What Sales KPIs are You Tracking?
Key Performance Indicators (KPIs) are measurable values that demonstrate if a company is effectively achieving business objectives. They help sales leaders evaluate a team’s success rate for achieving targets by implementing and tracking performance standards – and can pave the way for better management practices.
Measuring call activity KPIs is essential to uncover if what your reps are doing and saying on the phone on a daily basis is effective. A study by Salesforce found that only 51% of sales teams are currently tracking conversion rates, while 28% plan to do so within two years. If you’ve still got your hands full with manually entered call activity logs, it’s time to recognize that you’re falling behind. Managing based on metrics is the new standard.
Tracking KPIs with a sales tool gives managers the metrics they need to better coach and train their teams, set accurate forecasts, and hit revenue goals. Instead of holding weekly check-in to gather information from their reps, managers can use technology to customize and view team KPIs to maximize productivity and view performance stats in relation to their sales goals.
Choosing the Right KPIs for Your Team.
KPIs should be tailored to your team’s specific targets. Consider factors such as revenue, industry, and growth goals, and from there which metrics will help obtain your targets. Custom KPIs are most effective as no sales team is the same. Emulating the structure of another successful sales team has no guarantee to work, as their metrics very well might not be meaningful to your team’s goals or definition of success. That being said, here are some examples of KPIs you can consider tracking at your organization to optimize sales performance:
- Total Calls
- Total Contacts
- Call Attempts
- Talk Time
- Allowed Calls
- Do-Not-Call Hits
When it comes to sales performance, accuracy matters. If you want your team to be more effective over the phone, the above metrics are important to consider. Not only can these KPIs identify any areas where improvement is needed, but they provide managers with the information they need to coach to a proven standard and multiple successful behaviors across reps.
Tracking KPIs & Optimizing Sales Effectiveness.
Once you have established the KPIs most relevant to your goals, the next step to maximize rep productivity is properly tracking these measurements of success. You can’t rely on reps to record their daily activity with 100% accuracy. Don’t let human error (or inflated reports) skew your judgment when it comes to making decisions for your team – decisions which can affect your revenue at year’s end.
Tracking these KPIs with a sales tool is just as important as picking the right metrics. It’s not just data, but accurate data, that fuels the most successful sales teams. Not to mention, your reps will automatically improve their call activity when they have more time to spend making dials and generating revenue – rather than logging their numbers daily.
In conclusion, by implementing KPIs that fit your team’s goals and properly tracking these metrics with the help of a sales tool, your job as a manager will become both easier and more rewarding. By understanding the ins and outs of rep behaviors through KPIs, coaching and training can be improved and performance optimized as you get closer to hitting revenue goals.