The ability to track sales performance can help you boost business profits. You should have a distinct and consistent picture of the daily activities of sales reps rather than just reviewing sales at the end of the month. Monitoring sales representatives through their phones can provide a clear picture of their activities for better management.
As a manager, it is your responsibility to make sure that everyone on the team is on board with the company’s goals. To ensure that your sales team performs at its peak, any stress or issues must be addressed. Using a field sales monitoring app like CloudApper SalesQ, you can oversee your sales representatives’ productivity to increase profits.
- Step 1 – Set goals and expectations. …
- Step 2 – Plan to measure both short and long term goals. …
- Step 3 – Develop an up-to-date visual dashboard to consider every stage of the pipeline. …
- Step 4 – Work smarter, not harder.
Why is it important to monitor sales?
You can learn about a sales team’s earnings, the time it takes to convert leads, and other aspects of sales management by tracking sales metrics. You can complete the following tasks using data from sales monitoring:
Predict trends
Monitoring sales activity can assist you in making effective plans by assisting you in predicting how a company’s customers may behave in the future. For instance, if a sales team’s monthly reports reveal that the team is selling more of a particular product, that may indicate that the product is gaining in popularity. In order to help the marketing and business development teams choose what to emphasize in upcoming advertising, sales managers frequently share customer trends with them.
Perform individual and team assessments
You can evaluate a sales team’s representatives’ performance using information from sales monitoring reports. You may detect trends in a team member’s performance by examining data trends over an extended period, such as six months or a year. A salesperson who consistently exceeds sales targets, for instance, might be a good candidate for a leadership position or other promotion. In order to evaluate a sales team’s strengths and potential areas for improvement, you can also use sales monitoring data to conduct team reviews.
Conduct professional development
You can create a professional development program that assists sales representatives in achieving their objectives by keeping track of sales. You might develop an improvement program based on sales monitoring data following a team assessment. You can maintain team engagement and give them helpful tools to boost performance by tailoring training exercises based on the needs of the team. For instance, if a team’s sales report indicates that additional training might increase the customer upsell rate, you might lead a session on upgrading a current customer’s product or service.
Make staffing decisions
You can use trends in sales monitoring data to determine whether a sales team would benefit from staffing changes. For instance, if reports on a team’s revenue and logged activity reveal a definite upward trend, you might grow the team by bringing on one or more new members. You can modify team members’ tasks using sales reports so they can concentrate on promoting growth in crucial areas. You might reassign team members to provide more sales support for a particular product if its popularity increases over several months, which could boost overall revenue.
What are sales KPIs?
Sales KPIs are useful tools for tracking sales because they are numerical values that demonstrate how well a sales team is accomplishing its goals. Since generating revenue for an organization is a sales team’s primary objective, many sales KPIs are related to revenue or customer satisfaction. Other sales KPIs track the activities a salesperson engages in during the course of a day, which can reveal additional details about their capacity to reach revenue goals. For instance, the volume of recorded activities and the typical length of customer phone calls can set the monthly income of a sales representative in context.
Sales KPIs to track
The goals of the organization and the industry may affect the sales KPIs you track. While many industries use important KPIs like team revenue and logged activity, others, like revenue by type, may be crucial to businesses that sell a variety of goods and services. Here are some sales team KPIs you could keep an eye on:
How to monitor sales
A four-step procedure can be used to track a variety of KPIs for a sales team. Heres how to monitor sales:
1. Establish team and individual goals
Set goals for the team and individual representatives for each KPI you track over a set period of time, such as a month or quarter. While a sales manager or team lead may choose some goals, upper management may choose others. For instance, based on the company’s yearly revenue targets, the director of sales might set a sales quota for a month-long sales event. Individual goals of team members, which may change depending on their experience, compensation, and seniority, are typically combined into team goals.
2. Use reports to track performance in key areas
Customer relationship management (CRM) software is widely used by sales team leads and managers to create reports on a variety of KPIs using information from team members’ logged activities and revenue. With some CRM platforms, you can easily track performance by using a dashboard that updates in real-time or reports that measure multiple KPIs. KPIs that measure individual actions, such as logged activity and closed deals per representative, may benefit from daily or weekly monitoring, whereas others, such as close rate, may be better monitored on a monthly basis.
3. Provide training for team members
Depending on their performance, you may offer team members individual training in addition to professional development to aid them in the development of important skills. Reports on sales monitoring can help you identify potential candidates for additional training. For instance, you might listen to several of a team member’s sales calls and create a training manual for them if a weekly sales report reveals that they are struggling to close deals. You can then meet with that team member and instruct them on how to make a successful sales call.
4. Use results to refine goals
You might evaluate the team’s performance at the end of a month or quarter to modify one or more goals. For instance, you might raise the quota for a sales team if every member achieved their goal in the previous month in order to promote further sales growth. When modifying sales goals, you may also take into account market trends, seasonal changes, and other elements. For instance, sales managers at landscaping companies might modify their teams’ quota in anticipation of the busy spring season.
Tips for monitoring sales
The following tactics can help your sales monitoring process be successful:
Communicate goals to team members
Many salespeople prefer to be aware of their objectives beforehand so they can prepare their sales strategy. To discuss new sales quotas, you might send an email or arrange a meeting. This will allow team members to offer feedback and will ensure that everyone on the team is aware of the team’s objectives. Some CRM platforms let you display sales goals on team members’ dashboards so they can see their progress and be reminded of their weekly or monthly goals.
Meet with team members for feedback
Regular meetings can help the team communicate better, boost morale, and increase workplace satisfaction. The entire team can participate in a brief daily meeting or strategy call during which you can highlight the objectives and provide them with an update on their performance. In addition to the weekly team meeting, you might also check in with each team member individually. You can talk about the representative’s performance and give advice during these private sessions.
Audit sales process regularly
Utilizing sales monitoring data, you can review the sales process every month or every three months to maximize a team’s selling potential. By examining KPIs like the typical sales cycle length and close rate, you can modify the team’s approach and offer more assistance to enhance the procedure. If a team’s average sales cycle is longer than the industry average, for instance, you might combine a few steps in the team’s sales process to streamline purchases, which could enhance the customer experience.
HOW TO TRACK YOUR SALES USING EXCEL
FAQ
How do you track sales performance?
- Time spent selling.
- Time spent on manual data entry.
- Time spent creating new content.
- Number of marketing collaterals utilized by sales reps.
- Number of sales tools utilized by each sales rep.
- Number of follow-ups from high-quality leads.
How do you analyze sales?
Using a Sales Leaderboard and projecting it on a television is one of the best ways to keep track of sales performance in comparison to goals. Consider also setting up a Salesforce dashbord.
How do you monitor sales performance within your department?
- Objective 1: Tracking the number of products or units sold.
- Objective 2: Better forecasting accuracy.
- Objective 3: Improving sales team performance.
- Objective 4: Finding better solutions to current challenges.
