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Digitalization in sales is gaining pace, customers are changing their buying patterns, and new innovative technologies are emerging. Sales managers used to be super-sales people years ago, today they are a mixture of a data scientist and a sales coach, vertriebskennsahlen characters born in a digital era.
Key Metrics for Successful B2B Sales Teams in Digital Times – Five Unmissable Tips with Examples
Sales teams are not exempt from these changes. Key Performance Indicators KPI play a crucial role in the successful sales controlling and corporate management. Particularly noteworthy are they in B2B sales, where sales cycles are long, relationships between business valuable and sales teams expensive.
Each business should determine, based vfrtriebskennzahlen its strategic objectives, which KPIs its sales team should measure. KPIs are just a means to an end. Controlling activities, performing indicators, and software tools are all instruments dedicated to analysing, predicting and improving the performance of sales teams. Here we offer you five tips to choose the best performance metrics for your B2B sales team you could measure — together with a vertriebsknnzahlen list of specific KPIs.
Sales leaders should regularly report this performance to higher management. No matter how advanced your sales KPIs are if you do veetriebskennzahlen measure what is important to your enterprise. The most critical circumstance for your business can come in many forms and with many sales team metrics. You might be the one setting these indicators, or your top management might set them to you top-down. Measuring what matters most for a vertriebskenznahlen sounds simple, it is not.
First, a sales manager should have a vertriebskennzanlen understanding of what is the most significant challenge facing her B2B sales team. Difficulties in B2B sales range from revenue growth to pipeline coverage, from customer satisfaction to the average margin per customer. Paradoxically, you should set this sales team metric first and ignore all lists or tips.
You are the one that knows your business and sales team better. It cannot be more than one — maximum two KPIs.
Examples of KPIs to Measure: Sales per salesperson, Margin, Pipeline Coverage, Average Deal Lifecycle or any other performance indicator that could make your company bankrupt within half-a-year. Pick vretriebskennzahlen one or two. Be transparent with your sales team. Make sure you this sales team metric is continuously available for sales reporting.
A sales team is one of the most expensive resources any B2B organisation has. Valuable, well-trained and experienced sales professionals usually integrate it. As a sales leader or general manager, it is your job to understand how to define and measure the characteristics of successful salespeople in your company. A crucial metric to gauge the effectiveness of your sales team is to assess the value each Key Account Manager provides to your business.
You can define value in many forms — choose a financial definition. For marieting, many organisations define value as the sum of all future discounted expected benefits, something commonly known as Discounted Cash Flow DCF. As a more straightforward but limited proxy for value, many companies measure revenues per salespeople. It is uncomplicated to measure if you have a team of Key Account Managers KAM dedicated exclusively to specific accounts.
It is, however, a limited KPI, for it does not take into consideration the actual buying potential of each customer, vertriebskennzahoen the costs of each KAM or the future revenues. Pick a measure for the value that is relevant to your sales team and set realistic sales targets. Discuss them regularly with your vertriebskeennzahlen team. Report the results versus the sales targets of each Key Account Manager. Motivate them to achieve their sales goals.
B2B Key Metrics for Successful Sales Teams in Digital Times | Qymatix
The results can be broken down by month, week or even by day, depending what suits your business model best. Breaking down targets and results in small parts gives you an overarching understanding of what your sales team can deliver. This process not only helps to set realistic target going forward, as a pleasant by-product it can also serve as 1000 motivator for employees to put in maximum efforts and be more productive.
Make sure you reward good results. Examples of KPIs for sales controlling: Choose a definition for value. Discuss the KPI with your sales team. Motivate your sales team to reach their goals and markfting good results.
According to Harvard Business Review, a new business opportunity or lead that is followed up on within one hour of coming in is seven times more likely to qualify than those that followed up later than that.
Sales leaders should, therefore, use lead response time as one of their key performance metrics for their teams. Consequently, a reduction of reaction time should see an overall increase in sales revenues. Further metrics along the line of this sales acceleration principle should also be measured. Your sales team should not only quickly respond to leads, but it should also accelerate closing deals along the entire pipeline.
There are thus several possible KPIs to measure. Verhriebskennzahlen main point is first to split the activities that make up your customer acquisition and your veryriebskennzahlen. Then measure the key metrics to accelerate them. Parameters to measure sales acceleration could include measurable sales activities, such as the number of visits and calls, and metrics such as the number of offers sent, average deal lifecycle, Lead-to-Deal and implementation time if needed.
A crucial point here is to strike the right balance between simplicity and necessity. Marleting what is required to react faster and no more.
And recognise that your sales team will not become faster overnight just because you measure sales acceleration now. Remember also that key account management seeks to improve long-term relationship returns by investing in customer relationships. Of course, you want your Key Account Managers to react faster to new leads and opportunities, but you want to care for valuable customer relationships at the same time.
All successful sales team need to grow sales. A clear indicator to determine whether a sales growth strategy is working is to figure vertriebskemnzahlen how much it costs you on average to acquire a new customer. This sales growth KPI can have many names.
The more favourable this is, the more efficient your marketing measures are. To calculate the CAC, add up all the sales and marketing expenses, including marketinng salaries of your Key Account Managers over a fixed period — say one year — and divide this by the number of new customers acquired during the same period.
In other words, split the total cost of sales by the total number of new clients. Sales cost should include all expenses related to salaries, commissions and business travels, together with your marketing budget and vertriesbkennzahlen overhead.
This KPI will sufficiently help you to estimate the effectiveness of your sales team. Knowing that the average marketing budget of a tech company is around 4. Add to this the salaries and overheads of a five guys sales team for arounda year. On vertriebs,ennzahlen other extreme, if it is yielding new customers, each cost 7, Euros.
You can see the difference in sales growth this two extremes can make. The number alone does not make much sense unless compared with the average deal size in Euros. Targeting sales growth is a must for all sales teams. However, if you spend more than you will earn, you are writing red numbers. There are, of course, exceptions to this rule, but it is a fairly guideline in established B2B industries. Knowing the cost per customer acquisition will provide you with a deeper insight into the effectiveness of your sales efforts.
Compare these metrics across your sales team and channels to understand what is more productive. The implementation of a social media marketing strategy can be beneficial to the overall sales results. Consider also, that three in four enterprises already implement social media for B2B sales in, for example, Germany. We can assume similar figures across other OECD countries. What consequences does this have for your sales team? First, sales managers should encourage their teams to actively include social media platforms into their qualification and discovery efforts.
Discuss with your sales and marketing teams how to use social media. However, remember that Social Media alone will not remedy the lack of other critical sales activities or KPIs. Therefore, it is crucial to keep a close eye on your social media marketing strategy by controlling your conversion rates.
It is relatively simple to calculate the conversion rate for each of your social media channels. Just divide the amount of qualified leads by the number of conversions. If you split this KPI across your sales team, you can easily spot patterns and determine the ROI each salesperson provides.
However, a low conversion rate does not automatically mean that a social media channel is not working. Some leads might take longer to convert, particularly in B2B, where higher revenues and longer sales cycles are usually involved, regardless of the acquisition method.
There are here several sales team metrics to measure, ranging from low-level marketing metrics to high-level sales conversion rates the ones that matter. For example, Facebook likes, the number of retweets, new contacts in XING or LinkedIn, number of videos on YouTube are all easy to measure, but they are still unrelated to your sales efforts.
You should consider the overall costs of all your social media activities, including the time your sales representatives invest on it, together with investments in advertising. Afterwards, you should map the journey of your new sales leads, to calculate the return each of these social media channels and the conversion rates of your Key Account Managers.
Work together with your marketing team and keep to them the campaigns details. Do not fall for the Social Media hype.
Encourage your sales team to use it to find more leads efficiently. Keep a close look at their conversion rates and rentability. B2B sales have a different meaning in digital times.