Sales metrics might seem confusing and cumbersome to sales and marketing teams, but these steps to measure sales offers a simple new method to drive sales. If you don’t track these metrics, you will not be able to measure or know the performance of your sales and marketing team or know the productivity of your business.
What are the sales metrics?
Sales metrics can represent the records of an individual, team or an organization. Companies use sales metrics to track business productivity, performance, revenue, and adjustments that are required to achieve future goals. Below are some key indicators that can provide business insight.
Sales metrics that need to be tracked:
1. Businesses, in order to understand their sales, should have a record of deal size on the basis of monthly, quilter, half-yearly and annually. To make sense of the data, you should know how many deals the sales reps were able to close and the size of the deal. From this history, you will know how to improve the deal size and if it’s necessary to make changes with hiring new sales reps.
2. Conversion rate - It’s important to know if the conversion rate is high or low. See how many prospects have purchased our product after interacting with your team. With the help of these metrics, we can calculate how many leads we have to target. By this, you can measure your conversion rate. Your win rate also helps in closing deals and improving productivity by analyzing what has led to success in the past.
3. Every business has a set of goals. Depending on their goals a certain percentage of growth is important. By this, the company will be able to get back their revenue.
4. Tracking the customer’s journey - With this, you will be able to determine stage by stage the conversion rates. By understanding this process we will be able to know the breakdowns and weak points of the business.
5. Open opportunities - It helps to know the availability of leads which have not yet been converted. These leads represent open opportunities. This metric helps to predict growth and revenue. Without open opportunity, it is impossible to predict the quota.
6. Emails sent per day - This helps to know how many emails each sales rep sends in a day. This metric show how productive your sales reps are and if they are on track to meet their goals.
It is important to track sales metrics to improve and refine sales. Sales metrics will enable you to reach or even exceed the sales target. Hence, try the above sales metrics which can help your sales team and your business.