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The quickstart guide to tracking sales data
This guide emphasizes the importance of tracking three key sales metrics: activity, quality, and conversion, to optimize sales performance. It provides examples of common problems related to low reach, qualification, and conversion rates, along with actionable solutions for each. Additionally, it offers benchmarks for cold calling and cold emailing to help assess sales campaign effectiveness.
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The quickstart guide to tracking sales data
- 1. The Quickstart Guideto Tracking Sales Data
- 2. Tracking sales datais a lot like dieting… You know you should do it You know it’s good for you You might even know how to do it But do you? Probably not.
- 3. Tracking your salesdata isn’t hard Activity | Quality | Conversion You only need to worry about these three metrics:
- 4. Activity How many coldcalls did you make? How many cold emails did you send? How many storefronts did you visit?
- 5. Activity Knowing your activitywill help you track where your time is being invested
- 6. Quality How many decision-makersdid you reach? How many of them were qualified for your product?
- 7. Quality Use this todetermine whether you’re pursuing the right prospects and to test the quality of your lead list.
- 8. Conversion How many qualifieddecision-makers moved on to the next step? (Demos, trials, call backs, purchases, etc…)
- 9. Conversion The conversion metrichighlights the strengths and weaknesses of your pitch and close
- 10. Okay, but howdo you use your sales data? Here are three examples of how you can use sales data to identify and solve sales problems
- 11. Example one: Lowreach rates Activity: 100 cold calls Quality: Reached two (2%), qualified two (100%) Conversion: Closed one (50%) Where’s the problem?
- 12. Example one: Lowreach rates Although you have a qualification rate of 100% and a conversion rate of 50%, you’re only reaching 2% of the prospects you call.
- 13. Example one: Lowreach rates For a solution, you might consider: • Calling at different times • Visiting storefronts in person • Sending cold emails
- 14. Example two: Lowqualification rates Activity: 100 cold calls Quality: Reached 15 (15%), qualified two (13%) Conversion: Closed one (50%) Where’s the problem?
- 15. Example two: Lowqualification rates Although your reach rate is better and your close rate is still acceptable, almost none of the leads you are calling are qualified for your product.
- 16. Example two: Lowqualification rates For a solution, you might consider: • Revising your customer profile • Buying a new lead list • Exploring inbound sales opportunities
- 17. Example three: Lowconversion rates Activity: 100 cold calls Quality: Reached 15 (15%), qualified ten (66%) Conversion: Closed one (10%) Where’s the problem?
- 18. Example three: Lowconversion rates Your reach and qualification rates are much better, but your conversion rates are through the floor.
- 19. Example three: Lowconversion rates For a solution, you might consider: • Using a sales script • Delegating or outsourcing sales • Finding a new career
- 20. Data benchmarks Use thefollowing guidelines to benchmark the success of your sales campaigns
- 21. Cold calling minimumbenchmarks Reach rate: 15% of total called Qualification rate: 30% of total reached Conversion rate: 50% of total qualified
- 22. Cold emailing minimumbenchmarks Open (reach) rate: 30% of total sent Response (qualification) rate: 30% of total opened Conversion rate: 50% of total responses
- 23. If your salesaren’t bringing the results you want, use this flow chart and optimize from the top down.
- 24. Want more? Visit ourblog Enroll in our free sales training program Try Close.io free for 14 days Make more deals. Close more sales.