As we have been discussing the importance of data-driven decision-making and why it’s one of the main elements behind sales enablement, and therefore revenue generation, here’s a list of some of the essential data points that each company (no matter your size or industry) should track and analyse. Each of those could come with its own associated dashboard and build a part of your executive/sales/marketing dashboard. You will likely adjust this list slightly to your unique needs but, hopefully, it will give you a bit of a check-list and a starting point.
Here it comes…
Key performance indicators (KPIs): Metrics that measure overall company/team performance against goals, such as customer acquisition cost, customer lifetime value, and market share.
Financial performance: Such as revenue, expenses, profitability and forecasting.
Lead tracking: Information about leads including demographics, behaviors, and interactions.
Sales pipeline: An organised way to track how a prospect moves through every stage of your sales process, including the length of the sales cycle overall and per stage.
Lead-to-close funnel: An additional metric that will help you understand how many contacts are required to generate a number of deals required in a specific time period.
Sales cycle: Understanding how long it takes for a prospect to turn into a customer.
Conversion rates: Tracking leads through different stages of the sales process, from awareness to deal stages.
Customer satisfaction: Measuring how satisfied customers are with the level of the service you provide and/or products you supply them with.
Customer retention: Understanding why and how customers churn.
Customer acquisition: Measuring how much it costs you to acquire a new customer.
Employee satisfaction and retention: Similarly to customer satisfaction and retention tracking but internally focused - it will give you a good indication of your company’s cultural health.
Sales performance: Individual and team performance data, including quotas, progress against them, deals closed, and even a net promoter score (NPS) per rep.
Customer relationship management (CRM): A detailed record of customer and prospect interactions, conversations and preferences.
Market research: Industry trends, market size, market share, share of voice, performance per market, new market opportunities, and consumer behaviour.
Customer segmentation: Demographics, psychographics, and behaviour patterns of different customer segments.
Competitor analysis: Understanding of your competitors’ strategies and tactics, their positioning, and market share.
ROI data: Return on investment for specific tactics, programs, technology and strategies.
Return on marketing investment (ROMI): Value of marketing-influenced deals divided by marketing spend in a specific period (usually the length of the sales cycle).
Win and loss data: A detailed understanding of why your company has converted or lost deals.
Channel effectiveness: Tracking of how many leads have been influenced/generated by a particular channel, such as website, social media, events etc.
Content performance: Effectiveness of various content types, such as blogs, videos, webinars etc.
Hope this will help you if not starting your dashboards, then at least check if you’re collecting all the data you need to make sure that you’re on top of the market trends and changes, aligned with your customer needs and behaviours, investing your money and energy into things that work, and staying ahead of your competitors.