As a sales manager, you’re likely wondering which sales analytics you should be paying attention to.
And while there are many KPI (Key Performance Indicator) options out there, many of them won’t help you or your salespeople.
That’s why I decided to take a step back this week and look at what’s really important when trying to move the sales dial.
Check it out.
3 Sales Analytics Every Sales Manager Should Pay Attention To
Want to make the most of your time? And how about for your sales team? The following sales analytics will help you discover where to best focus energy:
1. Use Your Conversion Ratio Sales Analytics
Okay, let’s start with conversion ratio sales analytics. I’d like to start here because this can make or break the patience of your salespeople.
You know what I’m talking about: you want your salespeople to track KPIs, so you tell them to track the number of visits, sit-down meetings, or phone calls that they make. So, your salespeople take the time (if you’ve got good salespeople!) to keep track, with or without a CRM. Then the end of the week comes, or the end of the month. What did you do with that data? What did they do with that data?
I implore you: if you ask your salespeople to keep track of this data, do something with it! Keep track of it and truly take a hard look at the conversion ratio analytics. Then, take it a step further and compare the results to the marketing message that month or quarter.
Let’s say that you’ve asked your salesperson, Tom, to track his office visits to prospects and customers. And let’s also say that your company follows a monthly theme each month. So, each month Tom is visiting his prospects and customers with a new, fresh message.
In January, Tom visits 50 people and receives 5 orders. Then, in February he visits 50 people and receives 4 orders. And then March comes, and again, Tom visits 50 people. But this month, he gets 15 orders!
Since you’re paying attention sales analytics, you notice that Tom’s conversion ratio is much higher in March. What did he do differently? What was the message that he shared? How can he replicate this success? They key here is that in order to even begin to understand the success, you’ve first got to track the data!
2. Track DEAL Emails
Here at CFS, we encourage salespeople to send and track DEAL emails. DEAL is an email tool and strategy that is tactical, specific, and produces positive results.
It's an email that's created in a particular format after a substantial conversation has been had with a prospect that provides clear action. It sets the tone for the salesperson and the buyer to be at a level playing field when starting a workable relationship.
DEAL stands for:
D – Determine Requirements
E – Engage the Client’s Responsibilities
A – Assume Responsibilities
L – List the Desired Outcomes/Criteria for Success
Because DEAL emails are only sent after a qualified meeting has taken place, tracking the sales analytics on DEAL is a great predictor of future closed business.
Among the companies that we’ve worked with, those that used DEAL emails as a way to predict business report higher success and better sales analytics.
Want to try it for yourself? Click here or on the image below to download a copy of our free eBook on Discovering High Performance with DEAL.
3. Crunch Sales Cycle Data
Does it feel like your sales team is taking forever to close a deal? Or multiple deals? When was the last time that you took a look at your sales cycle?
If it’s been a while (as in, 6 months or more) since you’ve analyzed sales cycle data, then it’s time to place some attention in this area.
There is nothing more frustrating to a salesperson than feeling like they’re spinning their wheels. Long sales cycles can be frustrating. Help your salespeople out by tracking this particular data. Find out exactly how long it takes from cold call to close, or warm introduction to close. Then take a peek in your Sales PlayBook and concentrate on the sales process that your team is following. Is it effective? Is it working? Or could it use a refresh?
Using Your Sales Analytics
As you focus on the above sales analytics, don’t forget to constantly cross reference them with your Sales PlayBook and the content that lives there.
Don’t have a Sales PlayBook or a sales process? Well then, this sounds like a huge opportunity to improve your operation!
Is your Sales PlayBook or sales process a bit stale? Sounds like it might be time to fresh it!
Don’t know what the problem is? Consider taking a look at each piece of your sales process. Perhaps your team is targeting the wrong people, the messaging isn’t quite right, or they aren’t building real relationships. But of course you won’t know until you start paying attention to those sales analytics!