If you are a sales manager or part of a sales decision making team, asking poignant questions are a part of your responsibility. This includes questions that you ask yourself.
Let’s ask the first question.
Q1. Do you know how many sales deals you closed last week?
Of course, yes.
Now let’s follow it up with a few hard pointed questions.
- Do you try to come-up with a data-oriented sales forecast?
- Are you able to figure out an optimization strategy for your sales progress?
- Are you able to evaluate your real-time sales progress?
- Are you aware of the specific activities conducted by your sales team each day?
In my experience, unlike the first question only a few number sales managers can effectively answer these queries.
Usually, they would be receiving individual sales target achievement reports and deal closure updates. But they still may not have an idea about the ground reality before the team reports back their revenue numbers.
Unfortunately, in this system you don’t have an effective system to manage your sales numbers.
Usually, Sales managers have limited sales insights
Usually, the sales managers are limited by their knowledge concerning the ground sales reality as a result they are also limited about their sales insights.
They also have a fragmented system to collect the available information. Their sales information gets collect in diverse data streams. Due to this reason, they fail to collect the available information about their sales operations.
Also, it’s really hard to procure information that conforms to your business positioning in relation to your competitors.
For all these reason, they are usually short of developing a sales process or strategy that allows them to systematically grow their sales bottom line.
In the end, they are not able to create a pattern that appeals to their future sales strategy.
Manage your data within the daily sales reports
If you start generating daily sales reports, it would obviously create a significantly larger volume of data. You should also have an effective system to evaluate this data compared to various other parameters.
But, how to generate an accurate sales report?
It’s not so easy though. You have to accumulate the data, segregate it according to the proper segments and then analyze and compare those segments to procure a positive insight.
In the end, it’s quite possible that you end-up overwhelmed with the available data.
If you try to do it manually it will take at least 2 days to make a monthly report, whereas you can hardly think of weekly and daily reports. But, monthly reports are not enough to track the entire business process. If you want to sustain in this competitive market economy, you need weekly reports and sometimes daily reports too.
The sales report software will help you leverage the generated data through managing complete report management through a unified dashboard.
Access in-depth sales Reports
If you just have the number of deals closed or meetings attended, it would be hard to decipher a valuable insight from that data. You may even be led astray by forcing your marketing team to fix a maximum number of uneventful meetings.
This means that you need more related and contextual data that would give an accurate picture of your sales dynamics.
For example, an accurate sales report may include many related information and objectives.
For all practical purposes, you can’t expect the elaborate sales reporting to be a protocol at the end of day. In that case, you are likely to get reports filled with error and manipulation.
Alternately, you could integrate reporting as a part of your daily work protocol. A mobile CRMhelps you set-up such a process that include various data accumulation processes.
This helps you ensure that you receive the latest reports that continue to be in-line with your ground sales reality.
Always monitor and evaluate your sales pipeline
The first and foremost thing you have to know is what is happing in your sales pipeline. A daily sales report (DSR) is needed to understand the position of each lead. Thus, you can have an idea about the conversion rate and ultimate business prospect.
After receiving accurate report on lead conversion rate, you can also measure the average conversion time, identify obstacles that hinders the conversion process, hence, you can take necessary action to speed up the process.
With its sales monitoring ability CRM software can graphically visualize the journey of your sales leads and show case all the organized information on the integrated dashboard.
Spot a pattern at generating sales qualified Leads
As soon as you start getting DSR with accurate data on lead generation and conversion rate, you can be able to get an insight, from which you can spot your qualified leads. And by segregating the qualified leads from poor leads, you would be able to reinforce your target marketing.
Of course, targeted marketing will increase you lead conversion rate.
Do you know 7% is a strong lead conversion rate, however, good sales and marketing companies shoot for somewhere between 5-10% range.
Below are the average conversion rates of different industries-
Certainly, lead generation is not enough to increase ROI; you need to convert your leads into valuable opportunities. And for high conversion rate, you need detailed report on-
- How many leads you are getting per day?
- How many queries are there?
- What is your landing page conversion rate?
Each answer of the above questions will help you to understand your business status.
Knowing the number of queries, you can assign people to solve them and easily follow-up the prospects. Thus, your conversion rate will automatically rise and you can get increased sales revenue.
Start making accurate sales forecast
The daily sales reports inform you about the actual reality of your ground sales activities. This helps you make data-informed sales and business forecasting decisions.
Sales forecast is important for-
- Sales planning
- Inventory controls
- Supply chain management
- Financial planning
- Market improvements
For example, you can first examine the number of leads entering the sales pipeline. You can see the gradual progression of sales leads on its way to closure.
This also helps you evaluate and optimize for the major aspects that influence your sales strategy.
With DSR you can track your daily sales progress, thus you will be able to generate more accurate sales forecast. Sales forecast is necessary for any kind of business, since it’s the major factor to influence your sales strategy.
The fact is accuracy of sale forecast will determine your future sales and it enables you to manage virtually all the aspects of your business.
Daily sales reports (DSR) helps you focus on daily sales progression and daily sales reporting. You can also generate positive reports that enhance the team confidence levels.
Kapture CRM is a conclusive system that enables your sales managers to receive and make sense of their daily sales progress.
You can access the daily reports on either a mobile phone or desktop API.
The cloud-based CRM dashboard lets you share the sales performance with employees and team. Also, understand the employee workflow and individual contributions.
Within the DSR, you can receive Daily Sales Report, weekly and monthly.
With all the positive insights received from Kapture CRM you can work on your sales and marketing strategy and carry out valuable analysis regarding sales opportunities.