The volume, velocity, and variety of big data present in the 21st-century is boundless. When utilised correctly, data has the power to increase an organisation’s productivity, knowledge, and the ability to personalise customer experiences.
Within most companies, the sales department is one of the most data-driven teams there are. Every activity undertaken is measurable and, for this department, numbers really count.
Therefore, by using dashboards, sales teams have the perfect tool to access and visualise the key pieces of information that are most important to both their day-to-day tasks and long-term strategies. Dashboards not only give teams an at-a-glance insight into their performance, but they offer the opportunity to have more control over it, too.
Getting started with your sales dashboard shouldn’t be overcomplicated or difficult. Especially when equipped with our straightforward infographic, you and your team can effortlessly build your sales dashboard ensuring the most important 12 key features are incorporated.
What are sales analytics?
In simple terms, sales analytics are insights generated from company and customer data. Analytics can range from simple KPIs (Key Performance Indicators), like the number of calls made or emails sent, to the more high-level predictive modelling techniques. The aim of utilising sales analytics is to gain a clear overview of your customers and your output.
Attaining deeper insights into your data means you can set more strategic goals, improve your performance, make practical, data-driven decisions, and inform short or long-term business strategies.
What is a sales dashboard?
A sales dashboard is a visual representation of your sales data. It provides an ocular overview of your KPIs so that your team can get an at-a-glance understanding and make data-driven decisions based on these visual insights. Presenting analytical findings in this way is achieved through business intelligence.
Visual dashboards typically contain graphs, charts, maps, and more, to communicate the data of your customers, your campaigns, and a team’s performance.
What to include in a sales dashboard?
There are a number of baseline metrics that sales teams need to track in order to optimise performance and keep at the top of their game.
1. Sales Growth
Sales growth measures how much your revenue changes over a fixed period of time and provides a more structured view of team performance.
2. Sales Targets
Sales targets track current performance and evaluate it against a wider business goal or objective. These can be based on revenue, the number of accounts you have, units of product sold, contacts gained, and so on.
In the sales realm, opportunities are qualified prospects that have a high probability of becoming a customer and includes the likes of calls made, emails sent and meetings booked.
4. Sales to Date
The number of sales that have been made over a specific period of time. These time frames typically include the past week, month, quarter, or year but some dashboards will also give the option for custom date ranges.
5. Product Performance
This metric ranks the profitability of each product you sell, giving you insight into what is well sought-after and what isn't. It can help you to see how high-cost vs. low-cost products compare.
6. Lead Conversion Rate
This shows how effective your team is at converting leads into new customers and is typically a combined marketing and sales process.
7. Sales per Rep
This is the performance metric for each individual sales representative.
8. Sales by Region
The volume of sales made in different regions which can help determine where your products or services are selling best.
9. Sell-through Rate
This refers to the number of products sold versus the total inventory allowing you to monitor the efficiency of the network between your business and your suppliers.
10. Pipeline Velocity
This metric does exactly what it says on the tin - it measures the rate at which deals and prospects are moving through the pipeline, taking into account the average deal size, average win rate, and the total number of SQLs (sales qualified leads) that are in the pipeline.
11. Quote to Close
The quote to close ratio gives insight into both the quality of your leads and the quality of your sales process by determining the percentage of leads generated to the number that were won.
12. Average Purchase Value
Sometimes referred to as the average sales volume, this examines the average value of every transaction, helping you to develop revenue projections and better understand consumer purchasing behaviour.
Transparency within a business is vital for both current and future operations. This is particularly significant within your sales process and output. Make sure you include the right metrics on your sales dashboard by checking out our full post here.
Hurree is a Pinboard for your Analytics. If you'd like to know more about how our platform can revolutionise your company reporting and decision-making, then please don't hesitate to get in touch via firstname.lastname@example.org.
See our platform in action for yourself by booking a demo with one of our analytics experts here.