Sales KPI and Its Importance for Small Businesses

  • 30th Apr'22
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Sales teams are essential for every organization's growth and progress. To keep a track of any step or plan applied to achieve growth in the company is important. However, it is scientifically not possible to keep everything under check without investing a significant amount of resources behind it. Hence, nowadays both big and small management have implied a dependable tracking of the sales analytics known as the “sales KPI.” So, what exactly is sales KPI? And how it can make a difference to the performance company? Let’s keep reading.

 

KPI

 

Sales KPIs are a metric to assess the performance measurement used by the sales team and top management to keep track on the effectiveness of any relevant sales activities in a company. You can think of sales KPI as a systematic sales analytic method developed for approaching your income pipeline. 

Sales KPI or key performance indicator or index will primarily focus on the statistics and will try to figure out what went wrong in the past and based on it will suggest a path for the future. Sales analytics are crucial as it can tell about the development and approach of your company over the years.

 

Sales KPI

 

How It Can Benefit Sales?

As you know, sales KPI measures sales performance as it is an essential quantifiable way of determining the progress of your company. Based on the reports, it can chart a path that your company can use to rally the entire team in a focused direction. There the team can work in a unified manner and correct the courses of action to achieve progress and goals. 

While it is one way to determine the benefit you can provide to your company with the application of sales KPI, there are many other important benefits of it - particularly for small industries or businesses. So, if you are running a small company or have just started your business then let’s continue reading.

 

KPI Sales

 

Importance of Sales KPI for Small Businesses

Small business owners may think - why bother themselves with sales KPI? They already have a small business and a small team is good enough to track any discrepancies and come up with suggestions. So, why should they invest their critical resources in sales KPI? Well here are some of the reasons.

 

  • Identifying prospects

  • Managing objections

  • Qualifying leads

  • Connecting with leads

  • Providing solutions

  • Delivering the product or service

  • Following up and maintaining the relationship

 

All of the above-mentioned reasons play a significant role in bringing quality opportunities for small businesses to do better. And while your small business can do most of it without sales KPI conveniently, it most likely will fail to bring quality or address the areas that require a change in plans. Sales KPI takes care of such loopholes and ineffectiveness and hence it is important. To further understand the effectiveness of sales KPI, let’s take a look at the following steps to determine and set realistic sales KPI.

 

Steps to Set Realistic Sales KPI

Step 1: Determine Your Business Goals

First, you need to determine what sales KPIs want to measure. To do so, you will first have to decide what you want to solve with the application of KPs. Also, you must decide and set a time framework. It is called a business objective. It needs to be unique and must contain measurable steps to help you in obtaining the set goals and objectives. Furthermore, you must have flexible objectives as the business grows and should abandon any objective once it has been determined.

 

Step 2: Choose the Right Sales KPI

Once you have determined the business objectives, your next step should lead you to decide on which sales KPI you must avail. If you measure the whole thing that’s available for sales KPI, you will have to dedicate a lot of resources to gather data that may end up not being all that helpful. Furthermore, don’t forget about how much time and money you must spend on one activity. So, to choose the right sales KPI you can break down your entire requirement to relevancy, progress measurement, and whether it is achievable. The right sales KPI can help you create the right sales funnel too.

 

Step 3: Choose the Right Tools to Analyze the KPI

Depending upon one’s requirement there are various tools available that you can use to analyze the performance of the sales KPI. Here are two effective tools to analyze the KPI.

 

Customer Relationship Management Analytics Tools

For any sales team or top management, a CRM is a foundation that offers the required view of all prospects and customer interactions on which your team can gather and collaborate. CRM or customer relationship management analytics tools can help you to organize contact records so that every prospect and consumer has a devoted profile for representatives to view. 

It can even assign duties throughout the sales team and keep track underway. Furthermore, it can help to identify sales opportunities and maintain track inside the sales funnel. Besides, it can also automate duties like information entry, lead generation, and developing outbound email campaigns. Meanwhile, remember that there are different types of CRM available.

 

Business Communication Tool or Phone System

While CRM is an excellent tool to track the KPI outputs, it has one major drawback. You cannot make any calls from the CRM, right. Also, you cannot have sales meetings or even run sales demos which are an important part of the sales team to make sales. Therefore, you need a medium that can allow you to send messages or emails, or make calls to communicate. It can even help you to generate data driven sales approach. Hence, it is highly important to have a business communication tool or phone system to ensure your business runs without any hindrance or technical difficulties.

 

We at OpenGrowth, are committed to keeping you updated with the best content on the latest trendy topics from any major field. Also, both your feedback and suggestions are valuable to us. So, do share them in the comment section below.

Sources/References:

*Note: The content published above was made in collaboration with our members.

About the author:

Sunny Samanta, OpenGrowth Content Team

A lone wolf by definition, a writer by heart, and a lost star with ambitions to light up the dark both inside and around me, sometimes by immersing myself into books or video games or traveling with a backpack to an uncertain destination believing that life is all about the choices we make and we don't.


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