So you’ve got loads of data accessible to you to understand your company’s sales process. It’s sitting in your CRM, waiting to be analyzed and leveraged.
Now how do you turn those numbers into increased sales performance?
3 Easy Steps To Using Data to Drive Sales Performance:
Create Your Sales KPIs
Your key performance indicators (KPI’s) for sales should focus on measures that are controllable and actionable by your salespeople and will lead toward your desired goal of closing more business. They’ll be unique to different parts of your sales team, e.g., your sales development reps, versus your inside sales team, versus your field sales team. (Here’s more info on what is a KPI and what it is not).
The key is to highlight the behaviors that drive sales in your organization. For some companies, it’s things like opportunities created and meaningful conversations completed that make the most sense. For others, it will be VP-level meetings and proposals sent. (Some tips for defining a KPI can be found here).
Once you’ve singled out 3-4 key behaviors, determine how many of each of those your sales rep needs to be conducting so that you hit your desired revenue outcome. For example, you’ll know that each rep needs to make 50 connections to have 25 conversations that will turn into 15 demos and then ultimately 10 new customers (so your metrics are connections, conversations and demos).
Great! Your KPIs are defined. Now it’s time to track them.
Set Up Leaderboards
Putting up leaderboards in your office is a great way to create alignment and visibility into how you are performing around your key sales metrics. It also provides company-wide visibility and transparency (a few tips on how to set them up here).
This KPI visibility comes with myriad benefits to your sales team. It helps them stay on pace and focus on the activities that matter and will result in sales. Seeing where you stand amongst your peers also encourages collaboration and friendly competition.
Whether it’s a dry erase board or 52-inch flat screen TV, set up your leaderboard in a public place — somewhere everyone will walk by and see. Employees will know who’s hitting their goals and give them praise, and managers can see who is falling behind and could use a little coaching.
All of this goes into encouraging the right behaviors to achieve your defined KPIs and ultimately drive more sales. But there are even more ways to motivate your team.
Motivate Your Team
Motivating your sales team will encourage them to work harder at achieving their goals and hitting their numbers. In addition to setting up leaderboards, you can also run hourly, daily, weekly or even monthly contests to do this. Motivating calls or generating and converting leads — even data clean-up can be turned into a competition.
Another big motivator for sales teams is recognition. Whether it’s playing a song of a sale rep’s choosing every time they close a deal or sending a company-wide email explaining what the rep did well, make sure to celebrate the wins, both big and small (here are a few pointers for best practices on recognition).
You can also motivate your team with small incentives, like a spot at the next industry conference or dinner with an executive.
There you have it. Now take your data, take these tips and take your sales performance to the next level.
Learn more about sales compensation and building a powerful plan here.
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