Want to ensure you’re tracking the best KPIs for ultimate sales success? Then read on…
How closely do you monitor the performance of your sales team? Are you tracking the right key performance indicators (KPIs)? Are you collecting enough data, and is the data you’re collecting actually of real benefit to your business? There’s a lot of information out there. How you gather that data, how you process it, and how you analyse it, can be make or break for many companies. Want to ensure you’re tracking the best KPIs for ultimate sales success? Then read on…
1 – New Leads
It’s always important to track new leads in each salesperson’s pipeline. Maintaining a consistently high level of new leads ensures a steady level of potential business which is more reliable, and easier to manage, than a huge ebb and flow of sales.
2 – Conversion Rates
Conversion rates are perhaps one of the most important KPIs to keep a close eye on. This really will give you a good oversight of how your sales funnel is performing at each stage of the process. There are several conversion metrics you should be tracking:
- Visitor-to-lead conversion rates, to find out how well your website performs with converting site visitors into real leads.
- Lead-to-MQL conversion rates, to discover what proportion of the leads attained are high-quality (marketing-qualified) leads.
- MQL-SQL conversion rates, to determine the percentage of marketing-qualified leads that become sales-qualified leads (SQLs).
- Opportunity-to-customer leads, to calculate the number of leads that ultimately turn into real business.
3 – Customer Lifetime Value
Customer Lifetime Value or CLV for short, takes into account all purchases from each customer over time. This gives you a reference for how successful your business is, not just in gaining customers, but in keeping them in the long term. This metric can help you to fine-tune your cross-selling and upselling techniques and gives you an insight into your customer service success.
4 – Referrals
Tracking referrals is a good measure of success. If customers are happy enough to recommend you to others, then you’re doing something right. Determining which customer demographics are the greater referrers could give you some very valuable insights for setting future business goals that make the very most of your loyal advocates and influencers.
5 – Customer Retention
Getting new leads is good, and turning them into paying customers is great, but retaining those customers is truly amazing and something that should be given a lot of focus. By determining your level of customer retention, not only can you adapt your techniques to improve this, but you can more easily predict future revenue. Repeat customers are incredibly valuable, so it’s vital to not fall into the trap of solely focusing on gaining new customers, and neglecting those who have already made a purchase from you.
Need help with tracking KPIs?
To get the best from your sales team, measuring performance is vital. NetU can provide you with the tools and the know-how to effectively and accurately track KPIs to ensure your business meets and exceeds its sales performance goals. To find out more, get in touch today. We’re very happy to talk you through your options and answer any questions you may have.