Keep tabs on your sales team and business operations
Having specific KPIs to measure sales performance management allows managers and directors to have full visibility into sales activities. Leading a sales team means following the right measurements and stay focused.
Here’s a list of key sales metrics to use in your sales performance management. These are perfect to get your sales team on the road for improvement and business expansion:
1. New Leads
Measure this monthly. Get a very specific track of the total number of leads and where did each lead come from. This KPI will let you know how your sales reps really contribute to company growth. Plan your monthly new leads metric to give precise information about the number of possible customers. Compare new leads month by month to make sure your sales performance management effort is paying off.
2. Client acquisition rates
This is an important measure in your sales performance management. It will let you know how much value customers bring to your businesses. Do a comparison of conversion rates to the number of prospects each sales rep is reaching out to. That way, you’ll know how each sales rep is performing. Then, trace a strategy for low performing reps. A way to keep track of this rate is using Blitz, the best sales commission tracking software. It will be an ideal tool to track how sales reps are meeting their goals and do a proper follow up of your sales performance management.
3. Sales volume
Making this metric part of your sales performance management will let you establish sales patterns. Therefore, setting budgets will be easier in the future. A sales volume analysis is also helpful to identify where your strengths and weaknesses are in your sales cycle. Working on your weaknesses and tackling the why will become a more effective task for your sales performance management.
4. Existing client engagement
Your sales performance management strategy should take customer engagement into account. Doing an effort to delight clients is an important task of the sales department. Take client engagement measurement as part of your KPIs to improve customer experience with your product or service. But, how to measure silent engagement and what to consider? Contact success, abandonment rates, customers’ reviews and comments, customer escalations and so forth.
Check out this blog post, and implement strategies to keep your customers closer.
5. Employee satisfaction
This is one of the biggest challenges in sales performance management. Measure and make sure your salespeople are motivated and enjoying their work. If your team is not satisfied with their job, your sales will suffer. A powerful tool a sales director should use to keep salespeople motivated is the commission plan. And, automation through Blitz is perfect to keep a good track. With Blitz, you will obtain transparency, accuracy and real-time information about salespeople performance.
6. Percentage of sales team members achieving goals
During the sales performance management process there will be always some sales reps achieving more of their sales quotas than others. It is easier to pinpoint the areas that are lacking something by having the exact percentage of sales team members achieving goals. Your objective as a sales director is to bring this percentage up working in the motivation of salespeople or increasing the marketing budget. A way to know the sales reps’ quotas achievement is using a sales commission tracking software with interactive dashboards and accurate analysis, just like Blitz.
Track these KPIs for several months to achieve great sales performance management results. Having defined KPIs helps sales departments and managers to make decisions about processes enhancements and sales strategy road to success. At the end of the day, measurement improves performance.