The Perfect Sales Dashboard Should Have These 12 Sales Metrics
A dashboard, such as the one in a car, is a tool that visually showcases information: It’s where you can quickly and easily see vital signs that affect your current task. In business software, a dashboard for your sales platform provides important information at a glance and keeps you aware of necessary metrics and performance standards. Sales management, ops, individual account executives, and other team members all benefit from using sales dashboards.
The majority of top salespeople rely on their sales dashboard for day-to-day operations. Depending on your industry, type of sales (B2B or B2C), the size of your company, and your role, your metrics dashboard may not be the same as someone else’s on your team. And based on current incentives, company offerings, and personal and departmental goals, some metrics may be necessary one week but not the next.
Your dashboard is an effective way to keep your sales — and your goals — organized and continuously updated. No matter your personal needs, there are specific metrics that are always pertinent. Just like the dashboard in a car, without these data points you won’t know the health of your sales, how quickly you can achieve your goals, or if you need to speed up (or slow down) your sales process.
Determine what you need to see on your sales dashboard
To get a contract signed, some sales require multiple long phone calls. Others need in-person meetings. Closing a $1 million deal can take more nurturing than smaller accounts, although some SMB owners are stalwarts of “the way we’ve always done things” and require a long, personalized customer journey. Your metrics dashboard will be unique to your company and your customers’ needs. One sales manager may use a “Won Deals Leaderboard” on their dashboard, but for another sales manager, “Team Metrics Based on Total Pipeline” may be more relevant.
To learn what information should be in your dashboard, consider these questions:
- Which data points and metrics show up most often in your reports?
- In sales team meetings and one-on-one salesperson reviews, are there metrics that are regularly reviewed or seen as more important than others?
- What have you determined to be your key performance indicators (KPIs)?
- Do you have multiple sales teams, such as inside sales and field sales?
As you do your research and look at dashboard samples, start to build your own. It’s important to ensure that your dashboard includes actionable metrics. Some data points will be obvious, and it’s likely you already know which sales metrics need to be included in your personal sales dashboard, but be sure to take your reports into consideration as well.
One necessity of any metrics dashboard is the ability to modify on the fly. Your sales process and dashboard will most likely change over time, so make sure your platform gives you the option to adjust as necessary without getting IT involved.
Build your sales dashboard
Vehicles don’t have vital statistics, such as information provided by the speedometer, small or hidden in a corner of the dashboard. Nor is the gas gauge just a simple light that comes on only when you’re on empty. The layout of your sales dashboard should be just as well planned and easily understood at a glance.
You must be able to quickly make changes to how metrics appear on your dashboard so that the most important details stay above the fold and are most visible. This goes for both your desktop and mobile dashboards. You need to be in control, and if that’s not easily managed within your sales platform, take the time to learn how to manipulate the way data is displayed on your metrics dashboard.
According to Jim Hopkins, Senior Product Marketing Manager on the Sales Cloud team at Salesforce, building a sales dashboard requires vision and need. Consider:
- The purpose of the dashboard
- Who needs to see it
- How often it will be seen
- What it looks like
- How much data is included
- The time period
- The types of chart(s) to use
Charts can include dials, leaderboards, bar graphs, historical trend graphs, pie charts, funnels, plotted points, and a variety of other options. Your goal is to display relevant information in a way that’s quickly understood — and using your CRM, to make sure your dashboard is always up-to-the-minute accurate, which is especially important when a salesperson is outside the office and views their mobile dashboard.
Include these sales metrics in your dashboard
Dashboards are most effective when they give you an overview while ensuring you know the details, too. Salespeople and sales managers have to juggle a number of big-picture metrics, including:
- Individual salesperson performance
- Pipeline performance
- Your company’s competition
- Product performance
With that in mind, the perfect sales dashboard should have some combination of the following 12 metrics.
1. Leads by source
Gain an understanding of where your customers are coming from. For example, do the majority of your leads come from conferences, trade show booth meetings, website demo sign-ups, or referrals? This information helps you classify which leads to contact first and to focus on the most profitable sources. It also allows you to see if you need to diversify your lead sources so you’re not wholly reliant on one or two resources.
2. Open activities (calls, demos, visits)
Consider these your to-do list. Your open activities are the tasks you need to take care of to stay proactive in your sales efforts. It’s good to have open activities, but if you have too many, check your schedule to see where your time could be used more effectively.
3. Open cases
Cases are generally opened when a customer initiates contact. These and open activities should be treated as time-sensitive. Take care to close these cases quickly, as that may help improve customer retention.
4. Open opportunities
These opportunities are your bread and butter and tie into your win/loss rate. Use this to track your leads and delegate when you have too many. It’s time to grow your pipeline when you want to increase the number of open opportunities you have.
5. Opportunities past due
Especially for salespeople with too much on their plates (which isn’t uncommon), past-due opportunities happen. Your goal is to keep this to a minimum. Again, if this metric grows faster than you’d prefer, consider delegating to others in your office. You can also monitor your funnel to learn why these opportunities haven’t closed and find a way to make it easier for leads to convert.
6. Closed opportunities
Quickly see how much revenue your sales have generated. This metric is especially important if your sales quota is based on revenue, and it can help you keep an eye on commission goals.
7. Sales cycle
The average duration or time, typically measured in days, it takes a salesperson or your team to win a deal. If you take this average and compare it to the age of each opportunity, you can see if your current opportunities are moving through the funnel as expected.
See what stage each open opportunity is in and how close they are to being finalized. Use this information to tailor your conversations based on where leads are in the purchase process, as well as to know when to teach versus to pitch.
9. Sales by closed date
According to an article on InsightSquared, “The timing of a deal is just as important as its value, if not more so: Sales reps have monthly and quarterly quotas, sales VPs have companywide revenue targets, and CEOs expect ‘hockey stick’ growth as soon as possible.” Closed dates help with forecasting and may assist you in finding trends and in gauging how long most customers take to convert.
10. New business and upsell ratio
It’s easier and more cost efficient to sell to existing customers than it is to sell to new customers. As a salesperson, you need to balance new business with upsells. This metric keeps you on track.
11. Win/loss rate
One of your most basic metrics as a salesperson, this number is the percentage of opportunities proposed or quoted that you won. Lower-than-average win rates indicate the need for research: Are leads getting stuck in your funnel at the same place? Perhaps your pitch needs to be adjusted when you speak to lukewarm leads, or your handoff from a marketing-qualified lead (MQL) to a sales-qualified lead (SQL) should be investigated. First, find out what an acceptable percentage is in your industry, then work to hit it on a consistent basis — with a goal of raising the bar.
12. Product gaps
This measurement helps you see how your offerings are actually performing in sales versus how they were predicted (or idealized) to sell. When there’s a gap, product research needs to be done to find out why. You, as a salesperson, can lead the way.
Your metrics dashboard helps manage your sales
Most salespeople benefit from keeping an eye on the 12 metrics explained above. The key to a successful sales dashboard, however, is to look at your reports, your personal sales goals, and what your company needs from you in order to determine which metrics are most important for your current needs.
The easiest way to stay organized and proactive in this hypercompetitive industry is with a sales dashboard. Consider these metrics, investigate what data is most important for your success, study dashboard samples, and then build your own personalized dashboard. As you work through your pipeline, both at your desk and on your mobile devices, your dashboard will help you close deals faster.