Sales managers and directors have access to more data than ever before, and they need answers from it faster than ever before. How do you ensure your team is making data-driven decisions on the right data? How do you get to those data-driven decisions faster? It’s actually easier than you think, and just requires looking at the right data, making sure everyone has access to the data analysis, and not treating your sales data like it’s in a vacuum.
As a sales manager, you already has access to lots of analytics from your cloud services like Salesforce. To keep your sales team lean, efficient, and meeting your departmental goals, empower them to analyze that data on their own, without going through business scientists or data analysts. Ensuring that each person feels confident in analyzing their own data means you can avoid bottlenecks. Sales reps can even access the data data they need in the field with a mobile analytics platform, giving them the right answers at the right time.
KPIs like expected revenue or prospects, closed rate and opportunities are important, but to really keep a pulse on your sales, you have to break down these big KPIs a little more. Take a look at expected revenue by region or opportunity owner to determine where your team is excelling and where it could use some improvement. The chart below, for example, depicts revenue by state that instantly shows where your revenue comes from.
Similar to the last point, it’s a best practice in sales analytics to look at an overall trend, not just the absolute values. Of course a sales manager is happy if one region performs exceptionally well for a month, but that certainly doesn’t guarantee that quarterly goals will be met. For example, take a look at your win/loss ratio based on the amount of time a rep spends in each stage, as outlined here. It may be that if your sales rep spends more than 20 days in creating a value proposition, they’re far more likely to lose the sale. Applying insights like this to your team as a whole will elevate everyone’s performance. Even if you have a quick sales cycle, this is worth looking at for trends you can pick out. Are sales email open rates higher for a certain day of the week, for example?
To really track sales metrics effectively, you need to monitor them frequently, and communicate effectively with the entire team. You likely already have a weekly one on one with your sales reps, so make them informative and effective by sharing dashboards and letting them see what you see before the meeting. Don’t wait until the next quarterly meeting to make decisions with your team. DataHero just announced dashboard sharing that is a quick way to share the most updated information with your team.
Bring your data to the next meeting and show how success involves every department in your organization. Combine your sales data with customer service data to see how your help desk is aiding (or harming) your sales cycle. This will tell you things like how your help desk response rate affects wins/losses, or what your prospects are requesting from your customer success team. Marketing is also linked so closely with sales, it doesn’t make sense to try to visualize sales data in a silo. Combine sales data with your marketing campaigns to see what campaigns are driving the most prospects, and get each department on the same page.
If you’re tired of exporting reports from your CRM only to spend hours on your dashboard in Excel, there’s a better way. DataHero allows you to pull in data automatically from your sales CRM, create charts in a simple drag and drop motion, then create and share dashboards. You’ll be sharing your first dashboard within 5 minutes of signing up. If you’re ready to take your revenue to the next level and, create your free DataHero account today.
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