With so many sales metrics available, how do you know which ones to measure and track – and which ones to dismiss and ignore? The answer hasn’t always been clear-cut, until now.
These definitive, must-have metrics have been proven several times over to result in a more scientifically precise B2B sales process. With greater accuracy and quantitative measures regarding your sales data at your fingertips, you’re able to focus on building the necessary human relationships needed to close every new deal.
Here are some of the major B2B sales metrics your team needs to adopt:
Qualify Your Leads For A More Precise Close
Every revenue team has a different approach to lead scoring, but the specific system isn’t as important as the underlying principle: Lead qualification must be a high priority in order to close deals effectively.
When your sales team isn’t working on high-quality, warm leads, your revenue generation efforts end up stymied. Simply relying on just website forms or landing pages isn’t sufficient enough either, since their qualification capabilities only go so far.
At some point, your sales team must have a personal conversation with each prospect to determine if they’re a good fit for your business and to discover their needs, pains and goals. In addition, your salespeople should determine if a prospect’s answer to your business is “no” (and always going to be “no”), because these leads aren’t worth your time or effort. Some enterprises even allocate a portion of their marketing budget just to outsource this level of lead qualification.
Robust lead qualification involves asking open-ended questions about the prospect’s envisioned solution and avoiding a direct pitch or hard sell. Rather, have your sales team ask prospects a series of questions that lead to no other alternative than your company’s solution. Then, track your sales metrics on which open-ended questions produce the best results with different prospects and harness that information to close future sales faster.
Equate Everything To ROI
While the above metrics are important to a more scientific B2B sales process, none of them outrank the most critical metric of all: Return On Investment.
Your ROI metrics should be broken down along three main categories: individual metrics, team metrics and program-specific KPIs.
When it comes to individual sales representatives, you need to track the following metrics to ensure you’re receiving the best ROI possible:
- Average number of days to first sale
- Average total sales in the first month
- Attrition rate
Attrition is a particularly key risk for many organizations, so it’s essential you track performance metrics and help underperforming employees reevaluate their approaches and goals.
After examining the metrics for individual sales reps, you should also analyze the aggregate results of the entire team, including this key formula:
Activity x Effectiveness = Results.
Activity: For your overall sales team activity, you should be tracking metrics such as:
- Number of hours on the phone
- Call quality (as recorded by a sales coach or mentor)
Effectiveness: This measure includes the overall team aggregate of metrics such as:
- Closing rate (or number of warm leads handed off)
- Lead quality feedback
Results: Your overall team results should track these two key metrics:
- Total sales pipeline
- Total revenue closed
Overall Program KPIs
Finally, you should be tracking the Key Performance Indicators (KPIs) of your entire sales program. Important KPIs to consider include:
- Leads per agent/rep
- Revenue per lead
- Percentage to revenue goal
The B2B sales process isn’t just an art – it’s also a science. In order to reap the returns of a scientific sales approach, it’s essential that you leverage the right sales metrics for success. With these metrics at your fingertips, you’re now able to connect with leads more effectively and turn more opportunities into top-line growth.
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