Vanity metrics are some of the worst enemies of businesses. This could also plague your sales team if you’re not aware that you’re measuring the wrong things. There are hundreds of metrics you can look at, but if you are not looking at the right ones, you will not be able to measure the success of your team.
Let’s take a look at some helpful metrics to assess:
Conversion rates against the industry average
There are some industries with a higher conversation rate online versus offline, while in some industries the trend is the opposite. For instance, in the car buying industry, you will see that clients conduct a lot of research online, but the conversion rate is not that high. This is because a car is a big-ticket item, and customers may be more comfortable closing the sale offline. This is just one of the reasons to consider the average conversion rate of the industry, to give you an idea of the number to aim for. Setting unrealistic goals will only give everyone on the team the feeling that they are not working hard enough.
Conversation rates per team
Once you know the average for the industry, it is time to look at the conversion rates per team. Is one team doing better than another? What could be contributing to this? Did one team get a sales management assessment in HK while another did not? Is success proportional to the number of people in the team? Could you switch the managers to replicate the success of one team in another? As you can see, there are plenty of next steps to consider once you notice such a discrepancy.
Overall customer satisfaction
As mentioned earlier, conversion rates vary per industry. However, this does not mean your customers should only be satisfied at the very end of the deal. At every stage of communicating with your salespeople, they should feel taken care of. This will help you figure out if the team is doing well or if they need additional training.
Your team’s performance should be measured against realistic numbers. Know what metrics will help you in this, and don’t focus too much on metrics that are just for vanity.
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