One of the complaints we hear most often from sales managers and executives is that they cannot access comprehensive sales reports within one single dashboard. They tell us that they would like to see real activity metrics, you know, the ones that are responsible for the financial growth of a company. After having hundreds of these conversations, we’ve identified the 3 most wanted and most important metrics for sales reporting.
Hitting revenue targets usually requires some type of reverse engineering. If an SDR on your team has a quota of closing $10,000 of new business, it’s important to know what type of activity will be required to hit that target. Unfortunately, most managers give their reps targets and goals without providing their reps with a daily action plan. This is usually because the manager cannot access sales reports to hold their reps accountable. However, if sales managers have access to the metrics and reports below, they can provide their reps with daily action plans that, if hit, can nearly guarantee the success of any SDR on their team.
1.Number of Calls
This metric is important because it measures the overall effort required for hitting other goals. If Sally needs to close $10,000 of new business next month, then the number of phone calls she makes is going to be important. Phone calls set appointments, appointments turn into presentations, presentations turn into proposals, proposals turn into deals. If Sally knows that her average deal is worth $2,500 and understands that she has to send out 3 proposals in order to close one deal, she will know she needs to send out 12 proposals. If Sally knows it takes 2 presentations to send out 1 proposal, she knows she must do 24 presentations. If Sally knows she must set 2 appointments to do one presentation, then Sally knows she needs to set 48 presentation appointments. If Sally knows that she needs to make 25 phone calls to set one presentation appointment, Sally knows that she must make 1,200 phone calls next month. If Sally has 22 working days next month, she knows that she must make 55 calls each day she goes into the office. Sally and her manager can access this data on a daily basis to hold her accountable to her goals and ensure her success.
Your team may make a lot of phone calls, but do you know what the result of all those calls are? A few months ago, our team was complaining that they were unable to get prospects on the phone. Our sales managers dug into the call disposition reports and found out that more than 98% of total outbound phone calls resulted in anything other than a successful contact. Without this information, our managers would do what any group of managers would do: tell the sales team to suck it up and keep smiling and dialing. However, after noticing that our sales team has a less than 2% chance of getting someone on the phone, our managers made some changes to the lists our sales team were calling on. After doing so, our ‘made contact’ ratio went up by more than 20% from where it was at previously. Of course, this adjustment helped us increase sales, but more importantly, allowed us to make a change when a change needed to be made, rather than making the mistake of making a change after it needed to be made.
3.Total Talk Time
This metric is a direct reflection of how much total time your rep has spent on the phone with prospects and customers. If we reference Sally again, we may find that her call volume was unusually low one day. If management is unable to check her talk time, then they may reprimand her for only making 17 calls instead of the 55 they expected from her. With a talk time report, management would be see that Sally was only able to make 17 calls because she spent 4 hours and 32 minutes on the phone with potential customers and was not actually wasting her time. Additionally, if Sally identifies that she gets a deal for every 4 hours of talk time she spends on the phone, she will have another metric to track her likelihood of success.
It’s no secret that the most successful sales people keep a full sales pipeline. Top producers are constantly adding new prospects to the top of their funnel. Managers, however, are not usually able to access a report of how many new contacts their reps are adding to their pipeline. Without knowing how many new contacts are being generated, created or added to a rep’s sales funnel, it’s impossible to monitor momentum. Most sales people have inconsistent results because the amount of prospects they add to the top of their funnel is inconsistent. Managers need a way to see this information so they can inspect what they expect from their team. If the overall number of prospects added to the sales funnel is down, you can usually expect revenue for the next month to be down as well.
Here at Sales Domination System, our team understands sales. We also understand sales management and the reports, metrics, KPI’s, insights and analytics that are needed in order to effectively run a sales organization. If you are interested in connecting with us regarding sales reporting and having access to 25+ sales reports in one single dashboard, please visit dominatesales.com or call us today 877-643-0109. We look forward to servicing you and providing you with the information you need to make the best decisions in your business!