As a B2B SaaS company, it's essential to have visibility into key metrics like sales pipeline, conversion rates, and customer retention. This visibility can help sales leaders and revenue operations (RevOps) leaders better understand their customers and make decisions based on accurate data. Fortunately, Salesforce offers robust reporting tools that allow you to track these metrics and more.
In this blog post, we'll dive into the different metrics that should be tracked by B2B SaaS companies and how to pull some of the most critical ones from your Salesforce instance.
When it comes to tracking sales metrics for a B2B SaaS company, the most important metrics to track are:
Most SaaS businesses are built on recurring revenue.
To track recurring revenue, you'll need these components on the opportunity object:
With this information, you can pull a report on your current total ARR and have a clear line of sight into when your renewals are approaching. These fields are also helpful for any RevOps leader overseeing Customer Success Operations. They give context and clarity around renewal and expansion and can help the team be proactive against churn risk.
This metric shows how many potential customers are in the sales process at any given time. Pipeline is often broken down by stage (i.e., qualifying, evaluation, negotiation, etc.).You need a clear line of sight for your active opportunities, and this is where pipeline metrics come into play.
All of these can be summed up in a pipeline dashboard. If you're measuring each component correctly, building a pipeline dashboard for the quarter should be a breeze and something you check daily/weekly.
It's exactly what it sounds like; sales KPIs and activity metrics for your team to track in terms of output.
These numbers can be easily tracked if you have the correct configurations. Sometimes your sales engagement platform or dialer will have direct integrations with Salesforce that allow you to sync activity automatically. Otherwise, if you need to hook up your email, you can check out this blog which will walk you through it.
These metrics track top-of-funnel activity and give you a clear view of what acquisition channels are performing best.
We have a pretty out-of-the-box install package for this if you'd like us to do it for you;) Otherwise, you can hook up your HubSpot forms and pass them to Salesforce or do it directly from your site using a Web-to-Lead form.
To set up marketing attribution in Salesforce, you'll need:
But again, if that sounds a bit complex, our product can do it seamlessly.
By tracking these metrics in Salesforce, Sales Leaders and RevOps leaders can easily visualize their company's performance and identify areas for improvement. Having visibility into critical metrics also enables teams to make more informed decisions, resulting in increased revenue growth. Armed with this information, they can make informed decisions on optimizing their processes and strategies to drive higher customer acquisition and retention rates.
If you track these metrics from day one, you can slice and dice your data for more meaningful reporting and storytelling. This makes building a repeatable sales motion infinitely more manageable as you pursue growing a proper sales organization. So track them, and thank us later!
Ps. If you read this and are thinking to yourself, "wow, that sounds like a lot of work" we would be happy to chat and show you how our platform can automate the set up of these metrics and dashboards in your salesforce. Just holler!