Your sales enablement platform provides lots of benefits to your
business. One of the most important is its ability to track critical key performance indicators (KPIs). A plethora of metrics is available to track, but which ones matter the most? That will depend on our strategic business goals and how you’re using your platform. No matter what you want to achieve, measuring your success is imperative.
In this post, we’ll break down the most critical KPIs to track in your sales enablement solution and what you can learn from them.
Why should you measure KPIs in a sales enablement platform?
KPIs always drive sales and marketing teams. A sales enablement platform is just another source for data to track. There are various KPIs to measure in such a system relating to content performance, closed won business, and the ROI of the platform itself.
When you deploy this kind of application, it’s a good idea to develop a strategy for KPIs. It may look similar to other KPI models but your strategy should:
- Define your objectives in detail.
- Outline what success looks like in meeting those goals.
- Discuss how you’ll measure against these objectives and at what intervals.
- Include supporting context around the KPIs and what you think they’ll mean to sales, marketing, and the entire organization.
What are the key KPIs to track in your sales enablement platform?
Now, let’s talk about what to measure. There will be two broad categories: metrics that influence sales and conversions and actual usage of the platform by sales and if it’s improving productivity and efficiency.
Sales KPIs: What content is being consumed and engaged with?
Sales KPIs are plentiful; there’s no shortage of opportunities here. However, it’s good to focus on what exactly you can measure in a sales enablement platform. You will only be able to discern the impact of the content within the application and its ability to engage and drive business wins. It can provide some very granular insights for marketing and sales. That’s currently a big gap in the marketing-sales alignment. Most marketers don’t have a holistic view of customer interactions with content, and that can be because data isn’t centralized, but a sales enablement platform becomes a KPI hub.
Some content engagement KPIs to measure include:
- Content performance by type and topic: Look at your views for an entire month and determine the formats and subjects with the most engagement.
- Content that contributes to conversions: Determine what content was the last piece consumed by a prospect that became a customer.
- Content engagement granularity: Learn how your audience spends time on content by getting down to the page number and seconds on the page.
By tracking these, marketing can better understand what content nudges a customer to convert then make more of it. This intelligence captured by the platform closes the feedback loop with sales and empowers marketing to develop smarter content.
Sales Professional Performance KPIs: Is the platform improving productivity and efficiency?
In this set of metrics, it’s all about discovering if the software is improving workflows and salespeople's performance. They include:
- Onboarding time: Are sales professionals onboarding quicker with the platform?
- Time to revenue: This is the average time to close a deal, and it can be beneficial for understanding the customer journey better.
- Sales cycle length: With this KPI, you’ll want to determine the average duration of entering the funnel to closing a deal. Over time, you should be monitoring it to determine if the sales cycle is getting shorter or longer. Either way it trends, find out why and your platform’s role.
- Training content consumption: Post-onboarding, look at the usage of sales professionals in watching or reading new training content. If you see slow adoption, it could indicate the training isn’t valuable because of its content or format. It may also be a sign of disengagement by your sales team, which is a good predictor of turnover.
- Time spent selling: Discover if sales professionals are spending more time on revenue-generating activities versus other tasks. If you have a previous baseline, you can determine if the platform is improving this. If you don’t, then your baseline will be month one.
- Turnover rate: You already have turnover metrics for sales and marketing team members. Post-deployment of your sales enablement solution, track to see if those numbers are dropping and if the reason is better onboarding.
- Hitting quotas: Find out if sales professionals are meeting quotas more consistently now that they have the necessary tools.
- Content usage: Understand what content sales professionals are using with prospects. Use this information along with supplementary data around format and topic preferences. Then you can work to improve on any gaps.
- Win/loss rate: This rate is likely something you are already tracking. Sales enablement applications can track this effectively and provide you with insight into whether the system helps you win more.
All these KPIs serve many purposes for your organization. They color in so many areas that may have been blind spots before. You can learn how your sales team uses content and other tools to empower their ability to close more deals. They also deliver insights important to marketing strategies and leaders who want to know if their investment in software is making a difference.
Is your sales enablement platform supporting your KPIs?
A sales enablement platform can be a critical hub for sales and marketing. Its robust features make the relationship more harmonious, but if the system doesn’t support the KPIs that matter the most, you may never know its impact. The most impactful solution tracks and measures with ease, so you can analyze findings and make adjustments for optimization.
If that’s the kind of product you want, then you’ll love vablet. Explore how a sales enablement platform, built to measure and track works by requesting a demo of the platform transforming sales enablement.