Any sales manager will acknowledge the importance of data and insights if they want their reps to exceed their goals and boost productivity to new heights.
Making a sales dashboard is one of the finest ways to compile these insights in one location. In a single, visually appealing center, a sales dashboard compiles critical analytics and KPIs from several sources (including your CRM).
In a bird’s eye view, these sales dashboards often include six to ten critical bits of information:
The vital data you should monitor as a sales manager includes:
- Deals in the pipeline as a whole: Is this number rising over time?
- Does the percentage of wins remain constant over time?
- Average deal size: What is the average revenue for each new transaction?
- How long does it typically take for a contract to conclude, from beginning to end?
- Total sales revenue: How much money was made in a certain period of time?
- Forecasting sales: How much more money might we expect to make at this rate?
- Are leads being responded to with sufficient speed?
- Rate of telephone and email follow-up: Are our sales representatives diligent at following up?
1. Select the good sales metrics.
When your team members or individuals achieve success, it’s crucial that you as the sales leader rejoice and give them appreciation. You can highlight sales indicators using the data from your sales dashboard when:
- The whole revenue increases.
- The success rate rises
- The quota has been met.
- The typical deal size increases.
- More sales representatives are exceeding their quota.
High-performing sales teams are motivated to surpass these benchmarks when they realize how far ahead of schedule they are with their objectives.
2. Develop a sense of competition
Use your sales dashboards to compare overall team performance to individual performance to add a little additional friendly rivalry.
This sales leaderboard can be shown on TV for all employees to see when working in an office setting. You can utilize this information creatively to create sales competitions like:
- The sales representative who makes the most demo calls will receive a weekly cash award of $100.
- For second and third place, there can be minor financial awards.
- Winners of the top daily performers for each sales metric receive raffle tickets. They have more chances to win the daily reward at random the more raffle tickets they purchase.
- Decide which pitch you think is the greatest. Sales proposals are submitted anonymously, read aloud, and voted on. Hearing everyone’s pitch ultimately proves to be a terrific opportunity to discover new methods to advance.This turns out to be a fantastic opportunity to hear everyone’s pitch and discover fresh strategies for enhancing current ones.
- Sales partnerships: Your sales staff should be divided into two-person groups for the duration. To accomplish a particular goal, encourage them to work together and learn from one another. The winning squad will be the one that performs the best.
These are just a few strategies for inspiring competition and interaction between representatives. Consider the psychological motivations that drive people for more inspiration.
3. Lead with data transparency
Dashboards make it easy to demonstrate what is functioning well within the sales organization, but it’s also critical to demonstrate what isn’t.
You may immediately identify problems in your pipeline with these sales analytics and find the appropriate fixes. Among the most prevalent problems are:
- Poor MRR
- Defects in the sales process
- Slow lead response times
- Underachieving salespeople
- mediocre sales activities
Start a project to speed up lead response time, for instance, if a slow response time to leads is the problem. The new metric to hit might be a response time of five minutes if the previous response time averaged 20 minutes.
4. Set new objectives based on historical data
Numbers are more important to sales managers than gut instinct. Because of this, a sales manager’s closest friend when it comes to defining new goals based on prior data is a sales dashboard.
With the help of historical data, you may determine whether there will be swings during particular times and plan ahead to account for them. The effectiveness and modifications of particular levers can also be used to forecast the possibility of a rise in MRR.
5. Encourage sales rep autonomy
Contrary to popular assumption, it is incredibly advantageous to provide your salespeople access to the “management” data on your sales leaderboard. The top-performing sales representatives are constantly looking for methods to get better and aren’t afraid to try new things. You give them a full picture by providing them with these high-level figures. You can depend on them to use these indicators to improve how well they perform their duties and achieve their objectives.
Conclusion
It will keep everyone up to date on what is working and what isn’t working with a personalized sales dashboard created exclusively around your organization’s goals. It will display a high-level picture of your organization’s most crucial data.
You can use this data consistently to proactively correct leaky funnels, boost conversions, and increase rep performance.