KPIs or Key Performance Indicators are essential metrics for tracking and analyzing the performance of firms, businesses, or individuals. And as a sales manager, you must pick the right KPIs for your sales reps. But how can you do that? That’s what we are going to explore today!
First, we’ll touch on a formula that will help you to pick the best KPIs for your sales reps. And after that, we’ll brief you about some of the popular and essential KPIs that every high-performing sales team uses for their sales reps. Without further ado, let’s learn how to choose KPIs for sales reps.
AQC Formula – Choosing KPIs for Sales Reps
AQC stands for activity, quality, and conversion. Identifying these three pointers in your sales funnel will help you to pick the best KPIs for your sales reps. But first, let’s first learn about the three terms individually.
You need to analyze what your sales reps are doing on a daily basis. What are their daily duties? How are they bringing in deals and more revenue? Once you have analyzed their daily activities, you must choose activity-based KPIs like individual rep performance, demos booked, revenue per rep, etc.
Now this stage focuses on the results of your activity metrics. Now according to the result of the daily activities of your sales reps, you must choose quality KPIs for your sales reps like trials started, sales opportunities created, and others.
Finally, you’ll need to analyze the outcome of activities and the quality of those outcomes. These KPIs will help you to understand the conversion rate of the efforts done by your sales reps. Some of the popular conversion KPIs are average conversion time and contact method.
Sales reps are like ground soldiers of your sales team. And they are your company’s true face in front of customers, clients, and stakeholders. In order to keep them on track and analyze their performance, here are some of the essential KPIs for sales reps you can choose from.
Average Conversion Time
Time is money! And your sales reps must not be wasting it on stretching the conversion. Your sales reps must have a good average conversion time as you don’t want them to spend days on just one client. The sales sector is rapid, and this KPI will help you to analyze how much time your sales reps are investing in their conversions.
Sales Opportunities Created
The only job of a sales rep is to create sales opportunities. This KPI will help you to track and analyze the sales opportunities your sales reps are creating. If you see an increase in this KPI, this means that your sales reps are working hard. However, if the case is different, you can use the data to improve their strategies.
Sales isn’t just about calling a bunch of people; it’s about turning viewers and prospects into customers. This KPI will allow checking the average follow-ups by your sales reps. The higher the average follow-up rate, the better. And if for some reason you are seeing a low average follow-up rate, there’s always time for a manager to rep pep talk.
Calls and emails are two most essential contact methods in sales operations. But many sales teams don’t consider this KPI seriously as they think that it’s one the basic pillars of sales.
If your sales reps aren’t ringing phones frequently and not hitting up potential clients/existing customers with emails, it can hugely affect your business. Most sales teams ignore this KPI, labeling it as pretty self-explanatory and basic.
Engagement with Current Customers
Every sales team focuses on long-term success, so in order to pull that off, your sales reps must engage with your current customers. When your sales reps will be frequently in touch with your clients, they’ll feel connected and empowered. In order to track this KPI, ask your sales reps to report the number of interactions they have made with current customers.
Social Media Activity
Although it’s difficult to track the social media activity of your sales reps, socially active sales reps are always on the mind of current clients. If your sales reps have a good social media presence, they can easily attract new clients to your business without any special effort. Social Media Activity is one of the most underrated and undermined KPIs for sales reps.
Choosing the right KPIs for your sales reps is important! Here at Spinify, we provide the best solution for engaging, motivating, and coaching your sales reps with the right KPIs, targets, and metrics. Our solution lets you choose multiple metrics, KPIs, and targets for your sales reps so they can stay aligned.
If you are interested in picking the perfect KPIs for your sales reps, request a demo of our solution today! We take pride in helping sales teams worldwide to engage, motivate, and coach their team members the best way possible.