Editor’s Note: This post is by Paul Slezak, Cofounder and CEO of RecruitLoop – the World’s largest marketplace of expert Recruiters and Sourcers available on-demand.
Sales metrics are extremely crucial to running a successful sales operation. They serve as the measurement that sales organizations continuously track and monitor to gauge their performance and subsequently make adjustments to goals, reward the salesforce with bonuses, project revenue, among others.
Also referred to as Key Performance Indicators (KPIs), sales metrics are instrumental for tracking a wide range of organizational objectives. However, it is also important to keep in mind that while KPIs are sales metrics, not all sales metrics are KPIs. So, regardless if your company track a multitude of sales metrics, only a few key data points really count as valuable in terms of measuring the performance of your sales agents, sales teams, or of the organization as a whole.
It is therefore important to only pick the right sales metrics that matter the most to your sales. This can be difficult though, in fact, most businesses state that knowing which sales metrics to base performance analysis is the biggest challenge when it comes to conducting sales performance analysis. Another challenge that most sales organizations are most concerned about is making sense of raw data in their analytics and translating metrics into verifiable sales insights.
Because of these challenges, many sales managers are increasingly working with data scientists and marketing analytics experts so that they can effectively implement procedures, tools, and other resources required to get more value from the raw data available at their disposal.
To learn more about the importance of sales metrics and which ones really matter in sales, check out the infographic below from our friends at Kona Group.