A lot of the hype surrounding data analysis with Business Intelligence (BI) software focuses on how useful it is for marketing teams, but these tools are actually invaluable for sales professionals, too. Data visualizations can be informative, guiding, and even motivational to a sales team when used effectively. Here are five examples of charts that every sales manager should be using to empower their team.
Every sales team can use a little competition, right? In fact, research conducted by the Harvard Business Review shows that public accountability, when done right, can motivate low performers. A simple line chart or bar graph indicating sales figures for the week, month, quarter, or year by individual salesperson can be a great way to foster a competitive spirit, reward initiative, and keep track of who might need guidance from management.
Customer Acquisition Cost
It’s true. You do have to spend money to make money, but of course you don’t want to spend more than you’re making. By creating a dashboard that averages the cost, in hours spent and materials, per customer acquisition and comparing it to the average value of each customer, you can ensure that your sales team isn’t chasing down leads to the point of reducing profitability.
Overall Sales Target
This one may seem like a no-brainer, but having a visual representation of overall sales targets that you and your team can reference every day can be incredibly motivational. Being able to track success when it happens and recognize slumps when they occur will make your sales team more agile, responsive, and coordinated over time. And even Forbes notes that, while cliché, writing down goals is truly the best way to start reaching them.
Average Sales Cycle
Do you want to minimize the amount the time it takes to turn leads into customers? Or perhaps just discern where most leads drop out of your sales funnel or where they’re spending the most time? A chart can make this complex set of information incredibly easy to scan and digest. Whether you break it down with a bar chart that shows how many leads made it through each step in your sales process, a line graph that averages out how long it took to progress from each step to the next, or a scatter chart that indicates how often leads are contacted by sales team members throughout the cycle (or even a dashboard with all of these and more), optimizing your sales process can be a few clicks away.
This one is another example of how a simple image can make complex data motivational to your team. First, you’ll calculate the average leads from a given sales cycle and how much those leads would be worth if they were all converted into customers. Then, you’ll compare that information to the value of customers actually converted. With this visualization, you can present your team with the total value of all of the opportunities handed to them versus their real-time success. Shortening this gap and making the most of every available lead can help inspire your team and push your business toward greater success.
Want to make these charts for yourself? Dyntell Bi’s data visualization tools make creating effective charts like this simple for any sales team. Request a demo today to get started on your path to a more motivated, informed, and empowered organization.