Why should every business have a CRM dashboard?

March 15, 2022
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General Blog

If I was to present you with the following shapes and asked you to tell me what was wrong with ‘this business’, it would be very difficult to answer.

However, if I was to then give you the following ‘shadow board’ of shapes…

… and asked you to add the shapes into their respective places.

It soon becomes apparent that the diamond shape is missing!

This is exactly what your CRM dashboard should be doing for you as a business owner. Where are the potential ‘red flags’ in your business? What is in need of attention?

Here is a list of our opportunity pipeline in Salesforce. I can see how much is in our pipeline and the stage of each of our open opportunities. Everything is looking good, but are we missing anything?

Here is an example from a Salesforce CRM dashboard.

Here we can see three dashboard components;

- Value of Won Opportunities (YTD)

- Opportunity Conversion Rate by Sales Member

- Open Opportunities by Days Since Last Contact

Let’s look at the first component, Value of Won Opportunities (YTD). We can see from the gauge that our target of sales for the year is £4million. If we are under £3million, we would be in the ‘red’ zone and wouldn’t be on track to reach our target. We are currently in the ‘amber’ zone at £3.4million, so we’re in a good position to reach our target, but we’re not quite there yet. Once we exceed the target, we will be in the ‘green’ zone.

Looking at the second component, Opportunity Conversion Rate by Sales Member. We can see our sales member Mark Jones has an 80% conversion rate and is in the ‘green’ zone - great! John & Sally have a similar conversion rate around the 60-66% mark, so they’re in the ‘amber’ zone. However looking down at the bottom of the list we can see Chris Jackson with only a 33.33% conversion rate. Perhaps there is something Mark is doing which might be of benefit to the rest of the team? Could Mark help train the rest of the sales team to help reach his conversion rate?

Finally, the last component Open Opportunities by Days Since Last Contact. This component shows us all current open opportunities and the number of days since we last contacted that customer. Let’s say our example company wants to touch base with each opportunity at least once a week. Contact in the last 0-4 days puts us in the ‘green’ zone, 5-6 in the ‘amber’ zone and 7+ in the ‘red’ zone. Here we can see Chris Jackson has two opportunities in the ‘red’ zone having not contacted them for over a week - is this perhaps the reason why his conversion rate is not as high as the rest of the team? Are opportunities being lost because we aren’t contacting them frequently enough?

All of a sudden the information is displayed in a very clear manner and it's easier to understand what needs attention. It shows how the company and the sales team is performing clearer than it did before when we simply had a list of our open opportunities.

Do you have a dashboard in your business? Is your CRM telling you everything you need to know? If not, please feel free to get in touch with us at OYF Ltd.

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