In the corporate world, it is imperative that every employee has a surefire way of knowing if they've made progress professionally. A sales scorecard aims to do exactly that for an individual salesperson who's a part of your company.
A sales scorecard compares your sales reps to the industry average, as well as the different reps working in your company. Think of it as the report card you got in school that told you potential areas you could improve in, and the skills you needed to work on.
Modern sales leaders use sales scorecards to empower their sales team with realistic goals. Here's how you can build one for your company with the help of SalesGig.
Every organization tracks several metrics and incorporating all of them into the sales scorecard can be quite overwhelming. For starters, the scorecard should only have metrics that are relevant for your sales team. Start by selecting the metrics for your scorecard. Three of these indicators should be leading and one should be lagging.
If you have various several roles, you should create a specific sales scorecard for each one. For instance, the scorecard for a sales development specialist might have metrics like:
· Calls made,
· Meetings booked, and
· Qualified opportunities.
On the other hand, accounts executive may have metrics like:
· Won opportunities
The point being that the metrics you select for a sales rep should be relevant for their job role. By tracking the most important metrics, you're going to improve the rep's decision making abilities, which will save them a lot of time.
Reverse engineer the sales process. How much of each activity is needed to achieve a certain goal? Start by the revenue you're trying to bring in a specific fiscal quarter. Let's say that you're trying to aim for $10 million, and the average revenue from a single deal is $1 million.
This means that you need to close 10 deals. Assuming that you close a quarter of all the proposals that are sent out, you're going to need 40 proposals. And assuming one out of the five meetings you conduct will go to the proposal stage, you're going to have to make 200 meetings.
But of course, not all of your calculations will be accurate. Consider adding an extra 15 to 25 percent just to ensure that even if the sales rep isn't able to perform well, they still meet their targets.
Unlike a dashboard, a sales scorecard shows the progress you've made overtime. If you're noticing certain metrics that your team is falling behind on, you can perhaps conduct a training session which helps them improve. That said, it could also be possible that you've made an error while creating the scorecard and you're tracking an irrelevant metric - what would you in a scenario like this?
Call SalesGig of course!
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