Track these five metrics with your mobile dashboardWe spend a lot of time talking about why it’s so important to use mobile dashboards to understand your numbers anytime and anywhere. But what about the actual metrics you should be monitoring? In addition to the biggest sales metric around –  your actual sales figures for a given time period – here are five of the most essential metrics Sales VPs should have on their mobile dashboards.

1.) Open Opportunities vs Closed Opportunities

What it is: The number of open opportunities your team is working on at any point in time vs the number of opportunities your team has ruled as closed.

How to track it: Track both open and closed opportunities by total number (not volume) across your entire organization and for each rep individually. Closed opportunities should include both closed-won and closed-lost.

The details: The number will also be affected by your process for determining what an opportunity is. For example, if you encourage sales reps to claim that a deal is an opportunity after just a few calls, your ratio will be much higher than if your reps wait until a deal is thoroughly vetted to claim it as an opportunity.

2.) Win/loss Rate

What it is: Your win/loss rate is very simple: the number of deals won vs the number of deals lost.

How to track it: While tracking a win/loss rate is incredibly simple, really using this metric to your advantage will require that you embed win/loss analysis into your sales culture. Effective win/loss analysis helps your team, marketing and support departments understand what they’re doing right and what they’re doing wrong.

The details: In order to glean even more insight, be sure to note the difference in your win/loss ratio given the source of the lead. For example, do you see an increase in your win rate when using a specific marketing tool/ qualification process? Or do you win more deals when your leads come from a referral?

3.) Sales Process Velocity

What it is: Use this metric to measure how quickly your deals are moving through the sales funnel stages to close.

How to track it: You’ll need to track the length of time it takes your reps to move each of their deals from one stage through to another. Track this number on average across your entire team and by each individual rep to see who is under- or over-performing.

The details: Use this metric to establish a baseline for sales cycle length. Then you can start targeting stages of the cycle where your reps get stuck and coach them through it.

4.) Average Deal Size

What it is: Your total new deal volume/# of new deals.

How to track it: Track this number across your entire sales team.

The details: Use this metric as a baseline that reps can hit. You can also review deals that are outliers to determine if there’s any behavior you can replicate.

5.) Customer Acquisition Cost

What it is: Also known as Cost to Acquire Customer or CAC, this metric tells you the average number of dollars spent trying to gain each new customer.

How to track it: David Skok of forentrepreneurs.com gives a handy guide to calculate this metric:

Take your entire cost of sales and marketing over a given period, including salaries and other headcount related expenses, and divide it by the number of customers that you acquired in that period.

The details: Use this metric in tandem with your Average Deal Size. If your CAC is greater, you’ve got a problem. It’s also important to remember that CAC doesn’t account for man hours spent acquiring new deals.

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