CREATE A BETTER KPI TRACKING SYSTEM WITH YOUR SALES CRM SOFTWARE
One of the major challenges for sales leadership in all businesses is accurately tracking the sales KPIs (Key Performance Indicators). Reviewing the “right” sales performance metrics lets sales managers determine which reps are struggling and in which domains they need training and help.
For sales executives, the stress to bring in the revenue is much harder than what it was in the past.
Most organizations have some type of KPI tracking process, even if it’s as informal as writing down performance ratings on a sheet of paper. However, without a proper system in place, KPI tracking is usually nothing but a hazard.
Lack of regular physical presence in the field makes it difficult to keep tabs on the sales team and business operations. The sales CRM is a useful tool for helping salespeople organize their selling process and make regular, consistent outreach to the field sales team.
However, it can also help you drill down to a true and accurate forecast by daily sales reporting. Here are a few of the ways in which a sales CRM system can make KPIs tracking easier:
1. Track lead generation rate
This is the metric that sales managers frequently want to monitor, since it’s crucial to measure who’s reaching their quota and who’s just missing out the opportunities.
Measuring lead generation rate includes plenty of complex factors. You need to track new contacts rate, how many enquiries are coming per day, how many leads are qualified, and so on and so forth.
Having a lead management software integrated with your system helps you to receive automated reports on leads. With a structured report you can track and measure the performance of your sales reps accurately.
2. Monitor lead response time
Now, interest has a short life span. Keeping response time to a minimum considers being a reasonable business strategy.
According to a Harvard Business Review, businesses who contact online leads within an hour of receiving a request are seven times more likely to convert the lead.
Are you confident that your organization is effectively handling potential customers’ online queries?
With sales CRM tools you can have the opportunity to monitor every possible aspect that can hold up your lead conversion process.
Selecting the lead escalation option in your CRM system, you can get crucial notification about the lead response timing of your salespeople. With this system, unanswered queries will directly transfer to the higher management over a certain time period. Hence, you can secure customer satisfaction and monitor one of most important KPIs at the same time.
3. Study sales volume per location
Let us suppose, you are selling winter wears. You need to know in which location you can make maximum profit.
With a sharp analysis of sales volumes across locations, counting physical stores and online transactions, you can see where your product demand is highest and lowest. Assume that you find out that hill stations have the highest product demand.
Once you get the report, you can increase or decrease your sales force, according to the market demand, or plan a new/ separate marketing strategy for this particular region.
The Sales CRM report engine helps to get an accurate metric, so that you can figure out your maximum profit zone and motivate your sales team to focus more on that area.
4. Understand existing client engagement
There is no reason to explain the importance of customer engagement, as it’s a main key indicator of your sales prospects. But, evaluation of client engagement is far more difficult.
First of all, there is no definite parameter to measure client engagement; you can only monitor the interaction with your client. Secondly, monitoring the client interaction is not an easy task, because it requires meticulous observation and analysis.
For this, you need a tool, where you can record, track and manage client interaction over phone, email and social networks.
Your CRM dashboard gives you the option to update your customer interaction history, so that you can get a well-arranged view of it. Thus, the dashboard provides you valuable insights about customer engagement. You can even understand the highest source of your marketing ROI from the data.
Besides, it enables you to receive all the notification from different social channels, hence, you can monitor social media engagement of your clients as well.
5. Automated daily sales report
The only way to improve is to see where you are week-to-week. In order to monitor every dimension of your business, you need DSR (Daily Sales Report).
But, is it possible to accurately prepare sales reports, on a daily basis, without any help of report generating tools? Apparently not!
Sales CRM platform endows you with automated daily, weekly and monthly reports, integrating all the facts and figures related to leads, sales pipeline, and sales revenue. That makes it easy to track your sales KPIs and make an accurate sales forecast.
Once you have data on your KPIs, evaluate the information to know how you got such outcomes. Then, determine how you can develop performance and increase your sales team productivity.
Irrespective of businesses, the main key performance indicator is the company’s ROI. And in order to increase your ROI you need to take care of above five KPIs for your business.
KPI is a great technique to measure and progress, but it is only helpful if it’s paid attention to. Get to know your sales KPIs and review your data daily. Visit Kapture CRM to know how CRM can help you to get a higher ROI.