You have created a great strategy and spent a lot of money and time on sales enablement, but do you know how to measure your sales enablement campaign? If not, then there’s no use in creating such a campaign where you don’t know how it’s working.
In the last few years, sales enablement has grown into a strategic investment for companies and has taken a decent portion of the budget. Like any other campaign, you will have to figure out the revenue generated in terms of ROI. How do you figure out the ROI?
What are the different metrics to measure sales enablement strategy?
Since now you know measuring your sales enablement strategy is highly important, like creating cold calling scripts that help secure leads and increase software sales. There are various metrics that you need to gauge your sales outcomes, and you will be familiar with some of these metrics, and some aren’t. Let’s take a look at these sales enablement metrics and how you should measure them.
Measuring quota attainment is on the top of the metric of sales enablement, and it helps assess the salespeople’s performance. If the sales team has attained their sales target in the given amount of time, they achieved 100% quota attainment. The sales enablement agenda you have created would help the sales team hit their quota. The latest report mentioned that about 61% of sales reps in B2B SaaS businesses could reach their quota. According to Aberdeen Group, the top companies achieve 99% total team quota attainment and 62% more attainment than normal companies.
To remove your total quota attainment, you will have to focus on improving your enablement tactics through the center sales performers and remove the middle part.
The high performers in your team will regularly figure out a path to surpass the quota. Hence, sales enablement should be at the center, through which you can receive the highest ROI.
The span of a sales cycle
Because of the participation of various stakeholders, the usual span of a B2B sales cycle skyrocketed up to 22% in the last five years. It’s interesting to learn where the deals got stuck to improve your sales enablement actions. It’s also important to find out any roadblocks in the sales process. The reasons for the roadblock can be anything — not following the strategy properly or the sales playbook. You can look at the sales cycle time in aggregate and by sales stages to get preferable enablement results.
Growth metrics in the sales funnel
The B2B sales funnel in your sales enablement strategy lets you track how swiftly the prospects progress from leads to closed deals. Across these sales steps, various conversions take place, from MQL to SQL to different scopes, etc. Even a minor improvement can positively impact the result. All the improvements in the sales funnel let you figure out better leads quickly, and your sales team can respond to them faster or move them further into the sales funnel.
It is measured as the ratio of opportunities quoted/proposed that your company has won. By measuring the win rate, you can assess how well your sales team is performing against competitors. The latest study showed that the usual win rate is 47% all over different industries. You can study the data through different angles: sales rep, competitor, region, sales team, customer segment, etcThis way, you can find out where you can improve or put more effort into your sales enablement strategy.
Average deal size
It is measured as ‘the average dollar amount per closed deal.’ You can increase the deal size by offering a better unique selling point to your leads. Or you can build finer relationships by providing them with a better experience throughout the sales process. As these activities are interrelated to the sales enablement activities, you can teach your sales team well and provide them with all the resources they need.
This metric is measured as the percentage of gross revenue brought on by the sales team in comparison to the expense of the sales team, which contains training, salaries, office space, benefits, training, sales intelligence software, incentives, and other expenditures. Sales level is the top-level indicator that lets you know your company is working well or not. The different sales enablement activities can help in increasing your sales efficiency.
Leading KPI achievement
Leading KPI achievement is also known as “high-value sales behavior.” Companies use this metric to track as a KPI, along with other sales metrics. For example, rather than just logging into every sales call as a sales behavior, they can log into those calls with the prospect who lasts for more than 20 minutes. This metric lets the sales team be on the right level with the right kind of sales activity.
Sales rep lifetime value
Sales rep lifetime value is defined as the total revenue contributed by a salesperson until they were employed. Like, the average tenure of 36 months and a quota of $1.5 million, ideally, the sales team can deliver $4.5 million during their work period. The sales enablement program can