Key metrics to measure your success
According to British mathematician and physicist, William Kelvin, "What is not defined can't be measured. What is not measured can't be improved."
Simply put, it's vital to leverage the right combination of both quantitative and qualitative metrics to gauge success and improve.
Here are a few key sales productivity metrics you should pay special attention to.
Sales productivity refers to the efficiency and effectiveness of your sales team in generating revenue.
More so, sales productivity metrics measure how much revenue your team generates within a specific time frame compared to the resources invested in the process, such as money, time, and marketing materials.
You can measure your sales productivity with the following KPIs:
- Sales cycle length
- Average deal size
- Sales conversion rate
- Sales velocity
In the world of sales, winning is everything! That's why it should come as a no-brainer to measure win rates, which represent the percentage of deals closed.
A high win rate indicates that the sales enablement program is helping sales representatives close more deals. One way win rate is connected to sales enablement is the quality of leads.
If your sales enablement content attracts unqualified leads, the sales representatives will have a lower chance of closing them. By tracking the win rate, you can identify areas where your sales enablement strategy is working and where it can be improved.
Sales cycle length
Sales cycle length is the average time it takes to close a deal. A shorter sales cycle length indicates your sales enablement strategy is working and helping representatives close deals quicker. When you track your sales cycle length, you can determine the effectiveness of your sales enablement strategy.
Sales revenue growth
Sales revenue growth is designed to measure sales revenue increase over some time. As you would assume, increasing higher sales revenue growth is much better than decreasing sales revenue.
For instance, if your sales revenue growth isn't as high as expected, your sales enablement strategy could be revamped with a focus on training sales reps on how to close deals or on the quality of leads.
Customer lifetime value
Customer lifetime value (CLV) is an extremely important measurement that scores the total revenue a customer is expected to generate throughout their relationship.
CLV can help sales enablement teams identify and target the highest-value customers, which can improve the sales process and drive revenue. The CLV can also be used by sales enablement teams to create loyalty programs, which can help drive CLVs.
Content engagement is all about how often and how well sales reps and prospects engage with content that is provided to them.
Simply put, content engagement lets you know how well a piece of content is performing, such as training videos, e-books, white papers, blog posts, and social media updates.
There are myriad ways to effectively gauge your content engagement via sales enablement tools:
- The number of impressions or views
- Time spent on a page
- Bounce rate
- Number of shares
- Number of comments
- Number of leads generated
When you track content engagement, you'll be able to identify which pieces of content are the most effective and which pieces of content need to be improved.
Content engagement can also provide valuable insight into the pain points, interests, and preferences of your target audience. For example, if you find video content has a higher engagement rate than white papers, you can optimize your sales enablement strategy to index heavily on video.
Sales quota attainment
One often overlooked sales engagement metric is sales quota attainment.
This metric measures the percentage of sales reps who meet or exceed their sales quota. You can also measure sales quota attainment based on the entire sales team.
In either case, a high attainment rate can indicate your sales enablement program is helping improve the sales process.
Implement a sales enablement to reap the rewards
Sales enablement can be a powerful tool you use to efficiently bridge the gap between sales and marketing.
By bringing these two traditionally-siloed teams together, you can facilitate the free flow of valuable information, which enhances your sales tools, content, and sales process. The real winners are your prospects and customers.
However, choosing the right sales enablement tools and implementing a strategy can be confusing and overwhelming.
Fortunately, Mailchimp makes it easy to empower your sales team with the right tools and the right time. Mailchimp offers several innovative, easy-to-use tools to help amplify the effectiveness and efficiency of your sales team.
Mailchimp can simplify and streamline sales enablement processes by offering state-of-the-art solutions for content marketing, email marketing, CRM, social media and sales analytics.