One of the key features of Salesforce CRM is the configurability of its company performance dashboard. Do it correctly and you see the salesforce metrics that are most important to your business. This makes a big difference in today’s hyper competitive commercial landscape.
Decision-making that’s based on data is always better for business. As InsideSales.com Founder and CEO Dave Elkington puts it: “You have to generate revenue as efficiently as possible. And to do that, you must create a data-driven sales culture. Data trumps intuition.”
Things to Consider Before Putting Together Your Salesforce Metrics Dashboard
Before you get to your Salesforce metrics dashboard, consider the current status quo within your team and organization. What do you often look at during sales and executive meetings? What comes into play here are metrics that have conventionally mattered to your type of business.
For instance, an inside sales company might always look at the raw data of their number of outbound calls and online demos. On the other hand, a company that relies mostly on online sales is likely to look at their leads by source.
Determine your key performance indicators (KPIs), and use this as starting point in designing your Salesforce metrics dashboard. Here are other considerations:
1. Your current growth strategy: Business strategies change through time. Your Salesforce metrics dashboard should reflect this. If you are trying to speed up growth, then have your pipeline metrics, front and center. Your organization may be focusing on a new product or a specific market segment. Then, select product-centric or market segment metrics.
2. Ratios vis-à-vis raw counts: Raw counts are important because they are quick measures of where you are, in terms of your goals. Typically, you would look at raw metrics, such as number of outbound and inbound calls, leads in your pipeline and closed deals.
However, you also need to go deeper. Ratios show you how effective your efforts are when it comes to converting to sales. For instance, you may want to see the ratio between calls made and sales closed, or the ratio between online clicks and subscription.
Your goal is to get a clearer picture of your sales process, such that you know where there are flaws and you can do something about them.
3. Your tactical metrics: Apart from knowing the metrics that directly factor into your lead conversion, it is also important to know your tactical indicators. These tactical metrics measure supporting efforts that you’ve put in towards your goals. These can include the number of demos, meetings and email sent. Knowing the top and low end of these indicators can show you where you can step up your efforts.
4. Measurement frequency: Different businesses have different sales cycles. Some take months, with key metrics occurring less frequently. Others, such as inside sales companies, have so much going on daily that measuring daily KPIs is somewhat expected. Assess the Salesforce metrics that you want to measure and their frequency. Set up your Salesforce metrics dashboard to reflect the fitting frequency.
10 Essential Salesforce Metrics for Your Dashboard
Leads by Source: The sources of your leads tell you which of your marketing efforts are worthwhile investments. It becomes easier to manage your lead generation efforts. You can prioritize funds on sources where you get more returns. Likewise, it gives you an idea on lead quality. For instance, leads from website demos and inbound calls are likely more qualified and sales-ready than those from website blogs.
Sales Cycle: The average time it takes your team to close deals will also tell you if opportunities are aging abnormally. If your leads are not converting, then you need to look at their quality and assess your lead nurturing efforts.
Pipeline: Track your leads and see where they are in your pipeline. This is a way to determine if your lead nurturing efforts are working. Use your observations to tailor-fit your engagements with your leads, such that you can provide them with what they need at their specific pipeline stage.
New business and upsell ratio: It is generally easier to sell to current clients than new ones. According to Marketing Metrics, a marketing research company, businesses use upselling to increase their Average Contract Value. This is a good organization-wide strategy. However, individual members of your sales team should take care to maintain a balance between the two.
Open Opportunities: Open opportunities refer to the number of leads on your plate. It reflects the amount of work you need to put in to convert these leads into sales. If you have too much, it is best to delegate to the rest of the team. Open opportunities will also eventually affect your win/loss rate.
Open Activities and Open Cases: Open Activities and Open Cases make up your to-do list. Open activities are prospects that you are actively working on. You have started engagement with this group, and you need to keep on top of their progress.
Open cases, on the other hand, are leads and clients who have initiated conversations with you. These are typically urgent cases that you need to attend to right away. It could be a matter of closing the deal or retaining the client.
Closed Opportunities: Closed opportunities are closed deals. If you need to consistently keep an eye on revenue goals and sales quotas, the Closed Opportunities metric is a quick way to do it.
Win/Loss Rate: If your team loses more deals than they win, then you can be sure that there are gaps in your sales process. It can be anywhere from the quality of your leads to your follow-ups and the aptness of your messaging. Take a look at your sales funnel and see where you can improve on your lead nurturing.
Opportunities Past Due: These refer to leads that are not converting as expected. It could be from a number of reasons. The leads could be unqualified or not sales-ready. You could have gaps in your lead nurturing efforts. Or, your team members may have too many leads on their plates. Whatever it is, it pays to take a look at your process for areas you can improve on.
Sales by Closed Date: Goals, such as monthly and quarterly revenue targets and quotas, have due dates. Sales by Closed Date helps you forecast your team’s progress, allowing you to step up specific efforts when necessary.
FREE WHITE PAPER: MiFID II Chain of Sale Reporting
The newest iteration of MiFID almost triples the amount of data firms are required to report against - from 24 to 65. This report defines and details everything you need to know in preparing for the updated chain-of-sale audit process.
Latest posts by Dan Sincavage (see all)
- Tenfold Raises $7.5M in Series C Funding to Expand its Cloud-Based Voice/CRM Integration Platform and Fuel Go-To-Market Growth - October 7, 2019
- Avaya and Tenfold Create Improved Customer Conversations, Enabling Integrated AI Solutions that Amplify Salesforce, ServiceNow, Microsoft Dynamics and Other Leading CRMs - July 31, 2019
- Understanding the GDPR: General Data Protection Regulation - December 6, 2017