells and upsells.
One of the key metrics that sales managers monitor in sales CRM software on a regular basis. It helps you track to how salespeople are performing and contributing in the given geography or territory? Who is hitting their targets and what percentage of sales personnel are achieving their targets? A CRM system can provide access to this data to help track the top performers. Nothing like a bit of a competition among the team to motivate them.
Scheduling follow-ups with leads and prospects is one of the key responsibilities of a sales rep. Be it the time taken to respond to a lead’s enquiry or first contact with the company or following-up with an opportunity from your sales pipeline, sales managers ought to track this quintessential key performance indicator without fail. Thanks to sales CRM software, you can track this data on a single platform and on the go.
Another regularly monitored metric is the rate of customer acquisition. Of all the prospects/leads a sales rep approaches, how many of them actually convert into customers. It is usual for some sales personnel to outperform their peers, but if the discrepancy is mile long, it’s time to dig deeper.
Comparing the customer conversion rates to the number of leads/prospects your sales rep approaches is the key to identifying the sales ninja in your team. Last but not the least, use customer conversion figures to compare the various outreach ways such as cold calling, emailing, etc. against one-on-one interactions.
Maintaining healthy relation with a client after sales is one of the key mantra to ensuring long-term and repeat business. Keeping in touch with the customers on a regular basis helps to understand the customers much better whilst helping salespeople to build a good rapport with them over time. A sales CRM software is a boon when it comes to maintaining steady relationships with your customers. Measuring the number of interactions a sales rep has with each of his prospects/leads or opportunities in a sales CRM solution will help you track the customer engagement rates.
Once you acquire all data pertaining to these KPIs mentioned above, analyze the same to understand as why and how you got these numbers. Next, work on the areas that need improvements. Last but not the least, ensure that the KPIs pertaining to sales you want to track and measure are in line with the business goals and objectives. Good news is that today you can get a sales CRM software that is tailor-made to suit your specific business goals. Above all, a sales manager ought to always track these key metrics without fail and a CRM system makes it a cakewalk to do it.
Anwar Shaikh writes about cloud, automation and enterprise technology solutions such as sales CRM software, ERP, etc. A self-made writer and digital marketing manager, Anwar writes for Sage Software Solutions Pvt. Ltd., a leading provider of cost-effective and cloud based sales CRM software to small and mid-sized businesses across India.