Using benchmark data and sales performance measurement to identify improvement opportunities while there is still time to do something about it.
Relying on training indicators for sales performance measurement denies the opportunity to recognise divergence and take corrective action, early in the sales calendar or measurement period.
Sales Behaviour Monitors
- The amount of existing customer contacts made by day or week. This might be further broken down into figures for inbound customer telephone calls dealt with; outbound customer telephone calls made, and emails sent to customers. All of this information is available in the various telephone and email systems.
- The number of contacts with potential customers made by day or week. This might be further broken down into figures for inbound enquiries dealt with; outbound prospecting telephone calls made, and prospecting emails sent. As for customers contacts, these details are also available in the various telephone and email systems.
- These days face to face meetings are in decline. Measuring meeting time might include online or video sessions with customers.
- If proposals or quotations must be logged, the numbers are easily compiled.
- Value of identified pipeline opportunities is usually captured in CRM systems and forecasting regimes.
- With a record of customer contacts, forecasted business, and proposals or quotations, respective conversion rates can be calculated for each stage in the process.
- The number of new customers buying for the first time by month.
- The amount of business from new customers buying for the first time by month.
This may not be a complete list. Most, if not all stages in any sales process provide a sales behaviour measurement opportunity. Business Benchmarks
- Revenue/profit per employee for named companies. This information can be calculated for most competitors when they report revenue and profit. It is possible to compile reasonable estimates for private companies.
- Revenue/profit per salesperson in named companies. As for performance per employee, with figures for the number of quota carrying salespeople employed by competitors, a close estimate of this figure can be calculated.
- Revenue/profit trends for named companies. By tracking announcements over time, a clear performance picture can be established.
- Available Market size by territory. By summing the performance of most suppliers in a market and accessing the regional GDP data available in most western countries, it is possible to estimate market size by territory.
- Market share by territory and named competitors. These figures can be derived from the market size estimate.
- Market trends can be discerned my monitoring a range of trigger phrases and regularly analysing the results.
Internal Sales Performance
All of the external business benchmark measures are usually mirrored internally as a normal practice so it is an easy step to compare and contrast results in a meaningful way.
If you you need a way improve sales performance measurement or receive early warnings of pending sales shortfalls, we can help. Telephone +44 (0)1392 851500. Use the contact form here or send an email to firstname.lastname@example.org for a prompt reply.