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Sales reps need to have their finger on the pulse of their business. While they are out in the field, making sales, reps can often feel like they are out of the loop.
Keeping tabs on how the business is performing can be a challenge. Sales KPIs, or key performance indicators, an essential tool in the sales reps toolkit and should be tracked religiously.
There are hundreds of different options of KPI to track, so which ones are worth following?
Here are five sales KPIs that every sales rep should be tracking.
1. New Lead Conversion
In the sales business, new leads are an essential sales metric that should be closely monitored. How many potential new customers do you currently have? How many of these leads are then converted into sales?
Conversion rates from lead acquisition through to sales is significant as it shows how a rep is performing in comparison to other reps.
Use this information to incentivize and motivate your reps by pitting them against each other on a leader board.
2. Sales Volume by Location
There are many comparisons that you can draw when comparison sales volumes by location. First, you could compare the overall sales of several different geographical areas.
While sales may always be higher in specific locations, you can monitor the proportional variations in overall sales. From this, you can compare how individual products or services stack up in comparison across the board.
From this information, you can replicate the things that are working in one location in the other.
3. Upsell Rates
Sales reps will not only be selling the core product, but they will also need to drive sales of additional products and services. Comparing the performance of each sales rep’s performance in upselling, these products can foster competition and increase upsell rates.
If you want to know how to succeed in sales in this area, you will need to have upselling targets to work to and always be striving to beat them.
4. Customer Satisfaction
How happy are your customers with the service or product that they have been supplied? Asking for customer feedback is an excellent way of checking on the standard of service that you are delivering.
By using an online review site, you’ll be able to track both positive and negative feedback.
5. Competitor Pricing
What are your competitors up to?
If you ignore them and pay no attention to their activities, they could be undercutting you. Worse still, they may even be innovating and leaving you with no customers.
Check on your competitors often and find out what they are doing in terms of pricing and promotional offers. Then adapt or focus on your main points of difference to try and beat them.
Improving Your Performance in Sales KPIs
When you set and track sales KPIs, it is essential that you stick close by them. Each KPI should have its own target, which you should always be attempting to exceed.
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