Sales productivity is a challenge for almost every B2B organization. And the pressure to meet or surpass revenue goals is only increasing, with over half of sales teams expected to hit revenue goals that are at least 20% higher than the year before (Forbes). But when only 1/5 of your sales team makes quota, how will you hit your number? Further, inefficient, ineffective sales processes can cost businesses millions of dollars in lost revenue each year, according to a recent survey by Adobe.
The Role of Sales Analytics
Sales is becoming more data-driven, and leadership is beginning to consider metrics above and beyond just revenue – they want to measure those activities that are responsible for revenue increases, as well as uncover opportunities to drive change. Productivity improvements, in particular, can have a major impact on the bottom line. The availability of data and the tooling to make it actionable mean that organizations have access to key pieces of information and thus a much more fine-tuned understanding of sales productivity.
When sales analytics and sales dashboards come together, they can offer invaluable insights about the efficiency and effectiveness of sales reps in driving revenue by illustrating pipeline conversions and highlighting stages where opportunities advance, stall, or fall out of the sales process. With this information, leadership can better understand rep performance and buyer behavior and make informed decisions about where in the sales process to focus resources and identify opportunities for improvement. For example, maybe more SDRs are needed at the top of the funnel, or perhaps you need additional sales training on middle of the funnel activities, or possibly the marketing department needs to create more ROI content for the bottom of the funnel. In fact, organizations that use sales analytics increase team quota attainment 4x faster than non-users.