It is problematic for the sales department to monitor field agents. The best way to have control over the whole operation is to measure through metrics. In this article at HubSpot, Richard April shares 8 ways in which you can manage sales.
Sales not only depends on how your team approaches the customers but also on the product features. Metrics are used to measure the performance of business functions, processes, and resources. Following are the metrics to help you understand your improvement areas.
This is an important performance metric for your team. They must showcase how they are contributing to the business growth. Measure individual target capsule and how many are able to achieve it. If the majority is facing problem reaching the estimate, lower it down. Share this with your team to build a healthy competition among members.
Count how many customer contacts are converting to engaged users. If there is a performance gap between underdogs and star performers, find out the differentiating factor. After reaching a certain number, if the conversion rate degrades, keep a lower target as your benchmark point. You do not want to overdo it or get banned. Compare how your customers prefer to stay connected—in person or through emails.
With an uptake in online shopping, it is imperative that you measure and compare the sales volumes for online and offline transactions. Understand which product is in demand where so that you can facilitate that location with more products or services. Try promotional sales, discounts, coupons, etc. to increase the volume.
Levying higher prices redirect customers to your competitors. Rethink your pricing strategy. Keep a tab of how your competitors are pricing their products so that your sales do not show a dip despite quality products.
Customer retention is as important as the quest for new ones. Be in constant contact with your customers to understand their changing needs. Your sales team must record the number of customers they are touching base with. Then compare that with the period of relationship they have with the customers.
If you cater to the needs of your employees, they would look after your customers. If you do not provide them with the appropriate infrastructure, the sales operation is bound to take the hit. Encourage employee suggestion to enable a better customer experience.
Upsell and Cross-Sell:
Find out what your engaged customers are looking for next to increase upsell and cross-sell rates. If your customers have opted for a service for 3 months, agents must enquire if they are up for a 6-month package deal.
Net Promoter Score (NPS):
This score helps you understand how your customers are going to recommend your products or services. Promoters actively recommend your products while passives while just like but not promote. Detractors are those customers that are dissatisfied and will never recommend.
To view the original article in full, click on the following link: https://blog.hubspot.com/sales/kpis-every-field-sales-leader-should-be-measuring