Inside sales have started to spread its wings to take over the sales landscape, particularly in B2B sectors. There are a variety of key performance indicators (KPIs) that inside sales teams can track to measure their success. By understanding and monitoring these metrics, companies can identify areas where they need to improve and make changes to boost their sales productivity.
So, if yours is an inside sales team and helps to boost a business’s sales, specific KPIs are crucial to measuring your team’s excellence. Some important KPIs are discussed below after sorting out from a stack of metrics.
1. Lead to opportunity ratio
It is something that a sales representative strives for. It is a crucial and effective statistic as it keeps track of how many leads turn into opportunities. It also helps you to understand a few things, such as,
- The strengths and shortcomings of your team members,
- Which rep requires additional coaching and the right direction,
- Additionally, you’ll know you need to review your entire sales process if your lead-to-opportunity ratio is consistently poor.
2. Number of appointments booked with clients
It is the ratio comparing activities and the corresponding number of fixed meetings. For example, your inside sales team’s productivity is determined by the number of activities per meeting or demo booked. Therefore, almost all of your efforts should be directed toward setting up meetings, whether you’re calling prospects or communicating with them via email.
But there are some obstacles you may face, such as,
- There’s a chance your client won’t show up or be accessible that day.
- Canceling or postponing your appointment for some reason can also be a hindrance.
Therefore, it’s important to schedule more than one meeting or demo to persuade the customer.
3. Call to connect ratio
It’s a well-known fact that the call-to-connect ratio is one of those KPIs everyone needs in their arsenal. The rate refers to the number of calls answered by the number of calls placed.
This ratio determines whether the sales representatives lack somewhere to start conversations with new prospects or not. Therefore, finding out the root problem of your reps and solving it should be your priority.
4. Call-to-deal ratio
The call-to-deal ratio gives you a clear understanding of the effectiveness of your sales funnel. It compares the overall volume of calls your sales representatives made to leads with the proportion of those initial calls that resulted in deals.
5. Number of productive conversations
A sales rep must reach the company’s target audience via phone calls or emails. But only reaching out is not helpful unless the conversation turns out productive. There are a few noteworthy things you should do, including,
- How excellent is the call-to-connect ratio?
- How many fruitful conversations are completed?
- What is the time length of each conversation?
- Find out whether the prospect is a decision maker or not.
Fewer meaningful conversations indicate that your sales team may be focusing on the wrong people. The reps may also fail somehow to connect correctly with the potential customers and produce the desired outcomes. You can take corrective action by keeping an eye on such interactions.
6. Quarterly growth of sales pipeline
Your business’s lifeline is its sales pipeline, and you can use it to assess the effectiveness of any stage of the sales process. By keeping track of your sales pipeline’s growth quarterly, you can observe:
- How your business can gain a detailed picture of the leaks in your current sales process,
- How well it has developed over time,
- Whether you’re on track to reach your desired goals or not.
Lastly, there are also other metrics every inside sales platform tracks because every team has its perspective to measure things. But to include the metrics mentioned above in the list will help you assess the overall performance of your teams.
