“In God we trust; all others bring data.”
This quote by W. Edwards Deming pretty much sums up everything when it comes to sales. Data not only enable sales leaders to make decisions but also guide sales reps to make the right move. So, it’s a no-brainer that data-driven approach will lead you to all the right places.
If you are a sales leader, I know one thing you can’t live without is Sales Dashboards and correct me if I am wrong, you always need it in real time! Sales reports and analytics is the first thing you want to see for monitoring the health of your business and planning the future course of actions. Also, for sales reps knowing the results of their daily sales hustle can make all the difference when it comes to planning their sales outreach. Now, the catch here is to know what are the right metrics to track for putting your efforts in the right direction.
Data if analysed and presented in the right way can direct the sales managers and reps to move through the sales process smoothly. Sales dashboards can be presented in numerous ways but it is important to know which metrics serve the best interest of your business model.
An effective Inside Sales software should depict the following relevant metrics on its sales dashboard with a single click:
1. Metrics For Sales Managers
A Sales Manager Dashboard should cover the metrics in a way that it gives a bird’s-eye view along with the granular focus on the important fronts. So, that a manager knows what needs his attention. Various metrics tracked on a Manager Dashboard can be listed as follows:
a) Movement of Leads Across Sales Lifecycle
Plotting the movement of leads across the sales funnel gives a clear picture of the team’s performance and length of the sales cycle. This data insight helps a sales manager to foresee the quota achievement percentage on month over month basis. Also, this helps to refine the sales process if anything seems to not working. For instance if the majority of leads are stuck at initial stage of sales outreach, then there are high chances that sales messaging is not resonating well with the prospects. A Sales Manager can work with the team to resolve the issue for better messaging.
b) Number of Opportunities Created
It is a good indicator to measure your leads’ quality and your team’s productivity. Sales Managers can easily predict the goal achievement percentage basis the leads-to-opportunity ratio. This metric is a clear measure of your sales process viability. Number of opportunities created over a period of time also helps a manager to forecast for the future and plan accordingly.
c) Reps’ Performance Trend
If a Sales Manager is asked to measure the overall performance of a sales campaign, this metric is on top of his tracking list. In addition to the overall sales team’s success rate, a manager can see who all are performing best in his team, and who needs guidance to improve further. This helps to highlight the performance gaps across the team and enables a manager to take corrective actions.
2. Metrics For Sales Reps
Sales Rep Dashboard gives a rep better control over his activities to ensure he eventually achieves the quota. As Peter Drucker aptly said, “you can’t improve what you can’t measure” hence, Reps should be able to track the following metrics:
a) Dials to Connect Ratio
One of the most important activity of an inside sales rep or SDR is making calls to their prospects. But just dialing numbers is not enough what matters is the number of calls where he or she actually engages in conversation with the prospects. More connected calls leads to more conversations, hence better results. If a Rep is updated on this metric daily, he can be more focussed about his daily target and can achieve better results.
b) Email Sent to Response Ratio
Similar to calling, email is an important part of the sales cadence that sales guys follow to reach out to their prospects. A sales rep sends out multiple sales emails on daily basis and can further plan his campaign in the right direction if he knows what’s working for him and what’s not. In a nutshell, he can analyze and implement a campaign successfully if he knows the statistics of his mail campaign like open rate, response rate, etc.
c) Leads to Appointment Ratio
For a Sales Development Rep, sales leads to appointment ratio simply translates into the conversion ratio. Higher the ratio, better the performance and productivity. Keeping a close track of this metric, an SDR can manage his sales pipeline like a pro. Also, this data will continuously keep him on track in alignment with his sales targets.
These were the few important metrics an Inside Sales software should incorporate as a part of its Sales Dashboards. Do let us know about any other sales metric that you believe should be included in Sales Dashboards.