KPI's are an important indicator of how well your company is doing in terms of Sales and Marketing. By setting your KPI's, you will be able to evaluate your success at reaching your targets. This is also a great tool in measuring the performance of your sales team as a group.
Watch this short clip to help you set up your KPI's
How do I set up the Key Performance Indicators (KPI's) for sales team?
1. Go to your Account Settings
2. On your profile page, click on "Quotas" , then click "Edit Quotas"
3. In this step, add your Monthly Gross Revenue Quota and your Monthly Average Manage Service Agreement (MSA)
Now, how many leads are required to meet your quota based on your conversion rate. For instance, (Monthly Gross Revenue Quota) / (Average MSA ) = How many deals need to be won in order to meet your Monthly Gross Revenue Quota. Now that you know the amount of opportunities that need to be won, how many leads do you need in order to meet that goal based on your sales team conversion rate?
The industry standard is as follows :
20% Meetings / 50% Opportunities / 50% Wins
If you currently, do not know your conversion rate, you can start of by using the National Average conversion rates. Overtime, GlassHive will adjust your conversion rates based on your meetings, opportunities, and wins . Just click on "Use National Averages"
4. Once its been completed, Click on "Save"