Tuesday, August 26, 2014
Sales Reporting Tools Help Manage Priorities
As a sales manager, you may have identified the areas most important for your sales team’s focus. Through an effective sales reporting tool, you can track these measures and determine with some accuracy where your sales team, and therefore your business, is heading.
Deciding what to measure is the first step. While not every industry and individual business is the same, there are some sales indicators that are reliable tools for measuring the success of a sales team, no matter what you sell.
Total Sales DollarsWhile not a foolproof measure, getting a picture of your total sales dollars is a part of understanding how your sales team is performing. On a team where sales territories are largely variable, this measure will need to be balanced with other indicators of sales success.
Closing RatiosGetting an idea of which sales reps are excelling at closing will help you replicate those skills throughout your sales team. If you identify a particularly adept sales rep that always turns a cold call into a face-to-face meeting, you can have that sales rep share their best practices with the rest of the team.
Per Prospect Sales AmountTo get a picture of how your sales are spread across various customers, track the per prospect sales amount in your sales reporting tool. It will help you identify sales reps that have over-leveraged business into a few key accounts and allow them to spot opportunities to grow additional business.
Closing Rate vs. Sales CycleHaving an accurate understanding of closing rate vs. sales cycle may help you identify at what step you may be losing opportunities. If a rep is consistently getting to a second meeting but cannot seem to close on a contract, it may be time for some training. This information can position your management into a more proactive style instead of reacting to a deal that has fallen through.
Pipeline AccuracyIf your sales reporting tool is tracking the pipeline of your sales reps, you can correctly forecast their sales and, in turn, their income. This measure benefits both the sales manager and the sales rep because everyone involved is working with accurate numbers. The sales rep can count on their expected income and the sales manager can bank on the number of new accounts coming online.
ActivitiesTracking activities is likely the most unpopular task required of a sales rep. Many feel micro-managed when they have to log cold calls, meetings and emails. However, measuring activities helps identify strong and weak points in the sales process. When a sales team is provided with a user-friendly sales reporting tool, logging activities is efficient and easy.
At Front Row Solutions, you can access a sales reporting tool that provides the best sales tracking available. Give Front Row Solutions a call to talk about your reporting needs and you will be shown how to launch your sales team into a new level of success with innovative mobile solutions.