How to Accurately Measure Your Sales Enablement Metrics
Information is power. That is particularly true in the realm of sales. There’s no room for guesswork in the modern, dog-eat-dog business world, after all. That’s why top sales teams navigate the field with data-driven metrics in tow. Measuring sales enablement empowers your team members to tackle their inefficiencies head-on.
Moreover, incorporating tools that offer up-to-date, consistently branded and easy-to-monitor content provides your team with the resources they need to succeed. In that same breath, tracking employee performance ensures no one gets left behind—and more importantly, no dollars are left on the table.
Investing in the right tools means you can avoid these pitfalls while helping your team become the best they can be!
What are Sales Enablement Metrics?
It’s only fair to question if your team’s presentation materials are driving sales. It’s your job, actually. And while there wasn’t any finite way to know back in the day, that’s no longer the case. Today, knowing what data to monitor—and how to monitor it—ensures that your content and staff are performing as intended.
Simply put, sales enablement refers to the process of providing your team with the right tools, technology, content and messaging they need to drive sales. Various metrics relay the performance of your team, sales, customer outreach and retention, costs and revenues. Combined, sales enablement metrics relay the progress and pain points of your sales efforts.
- Key Performance Indicators (KPIs) measure the overall effectiveness of your team in achieving desired outcomes. They include (but aren’t limited to) revenue, expenditures, growth and customer data metrics.
- Activity Sales Metrics keep track of your salespeople. Managers can use them to gain insight into what a team member should focus on to improve their sales.
- Pipeline Sales Metrics show the big picture of how well your sales funnel is working. Managers can use them to pinpoint potential problem areas.
- Lead Generation Sales Metrics detail the number of follow-ups, response times, dropped leads and generated leads.
- Outreach Sales Metrics track engagement from phone, email and social media outreach attempts.
- Primary Conversion Metrics highlight how opportunity translates to outcome.
- Channel Sales Metrics help you track sales data related to affiliate partners.
- Sales Productivity Metrics measure how long it’s taking team members to complete tasks and hit targets.
- Sales Hiring Metrics help you make smart hiring decisions based on your organization’s hiring process, time and turnover rate data.
As you can see, your sales force generates a lot of data. It’s nearly impossible to keep track of all of it without the aid of technology. Luckily, data-driven leadership is easier to commit to than ever these days. Thanks to the introduction of remarkably user-friendly sales enablement technology, well-designed systems don’t require tedious or time-consuming technical training. Platforms like Ingage streamline the presentation creation process and include rich analytics tracking within an intuitive interface.
User-friendly tracking tools make it way easier to collaborate, after all. As a result, implementing the right technology will help your team better focus their time on building client relations and driving sales. That’s because every team member has access to the most recent materials right in their pocket.
Of course, you’ll need built-in analytics to track customer interaction with content as well as team member information and usage. With advanced sales enablement technology, you’ll be able to stay on top of your metrics without sacrificing precious time or energy. Plus, you’ll know what’s generating customer interest while effectively managing team performance.
Why You Should Track Your Sales Enablement Metrics
The business world goes more and more digital every year. Online, your sales team can’t read the room as they would during in-person presentations. Data bridges the digital communication gap, giving your team the essential feedback that they need to find customers and curate their content messaging. Failing to analyze sales enablement metrics needlessly leaves your future sales up to fate. Why roll the dice when data can provide you with a fact-based road map for the future?
Don’t take our word for it, though. Here are the invaluable benefits of tracking your team’s sales enablement metrics:
As the old adage goes, time is money. If your team is running on outdated technology, you’re missing out on efficiency-maximizing measures your competitors have already invested in. Your team has a finite number of working hours each week. Reducing your team to countless hours of administrative tasks each day directly cuts into the company’s bottom line. So, streamlining the workday starts with optimizing time allocation. You can use the data from sales tracking to optimize your processes—freeing your team to close more deals.
Moreover, sales enablement metrics run in real-time. That means you can garner insights into transactions as they are happening live, prompting timely course corrections and an in-depth understanding of them. Early detection of potential problems allows your team to solve them before they become too big to mitigate, decreasing preventable lost sales.
Successful businesses are always looking to the future with intentional, data-driven marketing efforts. Sales enablement metrics allow you to fine-tune your sales funnel, free your staff, forecast future sales and use internal data to further help the team develop.
Regardless of entity or industry, understanding your customers is mission-critical. You can’t close deals if you don’t know who your customers are or what they want. Analytics tools help you gather detailed data on digital customer engagement. You can use this information to adjust your content to your key demographics. The more information you have on your customer, the better you’ll be able to develop relationships and generate quality leads.
Assuming you’re making the most of omnichannel communication in the digital age, your customers will have several spaces to connect with your company. They may be engaging via social media pages, website, email or physical storefront. It’s key to ensure they all boast the same information. Sales tracking software streamlines all of these channels so your team can stay consistent in their messaging regardless of medium. This, in turn, increases brand uniformity while reducing time wasted repackaging product information.
One of the best parts of implementing sales enablement tracking software is getting to see your progress in the data. When you create your presentations with platforms like Ingage, your team has access to real-time analytics that detail who’s viewing it and how it’s being received. Clicks, views and their time on page prompt your team to refine their presentations—giving the people what they really want.
All in all, sales enablement metrics allow you to see what’s working, who’s falling behind and what needs to change. Tracking your data empowers leadership to effectively target growth areas while reinforcing effective company practices. It gives individual team members access to data that can help them hone their skills and get their numbers up. Ultimately, tracking your sales drives growth, reduces time waste and helps you better understand your customers.
How to Measure Sales Enablement and Its Impact
Sales enablement metrics track a broad swath of your business analytics. You can undercut the data overwhelm by targeting the metrics that matter most to your unique business goals. Measuring the impact of your sales enablement allows you to curate the data so you are focusing on the information that’s actually helping you reach your goals.
By collecting aggregate data regarding customer interactions and linking it to conversion rates, you can determine exactly which factors are leading to sales. This information enables you to alter presentations, equip your team with effective sales phrasing and even set schedules to handle high-volume hours. As a whole, analytics give you a greater understanding of what’s effective and where the actionable pain points are. Use data to not only boost your sales but to simplify the overall sales process. The best thing about it is that interaction analytics data doesn’t end; every interaction with every customer is a learning opportunity.
Upon providing your team with sales enablement technology, there are a few critical performance indicators every business should track:
- Lead-to-Customer Conversion Rate is the most fundamental measure of success. It indicates the number of leads that are successfully converted to sales opportunities, from first contact to purchase. A good conversion rate is a sign that content, marketing, salespeople and processes are all working well together. If the conversion rate is low, you can dig deeper into other metrics to find the pain point that’s losing you customers.
- Churn Rate tells you how many customers were lost over a specific time. High churn rates are a key action indicator, suggesting that more time and effort need to be allocated to customer retention.
- Content Performance indicates what messaging grabs customer attention.
- Sales Cycle Length shows how long it takes for customers to move from first contact to purchase. Shorter sales cycles indicate that messaging is effective.
- Quota Attainment measures the team’s performance against their goals. This helps leaders pinpoint areas that need attention to help the team boost sales.
- Training Data tells you how much information is retained from the onboarding process, the effectiveness of your training program and the timeframe from date of hire to first sale.
- Win Rate determines the ratio of successful opportunities to the total number of opportunities. This number provides data on the sales team’s performance.
- Competitive Win Rate also categorizes the ratio of wins to losses, but it’s specific to sales with a direct competitor.
- Average Selling Price tells you if your sales team is having to resort to discounts to close deals. If the average selling price is too low, it might indicate that the sales team needs to adjust messaging to highlight the value of the product, rather than just slashing prices to move product.
- Average Discount, similar to the average selling price, can indicate if the discount offers are too high.
- Calls to Action (CTAs) measure both the click-through rate (CTR) and the click-to-submission (CTS) rate of marketing materials. A high CTR indicates a CTA that is compelling to potential customers, while a low score suggests a change in content is needed. If the CTR is high but the CTS is low, interest is being generated, but the customer is still being lost.
- Sales Process Adherence measures how well your team is sticking to marketing materials, messaging and company processes.
By paying careful attention to these key metrics, you can see the early warning signs of misaligned goals and practices. Conversely, you’ll also be notified of successful measures to double down on. The more information you have at your fingertips, the better you can direct and correct your team.
Increase Your Enablement Metrics with Ingage
Sales enablement metrics are critical in the business world. Fortunately, the real-time health of your sales pipeline, the efficiency of your team and the efficacy of your customer marketing are all measurable metrics. The future of your business is determined by how you harness this data. That’s why it’s so critical to provide your team with the best tools to do so.
Luckily for you, Ingage makes it easy to create dynamic sales presentations. Our analytic tools will help your team pinpoint messaging that grabs customer’s attention and drives sales. The intuitive interface will save time on administrative tasks so your reps can focus more on selling. Not to mention, Ingage’s innovative tools prompt you to share materials across devices—increasing collaboration and consistency between teams and departments.
In the digital age, enabling higher customer conversion rates requires industry-leading technology. Give your team the tools they need to perform at their highest capacity with Ingage.