Selling is the lifeblood of business. But how do you track sales performance? Sales metrics can help. Find out how!
I have mentioned before on the blog the importance can’t ignore of sales for any company, whether it is a product or service provider. No sales, no money!
Your company’s sales volume influences its revenue, so you can’t neglect this process at any point. That’s right, it’s a process!
As such, it must have a beginning, middle and australia phone number data phone number data, mobile phone number data, mobile number databaseend. In each of these parts of the sale, there are metrics and indicators that help you monitor the performance of your sales team and improve the entire cycle.
Now answer me: What sales metrics has your company been tracking daily? Just the revenue target?
Sales goals aren’t the most important thing for can’t ignore you to worry about. There are other, more effective and important sales metrics for you to keep an eye on in your business.
To help you learn about these metrics and lead generation through b2b social media marketing? understand how each one works, below is a list of sales metrics that you can’t (and shouldn’t) ignore. Check it out!
1. Opportunities
There are no sales without opportunities. Before you can finalize an order, your marketing department must provide your salespeople with good leads to enter your sales funnel . From there, they will be nurtured until they are ready to receive your offer.
The number of leads your salespeople are can’t ignore currently working on is one of the most important sales metrics . It tells you how global seo work many leads are coming into your business and how much effort your salespeople need to spend to contact them all.
Open or ongoing opportunities also help to plan the expected number of sales, which could be within a few days, a week, a month, a semester, or even years. It all depends on the time of the sale and its duration, which we will see below.
2. Negotiations finalized
Leads have reached your salespeople and your sales funnel. They have been nurtured and opportunities have been generated. But how many deals have been finalized at this stage? Have you expanded your customer list? Have any of your leads abandoned the buying journey ?
It is important to keep in mind that sales are can’t ignore a process, and as such, they must have an end. A sale can be completed in two ways: closing the order (close-won) or deleting the lead from the process (close-lost).
In the first, we take into account the negotiations that culminated in the signing of the service provision contract or the completion of the order (payment and delivery). The second concerns leads that went through the entire purchasing journey but did not complete the order with your company.
Don’t forget that the main goal of sales metrics is to discover and address weaknesses in your sales techniques. Therefore, be sure to identify the most common reasons why your customers abandon the purchase process (what objection have you can’t ignore not yet managed to overcome: price, warranty, product/service quality, brand reliability?), and then outline a strategy to reverse this situation.
3. Average ticket
What is the average spending of your customers within your company? How much money do they usually spend on each order?
These are the questions that the average sales ticket wants to answer, the average value of your company’s orders. This helps to identify the standard investment of potential customers for your business, that is, how much they are willing to pay for your product/service.
In addition to providing behavioral data about your persona , the average purchase value also helps you find the best price for what your company offers . You can also find out about opportunities that have not yet been mapped, such as a possible price increase or special promotions .
Sometimes, a low ticket price can mean that can’t ignore the salesperson is offering too many discounts or lacks expertise when selling. Your company probably works with related products or services, right? Couldn’t your salespeople suggest another solution to your customer while they’re making a purchase or offer discounts for bulk purchases, for example?