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.