The DriveSales™ | These are the essential sales KPIs you should be focused on to skyrocket your revenue!
Building a winning sales team will take more than just hiring salespeople. You as an entrepreneur, founder, sales manager, or sales head, you will have to set up step by step process which can fetch real results.
These processes are not just about achieving sales target, with well-defined sales KPIs and process, you can unleash the power of an insights-driven sales decision that will enable you to get maximum results from your sales effort.
Here are the essential sales KPI that will help you measure and optimize your sales funnel.
1) Sales Target — Easy and simple to measure however there are many other KPI’s that are needed to reach the sales target.
2) Sales Growth — Track your growth trajectory either monthly or quarterly, its critically vital that whether you are going up or down, based on your growth, you can make an informed decision.
3) Call/Email — Number of prospects you reach either by call or email per week/month is equally vital, keep a defined target, and set your goals accordingly.
4) Meeting/On-boarding Calls — Keep an eye on how many of your prospects are making a positive response and ready to hear more about your product/services.
5) Actual Sales Conversion — Whether you reach out 10 prospects or 100, if none is getting converted, it doesn’t make sense, keeps a close track on your prospect conversion vs the number of prospects you reach out, and accordingly refine your strategy.
6) Sales Funnel — Measure all your different sales channels, whether its email, social media, reference, etc, which is your top and least performing channel and optimize accordingly.
7) Acquisition Cost — Measure you are spent on reaching out to prospects vs getting them converted, every penny saved can add values.
8) Average Conversion Time — How much time your resources are investing in prospect conversion, is the time justify the efforts and capital invested? Ask yourself! and make an informed decision.
9) Average Purchase Value — Is your prospect making more orders from you? Are they coming back or being retained by your team, yes, this is measurable and can you real insights about your product performance and feedback's.
10) Internal Meetings — Often underrated and being ignored but having regular internal sales meetings to discuss impediments, performance, or innovation in the industry is highly progressive and plays a significant role in team performance.
Now, as an effective SALESPERSON! We can do three things from here.
1) Ignoring the opportunity and blaming the situation for revenue loss.
2) Taking important notes and going back to revisit your sales strategy with the growth mindset.
3) Reaching out to us if you need any specialized help for sales.
To conclude, what you choose to think also provides some idea of your development as a consultative salesperson. It is something like Nikolaus Kimla’s quote “Focus on strengths and make them stronger.”
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