Sales leaders are always on the lookout for new processes and technologies to help improve their sales cycle, motivate their team, unlock efficiency, and ultimately increase revenue by closing more deals.
But how can sales leaders or an organization track their team’s growth without a scalable goal in view?
For any organization, the ultimate goal is to increase its revenue. They invest in the sales team's training and new sales enablement tools to ensure that they are able to achieve their goals and in turn achieve the organization’s goal. As per the Forbes latest research, most organizations' sales enablement process could become the critical factor for a company’s growth.
Even during the pandemic, an efficient sales team became the leading factor for every organization's growth even though remote selling became the norm. And this was possible only because of the strong sales team and a stronger sales enablement strategy.
“A recent study found that globally, companies are averaging 23 different learning and enablement tools and platforms, double the number from 2011.” - Forbes
But before you can instill a process or invest in a tool, sales leaders need to set a metric to measure the ROI of the sales enablement efforts.
What is a Sales Enablement KPI?
Key performance indicators or KPIs’ not only measure the performance but also help in visualizing the organization's growth.
Sales enablement KPIs measure the health of a sales organization to help the organization instill tools, teams, and processes to help your sales folks to crush every deal. The KPIs aid sales teams to accurately measure their performance and ascertain areas of improvement.
But what are these KPIs that organizations should track to see the effectiveness of the sales enablement process and implement steps to improve it?
8 Sales Enablement KPIs
To check if your sales enablement tool or process is working adequately and supporting your sales folks in improving their win rate, here are 8 KPIs that can surely help you put your sales enablement tool under lens:
1. Sales Cycle
The sales cycle is the time spent in closing a deal. A shorter sales cycle is an indicator that your sales folk can close deals faster and move towards new deals at a faster rate.
But if deals are taking longer to close, then it shows there might be something wrong and your seller is facing difficulties in closing the deal, and additional help is required. Or your sales playbook and process need a revamp.
2. Sales Activities
The first step to even start measuring the effectiveness of your sales enablement program is by recording your sales folks' sales activities such as duration of calls, number of calls, and possibly going an extra step by recording call pointers.
It can help you in understanding your customer and what resources your sales team needs to help them attain their goals.
3. Content Churn rate
Content plays a major role not just for marketers but for your sales folks too. Your marketing content churn rate should be aligned with your sales folks’ needs. This would help your sales team to successfully engage with your customers.
But how can your team measure this?
Tracking and monitoring how much time your sales team spends in searching, personalizing, and delivering the data asked by your customer. Another way is by tracking the actionable items in a sales meeting.
4. Training and coaching
Routine performance reviews, product sessions, skill assessments, and upskilling programs are major factors of sales enablement. And we are talking about personal assessment at scale, literally a horrendous task in itself but important.
Implementing new solutions like conversation intelligence can easily automate the whole process.
Deep dive into how to use a Sales Conversation Intelligence tool.
5. Cross-Sell and Upsell
Another way of measuring is by measuring the Customer Lifetime Value(LVT). This KPI helps your sales reps focus attention from short-term to long-term organizational goals of building relationships with your customers for future upselling or cross-selling opportunities.
Churn Rate = (Lost customers/ Total no of customers*100)
This KPI would enable your sales reps to transform into product evangelists. To understand cross-selling or up-selling opportunities, your growth folks have to learn a to z of your product and how it can help your customer in the process they would have not considered.
6. Ramp-up period/ customer acquisition cost
The ramp-up period entails onboarding, training, and elevating new seller’s knowledge of the product and market, for them to start the winning deals journey. Or in simple terms measuring your customer acquisition cost.
By measuring the period organization can work on reducing the ramp-up time so that your sales rep can start crushing their quota
7. Conversion Rate
Conversion rate = (no. of deals closed/total lead*100)
Conversion rate can be measured for a given period( month, quarter, year) by measuring the total number of deals divided by a total number of leads through all sources, multiplied by a hundred.
This KPI would help in actually accessing the sale cycle and process at a granular level for your remote sellers. And would enable you to bring in resources that the sellers require for efficiently engaging with your customers and successfully closing the deal.
8. Customer Feedback
This KPI can be measured by taking customer feedback for the win and lost deals. To help understand what they require at the product end or what kind of data would help them make better decisions or help your sales team refine their sales pitch.
Convin’s Conversational Intelligence platform
New tech and staying up to date with time are essential. As a result, many companies are focusing on leveraging data or customer insights from their sales conversations.
AI-enabled conversational intelligence platforms can record, transcribe and analyze the sales calls for your organization. It solves the problem of using multiple tools to gather meeting insights and tracking your seller's activities at scale.
By employing one tool, namely a conversational intelligence platform, organizations can save a ton of money and time by streamlining the sales enablement and training process through just one platform.
Convin’s Conversational Intelligence platform integrates with your sales meeting software or dialer and records your sales team’s conversations and activities for you.
- Create sales playbook
- Refine your sales pitch
- Churn content at the right time
- Record sales activities
- Highlight customer feedback/query
- Highlight call pointers
Sales enablement is not just about creating content or training your sales team. Evaluating your team performance, tech stack, and embracing new technologies like AI and Conversational Intelligence can bring in a holistic approach for effectively scaling your sales enablement approach, and ultimately your business.
Results first, payment later.