Cheat Sheet: How to Track Critical KPIs across the Sales Funnel

As salespeople, we talk a lot about different key performance indicators that matter to your team.

However, we typically look at different KPIs in terms of their respective stages. Lead qualification in the lead generation stage, conversions in the final stage…

It seems like there are very few ways to track critical KPIs across the sales funnel.

In this article, we’re going to show you how to do just that. It’s time to demystify your sales funnel and sell better!

1. Define Correlating Sales Funnel KPIs

The simplest way of tracking critical KPIs across your sales funnel is by taking a look at each stage and identifying the most important KPIs that directly correlate with the critical KPIs in the following stage.

For example, lead quality is one of the most important things for hitting sales targets and increasing your company’s revenue.

It all starts in the prospecting stage, where the criteria has to be narrowed down, in order for the lead to be qualified, and to maximize their value once they’ve become a customer.

Good KPIs to track in this case would be:

  1. Lead source
  2. Lead quality scores
  3. Customer lifetime value

Now, a lot of sales teams fall into what we like calling the KPI hole. We track so many things!

And while that’s completely warranted (so many things to optimize), it’s easy to lose sight of what really matters.

When you take a correlational look at your KPIs and understand how the critical KPIs in different stages interact, you’ll be able to track them across the sales funnel.

After all, if there’s something wrong with lead source, there’s going to be something wrong with customer lifetime value.

Your mission, should you choose to accept it, is to:

  1. Take a look at each stage of your funnel
  2. Define critical KPIs in each stage
  3. See how those KPIs translate to the KPIs in the
    following stage
  4. Analyze how they correlate

And presto! You’ve got yourself a cross-funnel KPI strategy!

2. Behavior Flows and Click Streams

Technology has come far enough for us to see how our prospects and customers are interacting with our websites, support desks, and much more.

While this may be in the domain of your marketing or IT department, you have to take a hammer to those data silos.

In particular, you need to focus on behavior flows and click streams.

After all, customer journeys are not as simple as we imagine them to be.

How Behavior Flows and Click Streams Help You Track Sales Funnel KPIs

Behavior flow tech can help you understand:

  • Areas of interest to leverage for cross-selling and
    up-selling
  • Your customers’ path to conversion
  • Drop-off points

And so much more!

Fortunately, you can get behavior flow data from tools like Google Analytics.

It’ll allow you to track a plethora of actions which translate into KPIs.

You can also gain a deeper understanding of your sales funnel flow and even speed it up by understanding on-site or in-app interactions.

If you want to filter by types of visitors (e.g. leads, qualified leads, existing customers), you absolutely can!

Behavior flow will give you a broad view of everything that works so you can efficiently track a variety of KPIs across your sales funnel.

3. Refine Your KPIs with Big Data

Soon enough, we’re going to be seeing major shifts in how we think about performance indicators.

Notably, we’ll be focusing on behaviors and context much more.

There are plenty of AI sales tools that analyze vast quantities of lead and customer data, all with the goal of helping you track your cross-funnel progress:

  • People.ai analyzes your entire sales funnel to show you bottlenecks and areas for improvement
  • Conversica uses language analysis to identify the best leads
  • Gong captures and analyzes customer conversations across channels and funnel stages

It’s a major step in the right direction.

So if you’re struggling with processing a lot of data, it may be time to turn to tools that can help.

And on that note…

4. Understand Actions that Drive Sales

Finally, sometimes you don’t have to focus only on the KPIs displayed on your dashboard. They may be too generalized to truly gauge across-the-funnel insights.

Instead, you can focus on what your reps are doing.

While sales targets matter, what matters even more are the actions your sales teams are performing every day. From cold calls to follow-ups, they tip the scale incrementally.

In turn, this translates to progress that moves the needle on the sales targets.

If you want to track your performance across your sales funnel, you have to pay attention to detail.

You can start off simple, by tracking all the sales activities your reps perform.

You can also measure and track the most important actions.

For example, maybe your leads love talking on the phone, as opposed to emailing your reps.

All of this can get confusing if you’re tracking it with old-timey sales dashboards.

That’s what Spinify’s sales dashboard is here for.

It’s time to grow across the funnel.

How Spinify’s Sales Dashboard Helps You Track Sales Funnel KPIs

Spinify focuses on three key areas:

  • Employee engagement
  • Performance tracking
  • Coaching

If you want to maximize the output and the satisfaction of your sales reps, you can use Spinify’s gamified dashboard.

Designed to encourage friendly competition and stimulate motivation, Spinify’s gamified dashboard features:

  • Points
  • Tiers
  • Badges
  • Achievements
  • Rewards

Your sales reps can feel amazing as they go about their regular days and perform all the actions they normally would.

However, now that they’re getting praise and points for it, they’re extra motivated to keep going and hit their targets!

You can even up the ante:

  • Set up leaderboards and contests
  • Display results on office TVs and across devices
  • Allow reps and teams to compete against one
    another
  • Help reps exceed their personal records and be the best
    reps they can be

Often, companies that use Spinify to motivate their reps set leaderboards for actions such as: calls, solved tickets, settled commissions, deals transferred to account managers, and much more.

You can track all the metrics that matter to your company and your team.

With Spinify, you no longer have to hold motivational meetings or go in blind, knowing only your MRR or LTV.

Instead, you can focus on the most important KPI in every stage of the funnel:

Action.

By |2019-08-26T00:10:37+00:00August 22nd, 2019|Sales Performance|Comments Off on Cheat Sheet: How to Track Critical KPIs across the Sales Funnel

About the Author:

Matt Bullock
Serial entrepreneur who loves a deep dive into technology and applying it to solve business problems. Matt recognized that gamification of business activity processes would lead to greater staff engagement, increase productivity and motivate the team to do more, so that businesses sell more and grow more.