10 KPIs You Should Track in B2B Sales
When it comes to business-to-business sales, it’s essential to understand the efficacy of your sales funnel. One of the best ways to keep track of sales numbers and turn data into actionable plans is by tracking KPIs (key performance indicators) throughout your B2B sales cycle.
The data collected from KPIs helps illuminate elements of your sales process from start
to finish. Whether you’re tracking lead numbers, conversion rates, cycle lengths, or website traffic, each performance indicator contributes to the overall picture of your sales strategy.
Here is our list of the top KPIs that all B2B sales companies should track in 2022.
Identifying Your KPIs
First things first, let’s talk about KPIs. These performance indicators track and identify sales trends, effective marketing strategies, and buyer patterns. Depending on your business type and industry, certain KPIs may work best to illustrate your company’s sales. Prioritize the KPIs that mesh with your sales goals to avoid tracking too many elements at once.
KPIs for B2B Sales
In order to categorize the KPIs that are most effective for B2B sales, we’ve divided the indicators into two categories: sales cycle and digital initiatives.
Sales Cycle KPIs
Prospects Contacted – This measures the number of potential leads that your reps have contacted within a set period of time. By measuring the total number of prospects you’ve contacted, you gain information about your sales conversion rate when it comes to closed deals.
Average Follow Up Attempt – Most sales reps know that new leads require consistent follow up in order to become viable prospects. Tracking average follow-up attempts allows you to gain insight into the contact reps need to make with prospects in order to close a deal.
Total Sales – This measure is very straightforward and is one of the most essential pieces of data you should track. It’s a great summary of the efficacy of your sales funnel and the success of your reps.
Sales By Product – If you offer multiple products then it’s wise to track which products are most popular and perform best with customers. This will help determine how to proceed with marketing campaigns, and inform your decisions on whether or not to continue offering less popular products.
Sales Tools Used – Understanding the tools that yield the best results helps you hone your sales strategies and teach reps the best techniques to score new leads. Track the overall use of tools to determine which sales strategies are most effective.
Time Spent on the Phone – In order to streamline your sales process it’s helpful to track how much time your reps spend on the phone in an average day. This will determine how effective phone marketing strategies are when it comes to gaining new clients, and help you understand the average time a rep needs to spend on the phone in order to close a deal.
Sales Cycle Length – Tracking the length of your average sales cycle paints a picture of how long it takes for a prospect to move through your pipeline from your initial contact to closing the deal. With this information you can estimate the best way to pursue a client based on where they are in the sales cycle.
Digital Marketing KPIs
Website Traffic – In B2B sales, websites are often the first point of contact for prospects interested in working with your business. Tracking web traffic helps you understand how effective your online presence is when it comes to communicating your mission, engaging new visitors, and offering easy access to further information about your product.
Social Media – Tracking the efficacy of social media is another key element to understanding buyer patterns and successful marketing campaigns. Track elements like page visits, likes, comments, and follows to illustrate how your social campaigns engage prospects and lead to sales.
Email Marketing – Track email campaigns by noting elements like the delivery rate, click rate, response rate, and unsubscribe rate. This data informs future correspondence by helping you craft emails with an eye towards maximum engagement and elements like email length and timing.
Streamline Your KPIs with B2B Outsourced Sales
There’s no doubt that keeping track of multiple KPIs can be a time-consuming task. When you work with an outsourced sales company, you automatically gain more insight into your sales cycle by outsourcing data tracking initiatives.
At Acquirent, our team of professional sales reps are here to help you with all your sales and data tracking needs. Acquirent offers services including lead generation, sales rep training, and marketing strategies to help your company succeed in all your sales goals.