Your sales team is the lifeblood of your company. If they aren’t consistently hitting their quotas (and hopefully surpassing them), then you’re probably losing money and, obviously, a business that is consistently losing money doesn’t stay in business very long. Needless to say, keeping a close eye on your sales KPIs (key performance indicators) and the performance of your sales team can mean the difference between a record year and closing the doors.
As a refresher from 5 Sales KPIs You Need to Start Monitoring TODAY, your key performance indicators can help you identify your prospects, qualified leads, best ways to connect with leads, how and when to manage objections, how to identify pain points and provide solutions, the most effective ways to deliver products and services, and manage your follow up and maintain relationships. These things are vitally important for your business and for your sales team.
Now, of course all businesses are going to have different sales key performance indicators that they’re focused on, but some of the major ones to consider include your number of open opportunities, total closed opportunities, customer win rate, deal size, sales cycle length and the trend in this cycle (whether it’s becoming longer or shorter), your cost of sales to revenue ratio, and other specific actions within your sales team such as number of outreach emails or follow up calls.
So once you’ve identified your sales KPIs, how do you go about leading your sales team and keeping them motivated in order to hit those goals without micromanaging or becoming a dictator? Obviously leading your sales team through fear is not how you want to manage your team and it definitely doesn’t lend itself to a positive work environment, but you have to make sure you’re reaching your goals.
Here are our top ways to keep your thumb on the pulse of your sales KPIs while also motivating your sales team.
New Cyfe Goals Feature
We have lots of goals within our business. Whether they’re revenue goals, profit goals, productivity goals, social media goals, email open rate goals, or any of the thousands of other potential goals that you may have for your business or your team. Until now, those goals really just had to be known and then you’d use your data and match up the data with your goals to see if you reached your goals or missed them. Well, those days are officially over.
Introducing the Cyfe Goals feature! Right within any of your dashboards you now have the ability to add a goal to most of your widgets. The Cyfe Goals feature can be used on any widget that tracks daily numerical values such as revenue, spends, Facebook likes, open rates, or any of the hundreds of other metrics that you would want to set a goal for.
Cyfe Goals even work on mashup widgets!
Setting up your goals is simple! Open up your dashboard and navigate to a widget that you’d like to set a goal for. Within each widget you’ll now see additional icons in the top right corner.
The middle flag icon is the Widget Goals button. Click the flag and it’ll open up your goal variables (assuming goals are available for that particular widget). In the next screen you’ll be able to set daily goals for any applicable metric!
Now that you’ve saved a goal (or several) for this widget, you’ll see a dotted line appear on the widget. That’s your goal line! Now you can see, in real time, how close you are to reaching your daily goal and how many days during this period that you’ve hit it!
So how can this be used to motivate your sale team while also helping you to reach your sales goals? Simple! All you have to do is create a sales dashboard for each sales person and add their daily quota as their daily goal. Now you and your sales team will be able to see exactly how close they are to reaching their daily quotas without having to compare data from multiple sources or keeping a record of each sales person’s quotas.
The Cyfe Goals feature is now live in each dashboard including the free dashboard, premium dashboards, and white label dashboards!
No one likes to be in the dark and when you keep all your performance and sales data to yourself it doesn’t create a sense of unity or teamwork. Obviously there are some data sets and information that you will want to keep internal for just your c-level team or executives, but individual and monthly sales performance typically isn’t one of those data sets. We encourage each sales team to adopt a transparent policy when it comes to sales and individual sales performance. It can (and likely will) create some healthy competition between your sales team.
To do this very effectively, we recommend creating a sales team dashboard that tracks the most important sales KPIs for each of your sales team members. On this dashboard you can include things like sales generated, new customers generated, the size of their pipeline (opportunities that they’re working), or even number of phone calls made. You can then use the new Cyfe Goals feature that we just covered to set the quotas for each sales person. How exciting would it be for your sales team to see exactly how close they are to reaching their quota or even their personal goal in real time? Plus giving that extra level of transparency by showing everyone’s data will give each individual salesperson incentive to make that extra call or schedule that extra meeting.
Next, you need to make it accessible to everyone, right? While you could go ahead and just give everyone access to your sales dashboard for them to look at whenever they want, they’re likely not going to be checking it nearly as frequently as you’d like. What we recommend, and we’ve seen used successfully many times, is the Cyfe TV Mode. By mounting a television in your office in plain view for all of your sales team and even your operations team, you can display all of this data.
Think about it – no one wants to be the low man on the sales dashboard that is being shown to your entire staff. It’s a fantastic way to increase your sales transparency as well as push your team to reach your goals. Win – win!
Like we covered in Get More From Your Business Intelligence Analytics With Alerts, Goals are just one of our several new features at Cyfe! Alerts is another. Through the Alerts function, you can now set up a notification text message or email to send as soon as a certain threshold is met for many widgets in your dashboard.
That can absolutely go for your sales KPI metrics. What better way to let your sales person know that they’re close to hitting their daily quota, that they’ve surpassed their quota, or even that their performance is below what it should be than with a real time text message or email alerting them of their performance?
Not only will the Cyfe Alerts function keep them up to date with their performance on a daily basis even if they’re not in the office, it can be used as a motivational tool to give them that extra push or acknowledge a job well done for those rock stars that surpassed their goals.
Sales contests are another great way that you can keep your sales team motivated and performing at their best. Healthy competition is one of the best motivators out there. Here are a couple ideas for contests that you can run utilizing your sales dashboard.
- Simple daily sales contest
This one’s easy. Set a target goal for all your sales team and the first to reach that goal for the day wins. It’s important to set a realistic goal, but also one that won’t likely be reached until later in the day. Everyone likes to win, especially when it’s a competition against those that you work with every day. You can monitor all progress directly from your sales dashboard.
- First to reach their daily quota contest
Now that you’ve set up your daily goals for each sales person using the Cyfe Goals function, make a simple contest for the first person to hit their quota for the day. They all need to get there (that’s the purpose of the quota after all), but if you can push them to reach their quota early in the day, everything that they accomplish the rest of the day is just a bonus!
PRO TIP: Make sure to have a prize that your sales team actually wants to win. Nothing kills a contest faster than a contest for a prize that no one really cares about. It kind of defeats the purpose.
PRO TIP 2: Be sure to set up TV Mode like we covered above so that everyone on the sales team can keep track of who’s in the lead and how much ground they have to make up. It’s a sure fire way to light a fire under them!
Of course, goals don’t only have to focus on your sales team. What about your marketing team? These same concepts will work for them and get them performing at their best! Don’t have marketing KPIs established yet? No worries! Check out our FREE Beginner’s Guide to Choosing the Right Marketing KPIs for Your Business! Download it now!