Key Performance Indicators (KPIs) in the right hands can offer a seamless way to monitor individual and collective performances. In fact, KPIs also help track the overall sales pipeline and highlight gaps.
Though a capable tool, KPIs suffer from downsides, too. They comprise a truckload of data, which, if not streamlined, turns into a hard-to-manage lump that can lead to confusion, inaccurate analysis, and even dent the staff morale. Messy KPIs militate against the basic tenet of their existence, which is to aid leaders and sales professionals in making insightful decisions.
Build KPIs around main business goals
Tying the KPIs to the company’s vision is a key ingredient to progress. This ensures collaboration between teams pursuing the same target. For example, if your company’s vision is to be the first choice of customers in the region, KPIs need to focus more on customer acquisition and retention rather than profits. Similarly, if the company aims to be a billion-dollar enterprise within two years, KPIs can be centered around finance and profit margins.
Don’t overcomplicate the KPIs
An easy mantra is to “keep it simple”. Building KPIs that have room for ambiguity and fineprint is a sure way to trigger confusion and future disgruntlement.
Build an effective, high-visibility dashboard
KPIs are of no use if the business cannot analyze performances against them. Irrespective of whether you are a manager or a sales representative, the ability to check and track performance against each and/or all KPIs is vital.
A dashboard provides an immediate and at-a-glance view of the KPIs. It renders the data in easy-to-understand and shareable charts and graphs. To make the most of the business metrics, the sales dashboard must be effective, easy to use and understand, and adaptable to the needs of the sales representatives and the management. It should be flexible enough to let you view the data that is most needed in a way that is easiest to comprehend.
For example, if you’re searching for how the sales department performed in the last quarter, the dashboard should not display information about the key performers in the last month. Filtering out the irrelevant information ensures there is no room for confusion.
1. The Leaderboard
It is perhaps the most useful view for higher management. This shows them how the team is performing against the KPIs. It also provides summaries of individual sales reps, showing which team members have performed the best and which are lagging.
2. The Organization View
This view shows how the business is reaching its targets; how the performance compares to last month/quarter/year, and whether the predictions and budgets set are accurate.
3. The Team View
This view helps the user understand how the team or department is functioning. It shows whether the targets are being met, and how much time the team is spending on the different aspects of a sales funnel.
4. The Pipeline
This view shows how the sales opportunities line up for the team and what the ratio of deals completed is. It also shows information like the value of the opportunities and filters/sorts them based on region or industry.
Blitz is the commission tracking and management software that offers all these features and more. With features like interactive and dynamic dashboards, easy integrations, automation, and simple tracking and management abilities, Blitz offers a one-stop solution for all sales teams, roles, and industries in a centralized platform.
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