A good CRM can help close more sales if it has specific features for that purpose…
- It reminds sales staff of pending tasks
- It lets sales staff see updated customer information
- It provides the catalog of available products without using another system
- Customer segmentation makes it possible to create successful campaigns
These are some of the reasons why a CRM is a precious tool in any company. But one more characteristic – which sometimes goes unnoticed – is the possibility of converting data into useful information. CRM reports make a difference when it comes to empowering the sales team.
Do you know what to measure with your CRM? Let’s look at 3 KPIs that every sales manager should monitor.
Conversion Cycle
What does it measure? The time between when a lead becomes an opportunity, and an opportunity becomes a sale (or is lost).
Why use it? To measure the response time of the salesperson, and to analyze the dealership’s average time to close.
Conversion
What does it measure? The probability of generating a sale, for each salesperson in each business unit.
Why use it? To detect the best business unit for each salesperson based on their performance. In this way, each person’s efforts can be refocused towards the most effective type of sale.
Lost Sale Reasons
What does it measure? The opportunities that could not be sold, detailing the reason for the lost sale.
Why use it? To find ways to address the reasons why sales were lost. These reasons should be triggers to begin sketching solutions:
- The customer bought at another dealership: What did that dealership do to attract them? Can a better experience be provided at our dealership?
- They postponed the purchase: Will the customer be called back in a few months to see if they are interested again?
- High cost: Was any special offer made to retain them? Was the high price explained?
- Bad experience: Did the customer feel mistreated? Did they expect a more personalized process? Were they not contacted in a timely manner?
These KPIs will help you visualize problems in your sales processes, to transform mere numbers into improvement actions.
