Every sales team will agree to the fact that in today’s world, there are a very few easy deal closes. As per study conducted, there are only 2% first meetings that convert into an on-the-spot sale. The remaining 98% needs to followed up, entertained constantly, and requires nurturing throughout the sales process. You will need to pamper them just in the hope that they would succumb to your sales. When you just have potential clients in single-digits, then you need to keep track of all the activities that you are undertaking to get a successful deal and maintain a little bit of discipline in your business. But when your business grows, especially the sales team, it would be difficult to keep track of everything happening in your sales pipeline. And if you have responsibilities other than sales, then this task becomes even more difficult. This is why we recommend that you have a disciplined system for sales reporting so that all the activities in the tips of your fingers without you having to put an extra effort. We provide you with a detailed overview on the top 3 sales reports that every business should have.
- Daily sales report
Take your mind off of revenue and conversion rates for sometime now. The daily sales report that you create is not about the outcomes. It’s actually about all the activities dones in the last 24 hours (in a day) with respect to your potential clients. It is really important that you keep track of the number of calls and emails that the members of your sales team sends out in each day. This will help you to monitor the performance of your sales team and also pinpoint the inefficiencies or areas they are lacking in. Over the time you will come to notice that the daily sales report works as a checklist for you team to perform all activities required to have a fruitful sales day. In case, you are missing something, you will be able to see the pattern and find out the lacking points in your daily performance.
- Weekly sales report
Next comes the weekly reports, which will help you to discover immediate trends that are required to be addressed with the members of your sales team. The weekly report will help you to derive insights and take actions before the client is lost or the business gets affected. With the help of good reports, you will be able to see and show to your superiors everything that has been going on with your team. Reports also enable you to talk in terms of numbers to your managers which is a good indication of your performance. Moreover, speaking to your team ia reports also ensures that you have data to back up your strategies. You team will be able to follow your strategies if you offer proof to support the same. Also, they will get the chance to speak up and discuss with you the pain points that have been made obvious by the reports. Reports also forces the team members to be accountable for the work they perform Everybody loves a good sales report, don’t they?
- Monthly sales report
Monthly reports are way different than your daily and weekly reports. Daily and weekly reports help you to identify problems that have the potential to ruin your business. When it comes to monthly sales reports, the damage has already been done. You will start witnessing the effects of the same in your business. But what they help you to achieve is an overview of the long-term trends. Monthly reports will help you understand the current state of your sales funnel, the conversion rates of your team, the overall team performance, and deeper insights into seasonal trends.
Does your organization produce sales reports? If yes, how have they helped your sales team? Let us know in the comments.
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