Sales Metrics you must Measure
Posted on February 07, 2018 by Sanjay Singh, One of Thousands of Business Coaches on Noomii.
Sales team can achieve sales target using analytics of sales metrics or Sales metrics analysis. Sales Analytics helps selling teams optimise their res
The Sales persons in your sales team needs to be compensated for every incremental effort that they put in the process of achieving your sales targets. The important thing here is to first list down all the sales analysis metrics on which a salesperson can exhibit incremental efforts.
Does the word “Sales” worry you too much? Check this out.
Sales Metrics
Min No of Sales Calls / day (MNOC) – New Contacts
Mean Time Between Sales Calls (MTBC)
No. of demonstrations given / roadshows organised
No. of complaints handled sales consultant
No. of touchpoints serviced for customer to reach
Customer Satisfaction Index
Lead Engagement Index
Reference Sale Quotient
Cross Selling Index
Up Selling parameter
CRM sales ratio
Leads : Opportunity Ratio in the Sales Funnel
Opportunity : Proposals Ratio in the Sales Funnel
Opportunity : Negotiation Ratio in the Sales Funnel
Negotiation : Order Ratio in the Sales Funnel (Closing Ratio)
No of Marcom elements used to reach out to the target group (TG) of customer
Wallet share
Customer Retention percentage
Product Mix (SKU) in Sales figures
Time invested in Learning and Development
Contribution analysis
Percentage of planned revenue achieved – sales growth
Life Time Value per customer
Discount percentage offered
Revenue by geography / market segment / category
Cost of selling per user
Average revenue per sales partner
Time spent on selling vis a vis other activities
No of Sales Manager per seller cold calls training
Rate and Quality of new opportunities added in pipeline.
Can Sales happen with any one of these metrics not getting affected?
No
Isn’t it prudent to incentivise these metrics as they evolve rather than incentivise finaldestinationof sales ?
Yes
What should be the fixed component of compensation to the sales person?
The fixed component of compensation must take care of all fixed expenses of the salesperson. If the fixed expenses of the salesperson is higher than what he deserves , don’t recruit such people who live beyond their means upselling and cross selling.
How should we compensate for the evolving sales metrics?
Point system is desirable. The points can be redeemed periodically.
The next time, you sit down to design the compensation for your sales team, you must give cognizance to the sales metrics mentioned in this blog.
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