Sales KPIs are essential for a company’s managers to monitor the development and execution of a company’s sales actions.
You can use KPIs in different situations and sectors of a company, allowing you to have a broader and more strategic view of everything being done in the company to increase the number of closed deals.
However, defining the best sales KPIs can be very confusing, so in this article, we will present some tips on how to define sales KPIs for your company.
What Are Sales KPIs?
KPIs are an acronym in English that means Key Indicator Performance, translated as key performance indicators. That is, it is a tool to measure whether specific actions or strategies are achieving the goals expected by the company.
In general, they can be implemented in different business sectors, such as finance, marketing, HR, IT and others, to analyze all aspects of operation and management. For the commercial department, it is no different; therefore, there are specific KPIs for sales.
Thus, it is possible to follow in numbers the performance of all the strategies used for prospecting customers, closing deals and expanding the portfolio and verifying whether the results are compatible with the goals.
From there, managers can know exactly what is working, what needs to be improved, bottlenecks in operations, errors, and other aspects.
And the numbers collected make a total difference here since the analyzes need to be based on accurate data that demonstrate, for example:
- How the sales campaigns took place;
- If the opening rate of prospecting emails is positive;
- If sales reps’ cold calls are driving responses and meeting appointments;
- If the cost-benefit of each action is worthwhile
- Between others.
It is even essential to highlight that, according to the Content Trends survey, companies that periodically monitor strategies say they are 50% more successful than those who do not monitor them.
How To Define Sales KPIs For Your B2B Company?
The possibilities of sales KPIs for B2B companies are immense, and many companies need guidance on which indicators to use when measuring the performance and results of their commercial team.
Therefore, we will present tips on defining those indicators that make the most sense to your needs and company.
To define a KPI correctly, it is necessary to consider three critical points: the company’s strategic objectives, customer satisfaction and measurement methods.
Company’s Strategic Objectives
You first need to consider what goals your company wants to achieve with these processes. With this in mind, it is possible to identify the best strategies that will allow your company to achieve these goals.
For example, a technology company wants to find and attract more customers. A great strategy to achieve this is through attraction marketing and creating content for blogs, email marketing, social networks, newsletters, etc.
By defining this strategy, you already begin to have some notions of important indicators that will allow you to measure your results.
Another critical point to consider when defining sales KPIs is customer satisfaction. You need to find ways to measure whether or not your customers are enjoying your services.
Continuing to use the previous example, one way to measure whether customers are satisfied with the content you offer is through the number of shares, likes and comments the post receives. Or even the number of people who contacted your company because of this content.
Way To Measure These Results
Finally, it is essential that your company can measure these results. There is no point in thinking about super complex sales KPIs, but when collecting this information, it is impossible to find them.
In this scenario, understand your audience, online behavior, and preferences and analyze your competitors and current market demands.
Then, understand how your sales process works and what characteristics need to be changed to meet the profile of your ideal customer.