As a sales leader, it can be a daunting task to navigate the complexities of managing your team without proper channels to track and monitor key sales metrics.
‘Imagine a sales manager has to go through an endless number of excels or text messages to monitor the sales performance metrics of their sales reps daily’
Isn’t it cumbersome & time-consuming?
And also automatically leads to slow turnaround time affecting the entire sales process for the organization.
According to the survey conducted by Gartner, 53% of organizations attribute poor sales data quality to inaccurate and incomplete data. Thus, a growing gap between sales leaders and stakeholders for accurate data insights for quality-driven sales processes.
Clearly indicating, why it is important for a business to monitor the right sales analytics to accomplish short-term and long-term goals.
First, let’s understand what exactly are sales metrics.
What are sales metrics?
Sales performance metrics or sales metrics work as indicators that help the business to sell better. These sales analytics allow us to analyse and monitor the performance of all key areas & departments that allow businesses to hit their sales target quicker, within the parameters of the company’s overarching strategy.
Capturing & measuring the right KPIs guides the organisation to identify performance gaps and optimise the sales process in reduced turnaround time.
Different Types of Sales Metrics:
‘Metrics are often the foundation of business strategy
That is why many successful organizations measure everything like marketing campaigns, sales strategies, and salespeople activities. By regularly tracking and analyzing metrics, businesses can gain a better understanding of their sales performance and make more informed decisions that drive growth and success. Below, we’ll review some of the most important metrics your business needs to keep track of. Some common types include:
- Sales Key Performance Indicators (KPIs): Sales KPIs are critical indicators of business to identify the key areas of performance in the sales process. Attributes like, conversion rate, sales productivity, sales cycle length, etc. come under KPIs. Also, used to measure/track the progress made by the organisation over time to achieve objectives.
- Activity Sales Analytics: The daily sales outcomes/activities done by the sales representative. These metrics are influenced by sales managers. It includes activities like calls made, visits, conversations demos, and proposals sent.
- Pipeline Sales Metrics: Pipeline/funnel metrics can be measured by following metrics like average sales cycle length, open deals by a team, closed won deals, annual contract value, total sales value, and conversion by sales funnel.
- Channel Partner Metrics: These are specifically made for channel partners. It contains all the vital metrics of channel partners to assess their performance and track progress. Metrics like annual deal size, partner opportunities created etc.
- Sales Productivity Metrics: These are referred to the amount of rate at which salespeople hit their revenue targets. To see how productive your reps are, a lot of activities are analysed into metrics. These include visits scheduled, leads generated etc.
How do real-time sales performance metrics help Sales Leaders make data-driven decisions?
If you take any sales teams for any successful organisation, you’ll realise the entire sales department runs on data.
Sales data is the actual gold mine that assists sales teams to win more deals. However, monitoring real-time sales is an integral part of the decision-making process for sales leaders. Harnessing real-time performance metrics can help monitor important KPIs across different stages of the sales process.
Three main accomplishments can be obtained through sales performance metrics –
1. Bridge the gap between the current and future state of sales analytics
2. Develop a data-driven strategy to achieve your short-term & long-term objectives
3. Removing bottlenecks & optimising sales productivity to its full potential
All these three objectives can be accomplished and presented in a simplified way through CRM software.
The sales reps need access to an effective & simple to use Mobile CRM to get clear, actionable data insights that can optimise their productivity. Therefore, adopting & implementing a Mobile CRM is important to capture & measure, & forecast sales performance.
Moreover, metrics may look simple on the surface but it reveals underlying trends. Metrics are the measurements of performance used by the organisation to evaluate, compare and improve their business processes. They are vital for the business as you can observe how much you have sold your value of service, but also you see where you can improve.
In addition to sales, you can also track how many leads you need to close in a given period, and even determine which activities have worked for you. Ultimately, sales funnel metrics will allow the sales team to see the big picture of your business and your success.
Real-time metrics are important for any business because they provide a current and accurate snapshot of sales performance. This allows companies to make informed, data-driven decisions at the moment, rather than relying on outdated or incomplete information.
Real-time metrics can help identify trends and patterns that may not be immediately obvious and can alert businesses to potential issues or opportunities as they arise. By tracking real-time sales insights, businesses can stay agile and responsive to changing market conditions and can make timely adjustments to their sales strategies to maximize results.
Overall, real-time sales performance metrics are a powerful component for driving success and staying competitive in today’s fast-paced business environment.
How can Toolyt help you track sales analytics and uplift your productivity?
Toolyt mobile CRM has a unique business intelligence insights feature to help you track all your vital metrics in real-time. The ability to pull the metrics and visualize KPIs make Toolyt a powerful mobile CRM for sales leaders & officers. All the performance metrics can be presented via data visualizations, reports, dashboards etc. for simplified and effective analysis of the data.
Toolyt mobile also possesses in-built sales reports for sales managers to verify in real-time to identify top performers and gaps in the sales cycle.
Schedule a demo and see how Toolyt can impact your daily sales activities and increase productivity by 10X.