What does your sales funnel look like?
What is your sales target for this year and what is your team’s performance?
Do you know who your new leads are this month ?
Can you easily tell who your top sales agent is and who could need some help?
With the right Sales KPIs (Key Performance Indicators) your team can effectively track and measure your sales team’s performance and make improvements by learning from the data. These KPIs can help Sales Leaders, Sales Ops Lead, Sales managers, and everyone on the sales team to be more data-driven.
There are a lot of Business Intelligence solutions that can help you track KPIs to your exact needs. We covered the top Business Intelligence tools available for Salesforce and now let’s dive into the top 10 KPIs.
Top 10 Sales KPIs:
- Sales Target and Sales Performance
- YoY Growth Rate
- Top Sales Agents
- Product Performance
- Average Purchase Value
- Sales by Region
- Sales Funnel
- Monthly new leads
- Lead Conversion Rate
- Disqualified Lead Reasons
Build KPI dashboards at the speed of thought
With sales data inflow occurring at a rate much higher than data analysis, what is needed is a tool to manage, store and analyze data and make informed decisions all at one place. Business Intelligence Software can offer all of this and empower sales teams. Learn more
Sales Target and Sales Performance
A sales target is a goal set for a sales agent or a sales team forecasting sales revenue or a number of sales. Setting up sales targets helps keep your sales team focused on achieving their sales quotas. Coupling performance with your sales goal allows leaders to see the bigger picture of how far along the team is in achieving that goal.
Useful for C-Level, Manager, VP / Director
YoY Growth Rate
The year-over-year sales growth rate calculates the percentage of revenue from sales opportunities during the past twelve months. YoY is a strong metric because it eliminates the effect of season, helping you compare apples to apples. This is a great way to see where you were the previous year when compared to now.
Useful for C-Level executives, VP/Directors
Top Sales Agents
Sales agents are the face of the company, the ones selling your product. This is an important metric to track because it gives you visibility into who your top performers are. This also is essential because you can identify the low performers and their sales activities and provide them with the necessary resources to enable and empower them.
Useful for Manager, VP / Directors
Product Performance
Product Performance KPI gives you a high-level picture of what products are doing well based on revenue generation. This also gives you visibility into your lowest-performing products to determine which products are not resonating with the market.
Useful for Staff, Manager, VP / Director
Average Purchase Value
The metric Average Purchase Value is the average dollar amount spent on each processed transaction for your product or service. The period should be defined based on your purchase regularity, say monthly sales. This helps you determine whether or not your marketing efforts are driving a larger number of deals into your sales pipeline.
Useful for Manager, VP / Directors
Sales by Region
A sales region is a customer group or geographical territory that is owned by sales reps or a sales team. Through this important KPI, you can identify where the revenue is coming from and where the opportunities are to tap a number of customers.
Useful for C-Level, VP / Director
Sales Funnel
A Sales Funnel represents the quantity and conversion rates of prospects through the stages of your sales cycle length. It gets its name from the shape – wide at the top as prospects enter, then increasingly narrowing down as they drop for multiple reasons until closed deals.
Useful for Sales Agent, Manager
Monthly new leads
A new sales lead is a person or business that has a buying potential. Any entity that can be a paying customer of a product/service must be tracked even if the potential seems low. While some leads turn into new customers, others might disqualify for now. However, these often require a follow-up with in the future.
Useful for Managers
Lead Conversion Rate
Lead Conversion Rate is the percentage of visitors who you attract and convert through your website, campaigns, social media, or cold calling. This is one of the most important top-of-the-funnel conversion metrics. It’s an indicator of your ability to attract the right target audience and the efficiency at which you turn them into qualified leads.
Useful for C-Level, Manager, VP / Director
Disqualified Lead Reasons
With the right marketing, your Salesforce CRM might be filled with quality leads. While some of these leads might be actively buying, others might have to be disqualified for now. This is a good metric to track because it gives visibility to your marketing team initiatives and also acts as feedback for your sales agents for future lead identification, thus closing their sales cycle better.
Useful for Sales Agent, Managers
Conclusion
As the competition for customer acquisition and customer retention becomes fierce, data-driven sales managers are tracking sales metrics and important sales dashboards now more than ever. Indeed, you can’t manage what you don’t measure.
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