In the present day’s highly competitive business landscape, small businesses and startups find it increasingly difficult to compete without the ability to find data-driven decisions, and therefore, sales metrics and analysis provided by modern technology like best small business CRM software solutions make it easy.
In 2019 it has been observed that most small businesses are moving to an all-in-one easy to use CRM solution like ConvergeHub and others because they provide marketing, sales, support and also accounting modules all on the same platform.Effective sales organizations are 81% more likely to be practicing consistent usage of a CRM or other system of record- Aberdeen Group Click To Tweet
Which means that all data and information from every department within the organization can now be stored in one central CRM database that in turn help increase the accuracy and volume of the data and metrics at your disposal, allowing businesses to make enhanced data-driven decisions.
Key sales metrics to measure and analyze
A converged all-in-one CRM software like ConvergeHub (which is also the most popular QuickBooks CRM solution in the US markets) help track loads of sales metrics, which we will cover now that modern sales teams should leverage and embrace to drive more sales resulting in growth of their businesses.
Keeping track of overall sales by reps, every month, is not a new concept, as sales teams have been doing it since ages and it is still one of the most important sales metrics even today.
Best small business CRM software like ConvergeHub provides robust CRM reporting that allows you to easily keep a tab on how each of your sales reps are performing with regards to sales, against their monthly benchmarks.
Using CRM data once you find that your rep’s total monthly sales volumes are plummeting, you can easily identify the reason behind the drop, and use the information in the CRM database to help improve your sales rep’s performance and get them back on course.
Another true and tried sales metrics that are critical to the success of modern sales teams is sales funnel flow that helps managers to view which sales-reps are moving leads through the sales funnel at an expected velocity and those who are falling back.
The great thing is that as data collection and analysis takes place automatically in most best small business CRM software solutions like ConvergeHub, you can easily check your CRM’s dashboard and simply check how many leads each rep have in their funnel.
This kind of granular details allows sales managers to find bottlenecks at any particular stage of the funnel and if needed makes changes to fix the issue and allow leads to flow smoothly through the funnel once again.
Sales reps receive MQL or Marketing Qualified Leads from the marketers, for those leads that have shown a propensity to buy and are therefore ready for sales outreach.
However, once the marketing teams pass an MQL to the sales, they can get converted into a customer or even fail to do so.
Hence, by measuring your businesses’ conversion rate by taking the number of leads that you have converted to customers and dividing it by the total number of Marketing Qualified Leads you have received from the marketers you can easily find if your conversion rate is low or at-par with your businesses’ expected growth.
Low conversion rate could signify that your marketing teams are qualifying the leads too early, or your sales reps are not effective at closing deals, which can be analyzed easily by the sales reporting features provided by most easy to use CRM software platforms like ConvergeHub.
Every sales rep engage in prospecting outreach, which consists of sending cold emails, making cold calls, etc.
Logically speaking, the more prospects your sales teams meet, the more likely they are likely to convert them to customers.
This is the reason why it is important to track the number of cold prospect emails, and the number of cold calls, done by the reps and set an outreach benchmark and measure each rep’s outreach against that to identify those reps that require support to improve their efforts.
Using best small business CRM like ConvergeHub, your reps can use inbuilt sales email templates to expedite their email sending process, or use auto-dialer and pre-recorded voice mail drop features to make more calls in less time.
Finally, the last but another most important KPI that needs to be considered is to track the number of opportunities that got lost, as well as the ratio of opportunities created to the opportunities lost for each of your sales reps in your sales team.
Since, if you find that your reps are creating lots of new opportunities but are also losing most of them, you need to look into it and understand the reason behind that.
In most best small business CRM software platforms like ConvergeHub, you can easily customize the CRM’s dashboard that can help sales managers and reps check in daily and find the right insight they require at a glance.
As a pro tip, you can use the call recording feature found in most easy to use CRM software platforms to record each sales calls made by individual sales reps so that your managers can listen to them and spot the weak points in the rep’s approach and instruct them to improve upon those areas.
Although most of these sales metrics and KPIs may not be new, nevertheless these are all tried and true parameters to be analyzed that can help modern sales teams to thrive and help grow their business by using information collected in the CRM database to make strategic and informed decisions for increasing productivity and bring faster revenue growth.
Therefore, by constantly measuring sales metrics and KPIs, you will see more deals won with data in front to validate those winning decisions, without making unrealistic expectations by overlooking the information stored in your easy to use CRM database.