Sales is moving beyond face-to-face interactions because much of buyer and seller communication is happening through phone, Internet, or email. This makes the sales key performance indicators, or KPIs, more important than ever.
While the trend toward digital allows for a more cost effective sale, it also leads to challenges for sales reps and managers:
- Technology leads to decreased insights into the buyer’s thoughts and interests because reps are not meeting face-to-face.
- Sales teams also see diminished insights into the interest of the buyer either before or after a meeting or a call.
- Digital materials also provide no clear insights into how much of the sales material the reps send over really influence the prospects.
The lack of these insights makes KPIs necessary for navigating and overcoming these major blindspots in the selling process. But since there are so many key performance indicators that can be tracked and measured, it can be difficult to know what the most vital information will be to overcoming these challenges.
We have identified the following five sales KPIs that master salespeople use to provide insights into the digital body language of your prospects.
The Sales KPI: MEASURE or DIE!
1. Lead Response Rate
Research shows that sales reps who contact a lead within 1 hour of receiving queries are 7 times more likely to have a meaningful conversation with a decision maker.
According to Harvard Business Review 37% of companies surveyed responded to their lead within an hour.
As you work to arrange live meetings, measure your own lead response time and see what percentage of your contact with leads is within one hour.
If this percentage is high, you or your sales reps are most likely moving a good chunk of prospects to the next stage because of better quality conversations.
2. Rate of Contact
Prospects should be getting the right information to move forward at the right time. It is important to distinguish between an attempt of contact and when actual contact is made with a prospect.
When you measure your prospect’s engagement with the content you sent over, you will know what your actual rate of contact with that prospect is. If, despite a high rate of contact, you are not seeing good results you should review your collateral and decks for weaknesses and improve them where needed.
Note that the rate of contact goes beyond only tracking opens of your emails. Ideally you want to know which pages of your contact are viewed and how long these pages have been viewed.
3. Number of Times Reps Follow-up with Prospects
Regardless, though, this is alarming as 10% of sales are closed after the second interaction and 80% of the business is closed between 5 and 12 interactions.
In order to ensure you and your sales team are getting the most out of your leads, set a sales KPI to measure the number of times your reps follow up with prospects. Furthermore, train reps on the importance of regularly following up and use the KPI to reward reps who do.
4. Clicks from Sales Follow-up Emails
When following up after a phone call or a meeting, reps usually send out emails.
An interesting sales KPI that brings more insights into the digital body language of your prospects is how many times prospects click the links included in your emails. This can be easily measured by including relevant file links in your emails that also allow you to track link clicks.
To empower yourself with even more information, use a sales platform like Fileboard to track not just clicks, but also which pages were looked at and for how long. This information can help you better target your pitch for each prospect and it alerts you to the engagement level of a prospect far better than simple click metrics.
5. Usage Rate of Marketing Materials
Don’t forget your sales pitching basics.
Sharing the right content can provide tremendous value for sales reps and prospects. Unfortunately much of the sales content created for sales enablement purposes goes unused.
Reasons for this can be that the sales rep has used it once but did not get favorable response to it, the sales rep simply forgets to use it or the sales reps simply did not know it existed in the first place. Having a library that keeps track of the content uploaded and the usage of those content files can prevent valuable sales material from going unused.
Need access to some stellar sales materials? Check out Fileboard’s free resources, which contain numerous helpful files that you can use for your team, or yourself!
Walter Rogers, CEO at CCI Global Holdings, has often stressed the important role metrics play in sales. “It is easy to obsess over the obvious numbers like monthly or quarterly revenue or close rates. Unfortunately, those numbers simply give you the ‘final score,’ without telling you anything about how your team played the game,” Rogers said in a Forbes article.
Don’t continue your sales process without seeing the whole picture. Use technology and sales platforms to gather important sales KPI numbers and reform your strategy. These five metrics we listed above could be the secret to boosting your sales that you’ve been looking for.
Ready to change the fate of your sales team? Fileboard helps you to measure key performance indicators related to sales engagement. Sign up now for your 14 day free trial and experience it yourself.