Salesforce enables businesses to analyse real time data and make smarter decisions, and tracking your sales data in Sales Cloud can help guide you to success. As a Head of Sales, your Key Performance Indicators will very much depend on your business activity and there are, of course, unlimited combinations of data you can filter in a Salesforce report. However, tracking the following KPIs can answer many of the business questions arising from a typical sales process. Here in this piece we share 10 KPIs you should be tracking in Sales Cloud.
Number of Leads per Category
The number of leads created are a defining indicator in knowing if you’re generating enough leads to reach your sales goals. If you have different categories such as Source, Type, Region or Country to classify your leads, you should also keep a close look on the number of leads per category to ensure you have enough leads to reach your goals in every category. Even if the total amount of leads seems right, the amount of leads per category could not be balanced.
What to track in Salesforce: Number of Leads per Source, Type, Region, Country, etc.
Prospects last contacted over a month ago
We’re all human and it can happen that for whatever reason a prospect slips through and we forget to reach out to them. If your Sales team aren’t keeping on top of their records, this can be the case, thankfully Salesforce has some security netting to stop any prospects slipping too far. Another thing to remember is ensuring sales agents have updated Salesforce data is fundamental to keep your sales forecasts accurate. The last thing you want is to include in your sales forecasts prospects that are already lost. It is key that, as the Head of Sales, you keep track of the evolution of the negotiations with prospects and you encourage your team to update Salesforce data regularly.
To avoid prospects from being forgotten about, tracking the last activity allows you to easily see which prospects haven’t been contacted for a while. This will come in super handy when maximising your sales efforts to reach your goals.
What to track in Salesforce: Open Leads whose Last Activity was over 30 days ago || Open Opportunities whose Last Activity was over 30 days ago
Average Time from Lead Creation to First Contact
Inbound leads are easier to convert: they are contacting you directly because they already have a genuine interest in your business. However, the chances of converting an inbound lead into a customer decrease dramatically the longer you take to contact them back. If your business gets a good amount of inbound leads, monitoring the time it takes for your sales agents to contact inbound leads will be of help to identify any inefficiencies in your sales team, such as bad lead prioritisation.
What to track in Salesforce: Average number of days between Lead Created Date and First Activity Date
Average Time from Lead Creation to Sale
Measuring the average time between creating a lead and winning a customer can help you forecast your sales more accurately. The deals that take much more time to close than the average provide valuable information you can use to detect inefficiencies. This KPI could be useful for reassessing sales strategies, training needs or even hiring plans.
What to track in Salesforce: Average number of days between Lead Created Date and Opportunity Close Date
Average number of Activities to close a Sale
If sales agents need to talk to a customer 20 times to close a small deal, your sales strategy might need a change. Understanding how many activities are generally needed to close a deal can help you forecast sales opportunity close dates more accurately.
What to track in Salesforce: Average number of Activities in Closed Won Opportunities
Sales per Agent
A sales agent who closes many deals and brings a lot of money into your company should be compensated, so you should closely track your top sales performers. On the other hand, by identifying which sales agents are having more trouble in closing sales deals, you can help them improve by offering them more support and training.
What to track in Salesforce: Number and Amount of Closed Won Opportunities won by each sales User
Sales Amount from New vs. Returning Customers
It’s well known that retaining customers is cheaper than acquiring new ones. Understanding what percentages of your sales comes from new customers and from returning customers will help you determine where to put your sales and marketing efforts.
What to track in Salesforce: Number and Amount of Closed Won Opportunities from New Customers and from Returning Customers
Most common Reasons why your sales deals are lost
Keeping a close eye on the reasons why most of your sales deals are failing can help you avoid these in the future. The data could suggest that your sales techniques need to be improved, your pricing needs to be adjusted or your products or services need to be improved.
What to track in Salesforce: Number of Lost Opportunities per Lost Reason
Most and least sold Products or Services
Whether your company sells Products or Services, this KPI provides a lot of valuable information. Analysing product performance will help you plan production, organise the staff needed for your services, improve some of your products, increase marketing efforts on other or, eventually, phase out those that are least sold.
What to track in Salesforce: Total Quantity sold of each Product
Sales Portfolio per Agent
A sales portfolio too small can negatively affect the amount of sales, but a portfolio too big can be overwhelming. If you want your sales agents to be productive, you should monitor the size of their sales portfolio. If portfolios tend to be small, you will realise you need to generate more leads; if they tend to be too big, you might need to grow your sales team.
What to track in Salesforce: Leads and Status per sales User || Opportunities and Stage per sales User
These Sales Cloud KPIs will support you in making the right decisions for your business and a professional Salesforce setup will ensure the data you are analysing is accurate. EMPAUA offers professional Salesforce implementation services for you to get the most out of Salesforce.
Author Bio: Maria Benavent – Maria is a freelance Salesforce Consultant with a crush on clean data.
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