A sales team is the pulse of an organization, leading growth. Businesses strive to achieve their goals through strong sales teams, but it’s often hard to gauge the performance of a team’s individual members. That’s where a sales management tool like KPI Dashboards comes in. Used by managers and teams alike, these dashboards allow businesses to work more efficiently towards success.
What is a Sales KPI Dashboard?
The main purpose of KPIs (key performance indicators) is to monitor the progress and performance of an individual or team. The same goes for KPI dashboards: managers and teams alike use them as a sales tracking system to more effectively gauge their team’s strengths and weaknesses, making it easier to evaluate what’s working and what isn’t.
KPIs are often visual graphs and charts that provide insight on whether their teams are meeting targets or falling below expectations. Sales KPI dashboards follow the same concept, but they’re mostly used by the sales teams themselves in order to track their own individual progress against agreed-upon goals.
Who Uses Sales KPIs & Sales KPI Dashboards?
A sales management tool is most useful for keeping track of a team’s individual progress according to established metrics. In larger corporations, this may extend beyond a single team or department and become part of the company’s overall structure. For example, an organization may have a board that approves budgets and establishes annual targets but then leaves it to the sales team to decide how they want their specific KPIs structured.
Monitoring Team Performance with a Sales Dashboard: Steps Involved
Sales dashboards allow managers to streamline how they track and evaluate their team’s progress. Less productive teams can cause slowdowns in the overall process, which makes it vital for a manager to see exactly where and how their salespeople are falling short. With a sales dashboard, a manager can more effectively troubleshoot during slow periods.
Managers should therefore follow these steps when creating their KPI Dashboard for sales:
1. Decide What You Want To Measure
In order to create a Sales KPI Dashboard, you have to decide what KPIs are most useful for your unique sales team to measure their overall performance. It’s more precise than simply looking at revenue or sales since it measures each element that contributes to the end result.
That is why the components of a sales KPI dashboard can vary from company to company because you have to decide which metrics are most useful for your unique sales team. With that said, here is a list of common sales KPIs:
- Leads created and earned opportunities
- Phone calls made/received
- Emails sent
- New deals entered into the pipeline
- Ticket volume
- Growth rates
- Inventory turnover
- Opening rates of new clients
- Percentage of closed deals and average deal size
The list of sales KPIs is long, but all of them lead up to your final revenue, and it’s important to know which ones to use for your company.
2. Set Up Your Sales Dashboard
Next, set up the exact measurements for each of your KPIs. For example, if one KPI is “Subscriptions Gained”, then define what it takes to gain a subscription (e.g., contacting at least four new prospects per month).
The dashboard should display the actionable steps you’ve established to reach your overall goals, which should be and that they are properly aligned with both the goals of your organization and the individual members. That will allow you to accurately track progress in great detail.
3. Periodically Check Your Sales Dashboard
Once you have your KPIs set up, you’ll want to follow through with regular measurements. This may be monthly or quarterly depending on the size of your team and the overall revenue involved. More frequent measurements are necessary for smaller teams that are doing high-volume work.
4. Review Your Sales Dashboard Results
Once you have an idea of each member’s progress towards their KPI, it’s time to interpret the data. Are certain indicators below targets? Are some performing significantly better than others? Look for trends in order to see where you need to focus more attention in order to make improvements.
Sales KPI Dashboards offer a unique lead management tool to sales managers because it allows them to more efficiently set KPIs, interpret results in greater detail, make improvements where necessary, and ensure that their team is operating at its best to meet all goals in a timely manner.
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