Sales performance measurement tools

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On top of that, there are enormous global[ Like every sector, retail is going through a transformation and must respond to the forces of the fourth industrial revolution and major societal shifts[ Search for:. View Book. Written by. Bernard Marr. View Latest Book. Follow Me. Key Tools and Techniques for Performance Management. Key performance indicators KPIs and metrics KPIs and metrics provide a way to measure how well companies, business units, projects or individuals are performing in relation to their strategic goals and objectives.

Performance appraisals Alongside KPIs, performance appraisals are probably the most commonly used performance management tool. Do your reps have difficulty closing deals above or below a certain size? The size of an opportunity often determines how your reps should approach it.

These deep-dive KPIs fall into three main categories: 1 activity metrics; 2 pipeline metrics, and 3 sales results. Measure your sale performance based on what you learn from these KPIs, and adjust your sales process. Of course, we can dig much deeper with additional KPIs. Smart KPI measurement will also help you:. For more information on how to simplify the complex sale, go to www.

MERGE 2. Learn everything you need to know to book revenue in the new realities of B2B professional selling. Go here for more info. Four Smart KPIs to Accurately Measure Sales Performance To grow revenues and manage sales teams effectively, sales managers must carefully measure the performance of individual sales reps.

Lagging vs. Leading Indicators Make a mental note, too, on the distinction between leading and lagging key performance indicators. To get at some of these indicators, ask your salespeople: How many calls per week?

Reps Need Clear Goals An interesting aside: A Harvard Business School study concluded that reps who contacted leads within one hour of receiving an online query were nearly seven times as likely to have a meaningful conversation compared to those that tried contacting the customer even an hour later.

The metrics we recommend: Pipeline Integrity. Ask yourself which soon-to-close opportunities are at risk? Track the number of close-date moves, deal size, age in current stage and momentum. Then take action.

Sales Funnel Conversions and Win Rate. How are opportunities progressing through the pipeline funnel? What percentage of opportunities are your sales reps converting into won deals? In which stages of the sales process do you have the most drop off? Smart KPI measurement will also help you: set expectations and communicate more effectively make informed decisions better execute on strategy plan your coaching efforts and optimize your time change sales reps behavior for the betterment of the company Now, measure away.

The results may astonish you. See you on upside, Bill For more information on how to simplify the complex sale, go to www. Share this article. Your conversion rate or win rate measures how the percentage of leads that ultimately become customers.

This metric can help you calculate how many leads you need to make your revenue targets. Historical conversion rates also show whether your reps are becoming more effective. Keep in mind your win rate will probably go down when you move upmarket.

The shift from SMB to mid-market, or from mid-market to enterprise, always leads to a temporary drop in close rates. At the end of the day, revenue is your most important KPI. Depending on your business goals, growing a specific percentage will be important. Measuring sales funnel leakage tells you where prospects drop out of your funnel at the greatest rates.

To determine your leaky points, track stage-by-stage conversion rates. Half of those make it to the demo stage. Knowing these potential issues, you can observe them more closely to determine the true culprit. By finding and improving these weak points, you can dramatically improve results. To learn more about sales metrics, check out these KPIs that all sales managers should measure next. Originally published Feb 26, PM, updated January 21 Logo - Full Color.

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