By putting information together to tell the right story through eye-catching visualisations can be time-consuming if you don’t have an automated dashboard tool. The faster you can turn your data into insights, the better.
That leads to your salespeople working extra hours to create daily, weekly, or monthly Excel reports that are overcrowded with information, are hard to read, and get lost in people’s email. That’s senseless, especially when there’s a faster and more efficient way to access and digest your CRM info.
Sales KPI dashboards are a way to create automated visualisations of your most important sales data and get automated notifications with actionable alerts or snapshots of your business performance. Here’s what to measure and how to do it.
Sales KPI dashboards are interactive data visualisations that allow you to have at-a-glance access to real-time CRM data. Dashboards use graphics and visual assets to tell the story of your business, and in this case, of your sales performance.
KPIs are meant to be tracked in order to achieve sales goals in a time period. There are several different metrics that you could be tracking as a sales leader. We’ve compiled a list of the ten we see Trevor.io users keep track of the most:
Tracking these two together allows you to keep track of your sales against the target and see the growth over a time period. You can add this metric to your sales dashboard by using a BI dashboard feature like dynamic text boxes, or creating automated sales reports with graphics that measure sales vs target.
These metrics also answer the following questions:
- Is your current revenue higher or lower than your forecast?
- Is the trend going up or down?
- How many new customers do you need to meet the target?
- Is your growth steady? Do you need to double down on a specific period?
2. Average sales cycle length
Measuring the time it takes you to turn a prospect into a buyer is a great way of knowing the suitability of your leads and the efficiency of your sales reps.
Tracking leads across the sales funnel allows you to forecast better. Try analyzing the average sales cycle length to see if it’s expanding or shortening over time and if you need to streamline the sales process.
Once you have a paying customer, you can always find different ways of selling them more services/products and increase the ROI and profits coming from that sales unit. Upselling and cross-selling tactics can help you achieve that.
In this case, upselling would be getting your current customers to upgrade their service or package, and cross-selling would be offering them a related product/service that you also offer.
These rates can be used to measure which sales rep brings you the most revenue, which products are easier to upsell, or find upselling/cross-selling combinations.
4. Customer acquisition cost (CAC)
This metric is one of the most powerful ones because it measures what it costs you to get a buying customer. This means everything you do to attract, work, and make the sale. This is a great metric to keep track of because it helps you see if your marketing efforts are being efficient or if it’s costing you too much money to get a new customer.
5. Average revenue per unit (ARPU)
ARPU is the average revenue gained from making sales to a customer. To get this number you have to divide the monthly recurring revenue (MRR) by your total number of customers.
You should measure ARPU against CAC to ensure that your revenue per unit is always higher than what it cost you to get that customer.
6. Revenue per sales rep
This is a key metric to measure your team against, as it tracks the revenue gained by each one of your sales reps. This will help you analyse big drops and discover if someone has performance issues, or if there’s something happening with your sales strategy.
The higher the number of your sales opportunities, the better chances you have of increasing your revenue. Measuring the sales opportunity figures helps you plan sales strategies properly. Mixing the number with their score, a standardised value you assign to your sales opportunity regarding their likelihood of converting, helps you see your leads across all the sales funnel.
8. Lead conversion rate
This metric is widely measured across all businesses, it helps you understand how many of your leads are actually purchasing your product or service. Measuring this against CAC also helps you see which marketing channels are more expensive than others.
9. Customer lifetime value (CLV)
Whenever you make a sale, you expect the customer to come back. This metric tells you how much you’re expected to earn per customer. To calculate this metric, you should determine how much money you expect to get from a customer over the relationship lifetime and detract the CAC number. This KPI and ARPU are good indicators of your growth.
10. Customer Churn Rate
Churn rate is a metric that tells you a lot about the health of your business and it’s especially tangible for SaaS businesses. This KPI measures the number of customers who stopped using your services or products in a period of time.
Keeping a historic record of this KPI can give you a lot of information about your business because you’ll be able to see if there’s a correlation between spikes and change in management, new features, price rises, and customer lifetime coming to an end.
Here’s how to calculate churn rate. For example, if you had 100 paying subscribers to your newsletter, and 10 unsubscribed during a month, your churn rate will be 10%.
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