Metrics are crucial business tools that add layers of information as well as objectivity to discussions. As the saying goes, “You can’t improve what you don’t measure.” After all, who can say that such-and-such period was a “slow week” unless they have the numbers to prove it?
Moving into EOY, sales metrics in particular become more important than ever for this exact reason. Sales management needs the proper numbers to accurately assess where they stand on their charted progress to hit EOY sales goals. They also need key info points to diagnose kinks in the sales pipeline or workflow issues that hurt close rates.
To help teams stay on top of sales success, here are some metrics that can translate into helpful sales tools that motivate and potentially remove obstacles at the same time.
Total Opportunities at Present
The biggest question to start with is, “How many people can I sell to right now?” Regardless of their stage in the pipeline or their likeliness to close on a deal, teams must know exactly how many leads or prospects they are working with.
With a solid number in hand, you can also begin working it to reveal potential insights. For instance, dividing the number of total opportunities by the amount of full-time sales reps generates an average opportunities-per-rep ratio. You can then look at the planned sales activity log for each rep and count up the number of opportunities they are personally juggling. Reps that have too much or too little on their plate can adjust their workload to create an optimal ratio where no one is overwhelmed but neither are they sitting by idly while others make sales.
Rate of Sales Per Pipeline Stage
By examining sales activities for the last year — or whatever relevant timeframe you choose — you can see how many prospects made it to completed closes from each stage of the pipeline. For instance, X percent of inbound marketing leads resulted in closed sales wins, X percent of sit down meetings resulted in closed sales wins, and so on.
Looking at these numbers, you can evaluate whether an appropriate number of clients is progressing through each stage of the sales pipeline.
Sales Activity Success per Rep
Even the top sales reps have weaknesses. Examining the individual success rate of each rep’s activities can help you pinpoint who is having the most trouble converting their lead to the next stage of the pipeline. Perhaps someone is weak on the phone, or someone else is a great closer but bad at handling first-time leads?
Training as the Key to Sales Success
The key in all of these metrics is that they are used to diagnose a problem and address it quickly through Q4 before EOY. Sales metrics can thus become sales enablement tools when they are used to evaluate performance and set a training regimen that addresses each sales rep’s personal strengths and weaknesses.
Programs like LearnCore can also help diagnose, train, test and drill sales reps with the help of these metrics. Learn what you don’t know by measuring, and respond with the needed training. That approach should help everything fall into place just in time for EOY.