Sales metrics your company should be tracking in 2023
A metric is a set of numbers that give information about a process or activity - something like having a ‘How are you doing kind of friend’. Sales is a process because it has a beginning and an end, which is why you commonly hear people say ‘I closed the sale’. Within the process of opening and closing the sale, there are metrics that you must take note of so as to ascertain your progress toward the sale.
WHY IS THIS IMPORTANT
“Action is a data stream’’ You have metrics because you’re doing something, taking action, and working toward a goal. The metrics tell you when you are off course or on course. Like having a scale in your house to weigh yourself each morning, when you notice that you’re overweight you eat less and vice versa.
This gives meaning and purpose to your actions. Here are the reasons why having clear sales metrics for your business is important
To know what is working and not working. If you observe from your metrics that cold call is working for your business- DO MORE OF IT
It gives you insight into how members of your team are performing. If a member of your team made 50 outreach to clients last week but this week he or she made only 10 you’ll have to have a conversation about the variance
It forms the bases of your decisions as a company. For example, if from your sales CRM, you discovered that on Mondays customers don’t pick up your calls, that metric will help you make a strategic decision to move all your sales calls to Tuesday
PROSPECTING METRICS
A prospect is not a customer. A prospect is a potential customer. The metric to track in your prospecting is the number of leads or prospects you’re engaging with daily. The global standard is 9.3% of prospect-to-sales conversion. That means if you speak to 20 qualified prospects about your product one will most likely buy no matter how terrible you are at making sales.
ACTIONING THE METRIC
Pick up your phone or reach out to 20 qualified prospective buyers of your product daily and you’ll close at least 1. If you’re ambitious increase the ratio
METRIC TOOLS
You cannot track your sales metrics emotionally you must use a tool, Using appropriate tools such as CRMs can help track sales calls and follow-up calls while providing feedback on when would be ideal times to call clients or prospective buyers – ultimately leading to increased conversions! Thankfully my company just designed the sales tracker. A CRM that can help you
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follow up calls
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Youtube Video of the week:
Chat GPT, Escaping the matrix and becoming a sovereign individual by John Obidi