8 KPIs (Key Performance Indicators) and 3 Report Views To Track Your Sales in Daylite

Quick Tips / January 25, 2016 / Kristie Holden

Just because you’re a small business doesn’t mean you can’t generate big sales. Understanding how to boost your business’s revenue comes down to tracking the right information. Are you spending too much to acquire new business? Do you know how much each team member is bringing in and how much that’s costing you? How much of your potential business opportunities are you winning? How are the majority of your leads finding you and which of these sources is the most profitable?

These are all questions that can be answered by paying close attention to a few KPIs (Key Performance Indicators). KPIs are metrics that are used to make sure your business is on the right track. KPIs let you know when business is at risk of going in the wrong direction and help you with decision making. You can also set targets for KPIs to help motivate yourself or your team to increase sales and make sure you’re making sound business decisions when it comes to going after specific leads.

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Adam Bluemner, Managing Editor at Find Accounting Software, wrote a blog about the 12 KPIs and 5 Report Views Ever Sales Manager Should Demand of Their CRM Software. In this post, he explains the importance of KPIs and how:

“With the right KPIs, any business can transform an ad hoc sales management approach into a data-driven system of continuous sales improvement that would make previous generations of Harvard Business School alumni green with envy.”
– Adam Bluemner.

Here’s a few important KPIs you can track in Daylite along with the info you need to be capturing in order to get these metrics. We’ve also included a few report views you should set up to help you keep an eye on your business.

1. Lead Volume

Lead volume shows you how many business opportunities you have on the table, as well as the number of won and lost opportunities. The best way to capture leads is by creating an Opportunity for each potential sale or business deal. While it may seem like an extra step from just adding in a contact and assigning them the category “Lead”, using the Opportunity feature allows you to keep a closer eye on your potential business as well as take advantage of specific reports and stats. With an Opportunity you can link multiple people and/or companies, because sometimes an opportunity to do business involves more than just one person. This way you have a bucket for each potential business deal.

To identify your lead volume, select All Opportunities and switch to the Insight View. Here you’ll see the total number of Opportunities. You can quickly filter to just see the number of active Opportunities by selecting “Open” under the Opportunity state.

lead volume 

2. Lead Status

Lead status tells you how each Opportunity is progressing. Within the Opportunity, use the state field to identify “Open”, “Closed”, “Abandoned”, etc. You can then filter your Opportunities by state is “Open” so you have an exact number of Opportunities you’re juggling at any point in time. To track the status in more detail, use a Pipeline to visually see what stage each Opportunity is in and what needs to be done next.

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This will also allow you to quickly see in the Insight View what stage the majority of your business opportunities are in. This is great for if you want to quickly check on whether or not you have a healthy sales funnel. You’ll be able to easily spot if there’s a lot of Opportunities stuck in a specific stage, or whether the majority of your Opportunities are almost closed, and it’s time to shift your focus on looking for new business so you have a steady flow coming in.

lead-status-insight

3.  Lead Quality

The lead quality is a number you attach to the Opportunity that tells you how likely it is to be won so you have an idea as to which Opportunities are worth the majority of your attention. Using the probability percentage within the Opportunity details, you can attach a number to represent the quality of the potential business.

KPI lead probability

This allows you to sort your business Opportunities by which ones are most likely to end up won, vs Opportunities that are unlikely to move to the next stage, and therefore should take up less of your focus. You can create your own dashboard of high rating Opportunities using Smart Lists. Under All Opportunities, apply a filter for Opportunities that the state is “open” and the “probability” “is greater than” “75%”. Or you could select a range in percentage. If you’re working within a team, you’ll also want to include another filtering line for “Owner” is (you).

KPI lead probability greater than 75

By saving this as a Smart List, you can quickly jump to this list of Opportunities and move through it to see what step needs to be taken next to push the deal forward, whether it’s sending a proposal, setting up a meeting, or just touching base. If you prefer to view this information in a table, you can switch to the Multi Column view. Right click to choose what information you want displayed in the table.

probability-column-view

4. Activity

Keeping track of time spend on sales related activities helps you understand how much of your resources are required to make a sale. Start by keeping track of the types of activities you perform. Using the Category “Sales” you can sort all your tasks and appointments so you can later run reports to calculate how much total time you’re spending on these activities. Appointments will give you the time, but to make sure your tasks are accurately timed, you’ll need to make sure you’re entering in a start and end time. Or you can just use Appointments to block time with yourself for sales tasks.

To see how much of you or a team mate’s time is spent on sales related activities, run the Activity Time by Category report. Select the user (yourself or a team member). This way you can see by team member how much time is spent on sales activities within a specific period of time.
As a sales manager or business owner, you may want to do this every month or bi-monthly for each team member and compare the time being spent to the sales generated by each team member.

activity-time-sales

5. Quotes/Proposals

With every business Opportunity there’s a potential value to be gained, whether it’s the potential for selling them a set amount in products or services. Using the estimate feature in Daylite, you can attach a price tag to each Opportunity. Even if you don’t need to send a quote to the lead or customer, it’s still a good habit to get into so you have a value for each lead. This way you can prioritize your Opportunities based on value.

To create an estimate, select an Opportunity and hit the estimate tab. Add in the line items, whether they’re products or services. Then click “Create”.

estimate

If you want to view your Opportunities in order of value, select All Opportunities and filter for Opportunities matching “State” is “Open”. Then switch to the multi column view and right click to add “Total Value” to the top. This allows you to sort your Opportunities by which ones are the most valuable. 

lead-by-value-column-view

To see how much each team member has generated in sales, select All Opportunities and switch to the Insight View. Select the team member under “Owner” that you want to view their sales. This will add a filter and the total amount won and lost will update in the top left corner. You can even be more specific by selecting a date range to view the amount generated in sales over a period of time.

KPI sales generated by user

6. Close Rate

Knowing your close rate is important to understand how much time you’re investing in new business vs the business you’re actually gaining. Perhaps you need to invest in more training if you have a low close rate, or work on educating leads more to push more deals forward. To see your close rate, run the Opportunity Won vs Lost report. This gives you the total value of business closed and business lost. At the very bottom you’ll see the close rate.

close rate report

7. Sales Cycle Time

Understanding your sales cycle helps you to not only know how much business you have on the table, but also how long it’s going to take for you to win. This is important when forecasting sales and cash flow. To get an average of the minimum time spent on a sale and the average maximum time to close, run the Opportunity Analysis Report.

sales-cycle-time

8. Total Customer Acquisition Cost

The total customer acquisition costs tells you how much it costs you to close each business Opportunity. Using the Time&Budget plugin from iOSXpert, you can track the total time for calls, tasks, and appointments for each Opportunity. You add in the value of you or your employee’s time, and can run a report that tells you how much that Opportunity is costing you internally. For more information about this plugin, visit iOSXpert’s website.

Reporting Views

1. Attribution Based Reporting

This is the amount that an individual and a team generates. To see how much an individual team member generates, select All Opportunities and apply a new filter. Here you want to view Opportunities that match any of the following,  “State” is “Won” and add in a line for “Owner” is (name of a team member), and another line for another team member. This will give you a list of all Opportunities won by these team members. Then by switching to the Insight View, you’ll see the amount right in the top left corner. If you have a sales

attribution-reporting

By saving this as a Smart List you can jump to this at any point and switch to the Insight View to see the amount that this team is generating. You can further filter from there to see the most profitable types of Opportunities for the team.

2. Product/Service Type

Knowing which products or services are bringing in the most revenue help you decide whether or not a product or service should be cut, and which products or services you should focus on improving to further increase sales. To see how much each product or service is generating, use the Insight View to look at your Opportunities and then filter by a specific product or service to look at each one on an individual basis.

To do this you’ll first need to add in all your various products/services within your Daylite preferences. Then when you create an opportunity, you can apply the appropriate product(s)/service(s) to the estimate. This will allow you to filter all opportunities by specific product/service that the state is won and then by switching to the insight view you can quickly see the total won (revenue generated).

products-services

If you want to compare these on a regular basis, you can create a Smart List for each product in this view, then flip between these Smart Lists to compare data for each product and/or service.

3. Lead Source Filtering

Lead source filtering tells you where business is coming from. Is the majority of your business through email? By referral? From your website intake forms? Using the Opportunity “type” in the details, you can capture this information for each lead. To customize the different lead types, open your Daylite Preferences and select Opportunities. With the “Opportunity Type” tab selected, you can add and remove new lead sources.

lead source type

When looking at your Opportunities in the Insight View, under “Type” you’ll see how many leads you’ve generated for each source, whether via inbound call, web-intake form, etc.

lead-source-insight

To look at which lead source has generated the most revenue, run the Opportunity Analysis report. This will give you a total amount generated by type (lead source). In the example below we can see that the type (lead source) that generated the most revenue is repeat purchase.

lead-source-report

While Daylite wasn’t specifically designed to be a CRM, as a business organization and productivity app, it allows you to capture all the information you need to calculate these KPIs. Different businesses may have different numbers and information that is vital to track. If you have specific metrics you need to monitor for your own business that aren’t displayed in a view in Daylite, you can get in touch with our team to learn about Marketcircle Experts that specialize in creating custom reports.

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