If you work or lead a sales team, you know the importance of tracking and measuring progress.
What you don’t measure, you can’t manage, and sales are no exception. Without some form of performance measurement in place, it’s difficult to identify areas of improvement and make necessary changes.
One way to track progress and measure success is through the use of a sales scorecard. A sales scorecard gives you a snapshot view of how your team is performing, both collectively and individually. It can also indicate areas of strengths and weaknesses, so you can focus your efforts on where they will have the most impact.
Creating a sales scorecard to track performance
But creating a sales scorecard that actually works is easier said than done. In order for it to be effective, it needs to be tailored to your specific business and sales process. It also needs to be updated regularly, so you can track progress and make changes as needed.
Thankfully, there is a solution that can help you create a customized sales scorecard that meets your specific needs: BI tool.
When used in conjunction with a sales scorecard, a BI tool can be an extremely powerful tool for tracking progress and improving performance. In fact, many businesses are now using BI tools to create customized sales scorecard apps.
Let’s dig into what a sales scorecard app is, and how you can use one to improve sales performance.
What is a sales scorecard?
Before we look at how to create a sales scorecard app, let’s first take a look at what a sales scorecard is. A sales scorecard is simply a tool that allows you to track progress and measure success in terms of sales. It can be used to track individual or team performance, as well as progress over time.
A sales scorecard typically includes the following information:
Sales goals and objectives: What are you trying to achieve?
Key performance indicators (KPIs): What metrics will you use to measure success?
Target values: What are your goals for each KPI?
Actual values: How did you actually perform against each KPI?
Trends: Are you making progress towards your goals, or are you slipping backward?
With the right data collected and organized in an easy-to-use format, a sales scorecard can be an extremely valuable tool for tracking and managing sales progress.
Why is a sales scorecard important?
There are many reasons why you should use a sales scorecard to track progress and measure success. Here are just a few of them:
1. It keeps you focused on your goals
If you don’t have specific goals to shoot for, it’s difficult to know if you’re making progress or not. A sales scorecard allows you to set measurable goals and track progress towards them. This helps keep you focused and motivated.
2. It identifies areas of improvement
No business is perfect, and there is always room for improvement. A sales scorecard can help you identify areas where your team needs to focus their efforts in order to improve.
3. It allows you to make necessary changes
Once you’ve identified areas of improvement, you can use a sales scorecard to make changes to your process or strategy. This could involve changing your sales goals, tweaking your KPIs, or even overhauling your entire sales process.
5. It provides a way to hold team members accountable
If you’re not tracking progress, it’s difficult to tell who is performing well and who is falling behind. A sales scorecard gives you a way to hold team members accountable for their performance.
Creating a sales scorecard app
Now that we’ve covered what a sales scorecard is and why it’s important, let’s take a look at how you can use a BI tool to create a customized sales scorecard app.
There are many different BI tools on the market, so it’s important to choose one that meets your specific needs. Traditional BI tools do not offer advanced functionality or customization. Using a modern BI tool, you can create a sales scorecard app by following these steps:
1. Choose your KPIs
As we mentioned earlier, a key part of a sales scorecard is choosing the right KPIs. You’ll need to decide which metrics are most important to your business and align them with your sales goals.
What are some common KPIs for a sales scorecard? Consider the following:
Number of sales: This is a simple metric that measures the number of sales made by your team.
Sales revenue: This measures the total revenue generated by your team’s sales.
Conversion rate: This measures the percentage of leads that are converted into paying customers.
Average deal size: This measures the average amount of money spent per sale.
Finding the right KPIs is critical for creating an effective sales scorecard. Choose KPIs that are aligned with your goals and that you can realistically track and measure.
2. Collect the data
Once you’ve chosen your KPIs, it’s time to start collecting data. This data will be used to populate your sales scorecard.
This is where data connectors come in handy. A data connector is a tool that helps you easily collect data from different sources—such as your CRM, marketing automation tool, and website analytics—and bring it all into one place. This makes it easy to track progress and spot trends.
By integrating your BI tool with your other business tools, you can automatically collect data and populate your sales scorecard.
3. Create your scorecard
Now that you have all the data, it’s time to create your sales scorecard. This will involve mapping your KPIs to specific metrics and visualizing the data in a way that is easy to understand.
Your BI tool should have a variety of templates and visualizations to choose from, so you can create a scorecard that meets your specific needs. You may want to consider creating different scorecards for each team or department. This will help you track progress at a more granular level.
Your visualizations should connect the dots between your KPIs and your sales goals. This will help you see how your team’s performance is impacting your bottom line. Elements such as targets, milestones, and thresholds can be used to highlight progress (or lack thereof).
4. Share your scorecard
Once you’ve created your sales scorecard, it’s time to share it with your team. This will help ensure everyone is on the same page and working towards common goals.
Your BI tool should make it easy to share your scorecard with others. You can export it as a PDF or Excel file, or you can embed it in a website or blog post. Make sure the right people have access to it, so they can use it to make informed decisions.
Common KPIs to track with your sales scorecard
The power of a Sales Scorecard App is found in the way you connect your data to your visualizations. With the right visualizations, you can utilize your data to track progress, identify areas of improvement, and make better decisions. Here are some visualizations you could consider using in your Sales Scorecard App:
1. Use bar charts to track sales KPIs
Bar charts are a common way to track sales KPIs. They are easy to understand and can be used to compare progress over time.
For example, you could use a bar chart to track the number of sales made each month. This would help you see if your team is meeting their sales goals. You could also use a bar chart to track the total sales revenue generated each month. This would help you see if your team is generating enough revenue.
2. Use line charts to track conversion rates
Line charts are a good way to track conversion rates. They can be used to compare progress over time or to compare different conversion rate metrics.
For example, you could use a line chart to track the number of leads converted into paying customers each month. This would help you see if your team is converting enough leads. You could also use a line chart to track the number of website visitors who become leads. This would help you see if your team is generating enough leads.
3. Use pie charts to track customer types
Pie charts are a good way to track customer types. They can be used to compare the percentage of each customer type over time or to compare the percentage of each customer type among different teams.
For example, you could use a pie chart to track the percentage of new customers, returning customers, and lost customers each month. This would help you see how your team is doing at acquiring new customers. You could also use a pie chart to track the percentage of online sales, phone sales, and walk-in sales each month. This would help you see which type of sale is most profitable.
4. Use bubble charts to track sales territories
Bubble charts are a good way to track sales territories. They can be used to compare the size of each territory over time or to compare the percentage of sales generated by each territory.
For example, you could use a bubble chart to track the size of each sales territory each month. This would help you see if your team is covering enough ground. You could also use a bubble chart to track the percentage of sales generated by each territory. This would help you see which territories are most productive.
5. Use Gantt charts to track sales activities
Gantt charts are a good way to track sales activities. They can be used to compare the progress of different sales activities over time or to compare the progress of different sales teams.
For example, you could use a Gantt chart to track the progress of each sales activity each month. This would help you see which activities are most effective. You could also use a Gantt chart to track the progress of each sales team each month. This would help you see which teams are most productive.
A Sales Scorecard App can be a powerful tool for tracking progress and making better decisions. But, it is only as good as the data you connect to it. Make sure you are tracking the right KPIs with the right visualizations. This will ensure that your sales scorecard app is actually working for you.
Check out some related resources:
Achieving Actionable Intelligence: The Next Frontier in BI?
Modern BI for All Field Guide: Operationalizing Modern BI Best Practices and Principles
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