To avoid challenges in sales data analytics and its comprehensibility, it is good to customize your analytics tool’s dashboard to maintain a clear and clean line of communication. This can be done using tools like Excel, PowerPoint, or Sheets–resulting in boosting the team’s performance.
However, it will be easier with software like our Sales Analytics Tool.
Additionally, you can share this dashboard on a larger screen to ensure transparency and increase accountability amongst your sales reps.
Which Metrics Should You Be Tracking?
Listed below are the sales metrics you should be tracking that will help you improve your team’s performance and filter the information by its specificities that can be used by your sales reps and other members.
1. Sales Growth
In Sales Analytics, sales growth is essential as it clearly indicates the trend in revenue growth. Even if there is a glitch or error that will have your head-scratching, this metric will help you track down the issue efficiently, and one wouldn’t have to be nose deep into data, searching for solutions.
2. Sales Target
This Sales Analytics metric tracks the performance concerning a business objective. This data may be accepted as the units sold, number of deals closed, number of accounts, revenue, or any other essential number for the sales team.
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Since sales analytics is largely predictive, it is the best way to make use of the opportunities presented by the trends and analysis of the data that reflects the likelihood of a closing deal.
4. Sales to Date
Through this Sales Analytics metric, comparing data becomes easier. This metric can be used to analyze and compare your current performance with the previous period or even years prior, providing a holistic and historical perspective. This is especially great to understand the client/customer behavior.
5. Product Performance
Sales teams and reps make sales of various products across industries, therefore, it is essential to use this Sales Analytics Metrics to track the sales of these products and set targets for each product.
6. Lead Conversion Rate
This metric tracks conversion analytics which helps the sales and marketing teams to collaborate easily during this customer journey. The Lead Conversion Rate metric in Sales Analytics helps optimize the performance that advances the customer experience, boosting sales.
7. Sell-through Rate
When selling physical goods, it is crucial to track the sales against the total inventory to be aware of the supply chain. That is where the sell-through rate metric in Sales Analytics steps in.
It tracks the supply-demand chain and the inventory and also identifies the sales forecast.
8. Cannibalization Rate
When a new product is introduced for sale, it can negatively impact the sales of already existing products. This is known as Cannibalization in sales.
Tracking this Sales Analytics Metric can help understand the trends of the pre-existing product and the customer’s reaction to it after introducing the new product, and how it can be managed better.
This Sales Analytics metric highlights how effectively the rep closes a deal. This metric analyzes the quality of leads and the quality of your sales performance.
10. Sales Per Rep
Sales analytics depends on the framework of the sales team. Experienced reps and account managers might outperform junior reps or newer reps and predict the future trends for performance growth.
Thus, this Sales analytics metric reflects the performance of each rep and highlights their effective practices and tactics, and underlines areas that need improvement.
11. Average Purchase Value,
This Sales analytics metric is essential. To increase sales revenue which will boost the average purchase value of each sale, it is essential to understand and analyze the historical trends to create sound strategies.
12. Sales by Region
Performance of sales will differ from region to region, thus there will be a difference in revenue that will be generated. Tracking through this metric in Sales Analytics will help understand the trends and customer behavior on a microscopic level.
Other Metrics to Track
There are other metrics while doing Sales Analysis that can help track the overall performance of the sales reps, the team, and the organization.
🔹 Activity Sales Metrics
These sales metrics in Sales analytics highlight what sales reps are doing daily and what daily tasks they manage.
Activity sales metrics are leading indicators in Sales Analytics, meaning they predict your results.
The sales manager or executive can use this to analyze the performance of his team members and direct them if needed
🔹 Outreach Sales Metric
This Sales Analytics Metrics underlines individual sales processes and strategies. For instance, their email performance can be tracked to check the effectiveness of their strategy by understanding their average email opening rate.
🔹 Productive Sales Metrics
Sales productivity is the rate at which the sales reps hit their revenue targets. The time taken by the sales rep to meet their quotes is inversely proportional to their productivity and effectiveness.
Would you like to know How to Improve Sales Teams Productivity?
These productive sales metrics in Sales Analytics will help is boosting the overall productivity and performance of the organization.
This will also help understand the areas of improvement, track the effectiveness of productivity strategies, and how much time an individual takes with their tasks. It can be daily, weekly, or monthly to understand the progress.
Benefits of Sharing the Dashboard
A bit of friendly competition amongst the team members is a great motivator. This will be beneficial to the individual and the team since each rep’s performance will boost–increasing the team's overall performance.
Therefore, it’s wise to use a larger screen to display the Sales Leaderboard/Dashboard.
This leaderboard can also help track performance in real-time on an individual and team level. Leaderboard can directly compare performance across multiple metrics, ensure data transparency, open communication lines, and make real-time decisions easily..
Use a clean layout while displaying the dashboard to communicate and display the graphs and numbers and ensure that it highlights calculations and statistics. Make the dashboard accessible to everyone and keep the data transparent.
Listed below are some examples of dashboards you can display-
- Sales Conversion Rate Dashboard
- Time-Tracking Sales Dashboard
- Sales Manager Dashboard
- Deal Performance Dashboard
- Sales Performance by Region
- Sales Activities Dashboard
- Performance Overview Sales Dashboard
To apply all the abovementioned beneficial approaches to Sales, try our Sales Data Analytics Software and uncover sales intelligence, trends, and customer insights by simply clicking here.
The interface is user-friendly, and the software is easy to integrate, but it is also a highly secure platform.
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