Revolutionize Your Sales Performance with KPIs
Let’s say you started using a new sales strategy. You gave your team the tools they need to implement new tactics and are helping them fine-tune their approach to reach and exceed their goals.
Every week, month, and quarter, you check in with them to see if the sales strategy is working and if they’re on track to reach their goals.
The best way to track if these new tactics are working is to use KPIs. If you aren’t using KPIs, you risk wasting your team’s time and energy on strategies that aren’t delivering results.
We’re here to walk you through how to use KPIs to your advantage and how KPIs can complement your gamification sales strategy.
Let’s dive in:
What are KPIs?
KPI stands for key performance indicators. These metrics measure the success of your processes, tactics, and activities. If you aren’t using KPIs to measure the success of your sales efforts, you’ll never find opportunities to improve and grow your business.
There are a variety of KPIs you can use to track your team’s success. It’s best to have at least 2-3 you track annually.
The KPIs you choose to track should complement your team’s sales goals and your company’s bottom line.
How Sales Leaders Can Set Up KPIs
There are many ways you can use KPIs to motivate your team and keep them on track towards success.
Here’s how you can use KPIs during your workweek:
Weekly 1:1s with your sales team are an opportunity to check your team’s progress and coach them through challenges. With weekly sales coaching sessions, you can keep your team on track to reach their goals and provide them with constructive feedback.
Spinify is one of the best sales gamification tools you can use to personalize your approach for coaching sessions for each team member. Our platform helps sales managers set realistic goals for their team members, giving them the direction they need to take on challenges and reach new workplace milestones.
Personalized Data Dashboards
KPIs provide you with invaluable insights into your team’s progress and success. However, if you’re taking the time to track your KPIs the old-fashioned way, you could be wasting your team’s time and not giving them the tools they need to restructure their approach to everyday tasks.
With personalized gamified dashboards, you can help your team visualize their success and provide them with the tools they need to restructure their 9-5 to align with their goals.
At Spinify, you can integrate any of your data tools with our platform, developing personalized data dashboards that align with each of your team member’s sales data. You can customize your dashboards in the platform to reflect your team’s current goals for the time period.
Personalized Goals For Each Rep
While you’ll always have generalized goals for your whole company, you should also have personalized goals for each sales rep. This will keep your team productive and motivated during the workweek and help them stay aligned with their goals.
Common sales goals include:
- Making 500 calls every week
- Sending 200 emails every week
- Exceeding last month’s sales revenue
- Increasing net profits month over month
- Reducing customer churn month over month
Once you have a few personalized goals, you choose which KPIs best align with your team’s needs. For example, if a sales rep’s goal is to increase revenue, they should track their conversion rates and sales revenue KPIs.
Monthly and Quarterly KPI check-ins
Once you have KPIs and goals set for each team member on your sales team, you’ll need to check in with them regularly. As a manager, it’s your responsibility to keep your team on task during the work week. With monthly and quarterly check-ins, you can find ways to adjust your team’s approach to the sales process and find new opportunities for improvement.
At Spinify, we have a manager toolkit your leadership team can use to keep everyone engaged. This toolkit includes leaderboard graphs, notes, and performance grids. The tools keeps your managers organized and help them provide constructive feedback that keeps your team on track to meet their goals.
The Five Best KPIs for Sales Teams
When defining your KPIs for your sales team, it’s important to remember that everyone moves at a different pace. Your top performers may have different goals and metrics compared to your new hires or underperformers. To ensure the KPIs are tools that can guide them toward success rather than discourage them, you’ll want to focus on personalized KPIs that align with their current goals and projections.
Here are five of the best KPIs for sales teams to consider:
Conversion rate looks at the number of prospects turning into paying customers.
You can use conversion rate to better understand:
- Lead to customer rate
- Prospect to customer rate
- Trial customer to paying customer rate
- Win back conversion rate
- Upsell or cross-sell conversion rate
To calculate this KPI, you’ll want to look at the number of leads and divide it by the number of customers that converted for a specific time period.
This important metric measures your team’s total revenue for a specific time period. With a pulse on this KPI, you can better understand each individual’s strengths and weaknesses.
What regions, industries, or businesses bring in the most revenue? Where can they improve? What is their monthly net profit?
You’ll want to check in on your team’s sales revenue every month and use your sales coaching tools to coach them through potential challenges and setbacks they may face throughout the month.
This KPI looks at your sales team’s revenue MoM, QoQ, and YoY. With this KPI, you can better understand how effective your sales team is at growing its customer base. When you compare your stats to different periods, you can better understand your profitability and business sustainability.
Sales activity KPIs look at your team’s day-to-day activities. Your team’s everyday activities are vital to your team’s daily success. If your team can’t keep up with their current projects or forgets their daily duties, it will show in their numbers. You can use these metrics to track:
- Phone calls
- Demos booked
- Emails sent
- Trial redemptions
With the KPI, you can track your team’s daily duties and see how close they are to reaching their sales targets. You can then use this data to plan competitions and games to motivate them to complete these everyday tasks during the workweek.
Customer Churn Rate
How well your team can retain their existing customers is just as important as bringing in new sales. This is vital to your bottom line because repeat customers spend an average of 33% more than one-time purchasers.
To maintain a healthy churn rate that won’t impact your sales or bottom line. At the end of every month, consider looking at your customer churn rate and find new ways to use win-back campaigns to bring these customers back to your business. This is a great way to maintain your profitability and maintain customer loyalty.
Start Using KPIs with Spinify
Spinify is a sales gamification software to automate sales coaching and help your team reach their KPI sales performance. With our platform, you can help your sales team and managers visualize their own success, unlocking access to next-level data dashboards and tools you can use to track your KPIs.
You can also use leaderboard software and other game elements to keep your team on track with their KPIs and engaged with workweek tasks that align with their goals. With our platform, you’ll always have a pulse on your success and will have the tools you need to inspire your team and push them towards their full potential.
Watch a free demo today to learn more about Spinify.
Put those insights into practice.
Set your team up for success by improving their performance through gamification.
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