Key Performance Indicators
(KPIs) are used in field sales management to measure the success of field
representatives at achieving certain goals. Although the success of a sales rep
is typically evaluated based on the sales-related indicators that were
identified in our previous article, there still are a great variety of
indicators that do not involve sales. Below you’ll find a list of indicators
that should be also taken in consideration since allowing field team managers
to assess various aspects of field team performance, completing the picture
obtained from the analysis of sales-related KPIs.
Completion ratio is a relation between scheduled and actually performed
visits. It can be defined as the number of actually performed visits divided by
the number of scheduled visits and multiplied by 100%. For example if 10 visits
were scheduled and 5 actually performed the completion ratio is 50%. The lower
the completion ratio is, the more questions to a sales rep a field team manager
should have.
Proportion of active customers, serviced by a field rep, is a very simple KPI
that allow defining the contribution of a sales representative to customer
service. It’s generally calculated as a percentage of the total number of
customers. So, if a company has 100 active customers and a field rep is serving
10 of them, he has 10% of active customers.
Conversion rate is another important KPI, used to assess sales reps
performance and his ability to sell. The conversion rate for a sales rep is actually
the percentage of deals that are successfully closed. If a sales representative
meets with 8 customers during the workday and makes out 4 orders, that means he
has a 50 percent conversion rate. The conversion rate should be assessed taking
into consideration a sales reps’ quota, previous ratios and peer rates. A
variation of the conversion ratio is a closing
rate – a KPI that is calculated
as the number of proposals per sale.
Reach rate is a critically important KPI for field reps engaged in
outside sales. Reach rate can be defined as the percentage of outbound actions
(mailing, calling, conducting a presentation) that provide productive meetings
with customer representatives, involving ordering, signing contract and etc.
Customer response time KPI is the response time for customer requests.
By reducing customer response time a sales rep increases his chances of having
a meaningful conversation with customer’s representative.
New customers acquisition is a KPI that allows managers to identify the
sales reps that bring more customers than others. If the customers are later valued on? for
example, the total order amounts they generate, a manager can also easily define
field reps that bring the most valuable customers.
Retail
execution software can greatly improve the process of KPIs analysis by
automating store data collection and providing great variety of analytic tools for field team managers to
assess field reps performance. VisitBasis
offers field team managers innovative reporting capabilities, so they can
filter and
sort data according to their needs at the click of a button and quickly
visualize relevant information such as orders placed, visits completed, or
customers where reps recorded specific answers to survey questions.
Integration with Google
Big Query allows developing analytic reports for selling pattern analysis.
Getting clear picture of retail conditions provide prerequisites for accurate
sales forecasting, setting up goals and monitoring the implementation of the
objectives to get vital sales strategy.
To learn more about key
performance indicators for field representatives visit www.visitbasis.com, or get your free access to
our retail execution software that makes KPIs’ development a breeze.
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