Sales, the term is synonymous with the business itself. Sales are the lifeblood of any organization. Sales, along with revenue, is what keeps a business running. As your business generates sales, along with it, comes a mountain of data, figures, numbers and a sea of reports. You may want to get a glimpse of your business sales and revenue. Does your sales team need to level up? Are they achieving their targets? You need answers.
But you don’t have the time to carefully analyze each and every figure in your lengthy sales reports. Sifting through this sea of data among multiple platforms is a herculean task indeed! By the end of the process, you would end up even more confused. What could be the solution? A sales performance dashboard seems to be the answer. The sales performance dashboard provides a quick glimpse into the overall sales performance of your business. From the window of a single dashboard, you could keep track of various performance indicators and metrics of the sales cycle.
What is a Sales Performance Dashboard?
Since data from multiple platforms are collected, sales performance dashboards are a great way to obtain a 360-degree view of sales performance. Data points and insights showed on a dashboard are easier to understand than pages of mind-numbing reports. Empowering your business with the perfect tools can help keep track of a team’s performance. Sales performance dashboards offer relevant data, allowing business to gain a visual representation of their sales data. Back up all your important decisions with insights gained from sales data.
What should a sales dashboard include?
While choosing a sales performance dashboard, do remember to avoid an all-size-fits-one approach. Each dashboard varies according to the nature of your business.
Creating a perfect dashboard requires a lot of thought and consideration. Some points to be considered are the dashboard users, its purpose, the frequency of usage, time duration and so on.
Dashboards give you an overview while at the same time ensuring that you know the finer details too. It includes details like individual salespeople’s performance, sales forecasts, and insights on the sales pipeline to ensure seamless sales performance management.
Sales performance dashboards also ensure sales performance analysis which is an assessment of where your business stands versus where you want it to be in the future. It depicts the gap between your sales’ current state and how you envision your business to be. A sales performance analysis lists down the reason for this gap. It motivates us to come up with a solution to reach the desired state.
Most sales performance dashboards also include some metrics. Commonly found metrics include:
It is the duration to win a deal. It includes all the steps right from connecting with the customer to signing the agreement.
With the help of a sales pipeline, analyze which stage your project is in and what stage it would be finalized. Modify your sales pitch accordingly.
A crucial metric in building a successful business, the Win/Loss Rate describes the number of sales opportunities a company wins or loses. The calculation is very straightforward: Divide the number of sales opportunities won by the number of opportunities lost. A low rate would call for a detailed analysis of the sales funnel or a change in your sales pitch. Find out the benchmark in your industry and work towards achieving it.
Average order value:
Depicts the average size of the new deal clinched.
Some metrics that focus on team-based performance include the Number of Leads Generated, Deals closed, Lead Response time, and the time spent selling.
How do I create a sales dashboard?
To create a perfect sales performance dashboard, remember the following points.
Stick to your goals and KPIs:
There are countless sales terms that may confuse even the experts in your team. There are numerous KPIs but be sure to include only those KPI’s most relevant to your business.
Break down large numbers into an easy format:
Instead of writing $15344.5, you could simplify it as $15 K.
Choose a suitable colour:
At first, the colour of your dashboard may seem the least important of all aspects. But colours and visuals play an essential role in how often your team members consult your dashboard. Your company’s brand colours are the best bet for a dashboard colour.
Utilizing large text and attractive colours will make it easier for your team members to view the dashboard.
How do you track sales performance?
Reaching your sales targets pays off for everyone. Be it your manager, your teammates or for the overall growth of your business. Monitoring and tracking team performance is the best way to reach your objectives.
To get started, set goals for your team. Involve the team while creating these goals.
Choose a mixture of both short term and long term goals. Focus on measuring both goals to attain a positive work culture. Setting goals on a week by week basis along with long term goals ensures that your team does not lose sight of the big picture.
Rely on the sales performance dashboard to stay focused on achieving these goals. Analyze every stage of the sales pipeline, from qualifying leads and tracking sales prospects. Measurable metrics can help monitor each person’s sales process at a glance. A sales performance dashboard can help arrange only the essential metrics on your sales pipeline.
What are the KPIs for sales?
A large number of managers leverage metrics like targets, revenue etc, but when it comes to analyzing your team’s performance, one needs to be more specific. There are numerous metrics that can be classified as either activity-based metrics or results-oriented metrics. Activity-based metrics show what kind of activities your sales rep undertake daily, and result-oriented metrics measure these activities’ results.
KPI’s are measurable values that indicate how well your team is performing. Sales teams need a well-defined process to track their sales goals. One of the best ways to ensure this is through Key Performance Indicators for sales. Sales KPIs are metrics for performance measurement that can help you optimize each sales process in your sales cycle. There are numerous types of KPIs, but it is up to you to choose the ones you feel are crucial for your business. Here is a list of some critical KPIs that you need to track:
1. Customer Acquisition Cost (CAC):
It refers to all the costs incurred while acquiring a customer. The prices vary based on your business model. Regardless, it is advisable to reduce CAC and recover it within a year by increasing Customer Lifetime Value or Average Revenue Per Unit.
2. Customer Lifetime Value (CLV):
This KPI measures the revenue you get from a customer and indicates how much each customer is worth. By calculating the CLV, you can decide how much to spend on CAC and the effect of customer churn. High CLV indicate a positive growth rate.
When you know what your customer wants, it is always easier to work on their pain points and increase the CLV. Collecting feedback plays an important role in this process. Create engaging, conversational surveys with SurveySparrow to get genuine and better responses from your customers.
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3. Product Performance:
From your product/ service offerings, certain products account for a significant chunk of your revenue. This KPI can reveal which product ranks the best in revenue performance. When tracked over a duration, product performance provides insights on market shifts and the popularity of your products.
1. Average profit margin:
Indicates the average profit from a product/service. Businesses generate profit margins from their product portfolio, and each one varies. The Average profit margin KPI helps sales reps compare the profit margins across different products and various geographies.
2. Average Revenue Per Unit (ARPU):
ARPU refers to the average customer revenue from all total sales. ARPU is calculated by dividing the MRR by the total number of customers.
3. MRR (Monthly Recurring Revenue):
MRR is what can make or break a SaaS business. To calculate MRR, multiply the average revenue obtained per account by the number of customers for a month.
Optimize your sales dashboard for maximum impact. First, you would need to focus on the dashboard users and prioritize the KPIs relevant to them.
Who are your users? Who will be the primary user of your dashboard? Is it for all the members of your sales team, for the sales manager or sales executive? Prioritize your sales KPIs based on the dashboard users. Avoid combining all KPI’s into the dashboard and select the ones most relevant for your business.
Set a target goal for your sales team and identify KPIs related to these goals. Choose commonly assessed metrics during meetings and quarterly reviews.
Another feature of the sales performance dashboard is that it generates reports. Based on the data you add, a variety of charts are generated.
To compare sales data from different geographical locations, you could use a Pie graph, column or bar chart. Utilize charts to study month over month sales growth trend.
Sales Performance Dashboards thrive on data. Without it, no analysis would be possible. The data you require would depend on your overall goals. If your business wants to improve its sales functions on an organization-wide basis, they would require C-level executive data, in addition to daily activity data from sales executives. Data needs to be integrated from your CRM, Email, sales reports and BI tools into your sales dashboard to get a bird’s eye view into all parameters. Data needs to be integrated in real-time to ensure constant progress.
Examples of Sales Performance Dashboard
Sales performance dashboards give you and your team complete control, enabling you to take full control of all sales data. These dashboards provide an overview of your sales team’s progress and an overview of all sales tasks.
Sales Team Performance Dashboard/Leaderboard
Healthy competition is always good. And a sales Leaderboard is a great way to encourage healthy competition in your team. Leaderboards highlight the importance of teamwork- the need for your team members to reach targets both individually and as a team. Measure their performance across multiple KPI’s and analyze their performance in real-time. Implement quick decisions without waiting for the end of the quarter for your quarterly reports. Some metrics that are usually displayed on a Leaderboard include MRR, Daily calls and new customers.
Sales Opportunity Dashboard
A Sales Opportunity Dashboard prioritizes the most important aspect of your sales funnel- Sales Opportunities. The dashboard provides information on the opportunities present at any given time in one central dashboard. With a comparative view of ongoing sales opportunities and the value of purchase, your sales team can quickly convert the lead to wins.
Deal Performance Dashboard
With the Deal Performance Dashboard, all the team members can view the revenue expected at the end of a year. The dashboard showcases when each deal is expected to close, and the number of deals closed when compared to the pre-defined goal.
Sales Activities Dashboard
It offers a visual representation of the activities sales reps performs daily. For example, The calls made per deal, emails sent, and calls made. This dashboard helps measure sales performance and acts as a reference for providing feedback to your team members.
Sales Operations Metrics Dashboard
It is a visual representation of your business metrics and sales data. By offering a variety of reports, your team members can review and act upon them on time. This dashboard focuses on metrics most important to C-level executives and sales VPs. An at-a-glance information of all targets and comparison with the previous period will depict if the team has reached its goals. If not, your business can find ways to tweak the business strategy based on the KPI’s
Each and every activity in sales is measurable, and most often, the puzzle lies in what is to be tracked. There’s more data now than ever before. Data is the new oil, and for it to be appropriately refined, we need a powerful tool that can provide insights. Sales Performance Dashboards are the best tools for generating actionable insights from sales metrics, trends and data. Apart from delivering data-backed decisions, a sales performance dashboard acts as a catalyst by helping improve sales performance. Envision your dream of building a high-performance sales team with a perfect sales performance dashboard.