So, what are the metrics you should be tracking? Great question!
The average duration (typically in days) it takes your team to win a deal.
Top sales managers will also want to glean how long individual stages of the sales process take (also known as “duration in stage”). Your sales cycle is the sum of all the durations within each opportunity stage in your pipeline.
Keep historical data about your average sales cycle to better identify likely buyers and at-risk opportunities. The amount of time an opportunity spends in a stage has a high correlation to its likelihood of becoming a won deal – if your opportunity has been stuck in the pipeline much longer than the typical won cycle then this opportunity is less probably to be won.
Minimize your sales cycle by identifying at which stage in your sales funnel you are seeing bottlenecks. This will inform you which skills you should coach and improve. Each stage is unique and some take longer than others – it is important to identify which stages need improvement when compared to historical benchmarks.