As a sales professional, you’re likely very familiar with the importance of KPIs. But do you know which 10 sales KPIs (Key Performance Indicators) you should monitor and track? Do you track them manually or there is a better way to monitor your sales performance on daily basis using some really useful sales reports? Let’s see the 10 KPIs you need to monitor and track.
Custom Sales Dashboard: 10 KPIs to Track
Here are 10 KPIs that you should consider monitoring and tracking on daily basis to get a clear picture of your sales performance. You can easily track all these KPIs using an intelligent sales dashboard solution, which will also provide actionable insights that are necessary to maintain and improve sales performance.
1. Sales Pipeline
Your pipeline gives you a clear view of what’s coming in the future and where things are now. If your pipeline is looking healthy, it means you’re on track with your sales activities and likely will meet your revenue goals for the quarter. On the other hand, a lack of pipeline means your sales team is slipping behind and likely you’ll miss your revenue goals.
2. Leads Qualified vs New Leads
As a salesperson how many leads do you get each day? How many of them are new or qualified? This is a good measure of the effectiveness of your sales team. If you get more qualified leads, then your team is doing their job.
3. Win Rate
Win rate shows how well reps are closing new opportunities. It’s possible for a rep to make plenty of sales calls and close none.
4. Lead Conversion Rate
This measures how well your sales team is converting leads into closed opportunities. If this number is low, it indicates you should provide additional training to your sales reps on how to better qualify leads and turn them into clients.
5. Opportunity Close Rate
What percentage of sales opportunities are closed? A low close rate means sales reps aren’t bringing in enough good leads or not following up with them properly.
6. Sales Forecasting Accuracy
This KPI measures the accuracy of the forecasts your sales team is putting together to predict how much sales there will be in the future.
7. Sales Cycle Length
How quickly are opportunities being closed? A long sales cycle means your team is having problems with converting leads into prospects and then into customers, resulting in lower revenue for your company.
8. Sales Team Productivity
This KPI measures how much time individual sales reps are spending on productive activities. Productivity can be measured by number of calls, emails sent, or meetings held each day.
9. Cost of Sales Percentages
What percentage of revenue is being spent on sales and marketing? Understanding these costs can help you put together a budget for hiring more reps or increasing your ad spend.
10. ROI of Sales Activities
How much money are you making from your sales activities?
This KPI can be calculated by subtracting the total costs of sales from revenue. Once you have this information, you’ll know how much profit each sale is bringing and if its worth all the time and effort put into closing it. If these numbers look grim, then its time to either hire an outside sales rep or empower your reps to close more deals.
There you have it, the 10 most important sales KPIs that every sales person needs to monitor and track. If you’re not tracking these numbers then its time for a change!
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