Understanding Sales and Visibility Tracking!
Just as counting calories won't help you lose weight, focusing solely on sales tracking metrics won't help you optimize your workflow.
What you do with the data is essential.
So, to truly track sales, all pertinent data should be collected and converted into information to improve processes and boost sales. You've arrived at the ideal location if you want to become an authority on sales tracking. After reading this guide, you'll understand how to track your sales effectively and use that information to motivate your team.
Why do we track sales?
Sales tracking is gathering crucial sales metrics, examining them, and using the information gained to enhance your sales process. When used correctly, sales tracking gives you in-depth knowledge of every step in the sales process, helps with visibility tracking, and aids in achieving your objectives. Your sales process resembles a puzzle. Not that silly 100-piece puzzle your grandmother always left unfinished on the dining room table, but the enormous 5,000-piece puzzle.
This process comprises many intricate metrics, such as your customers' behavior, their buyer's journey, lead generation, selling activities, emails, phone calls, social signals, and much more.
Like dissecting every component of that sizable puzzle to determine precisely how it fits into the overall picture, sales tracking involves doing the same.
Here are six ways sales tracking can help your sales team and company and why they are essential for your business.
Gives you insight based on actual data:
No more speculating, and if you track the data in real time, you can quickly decide based on how your sales are doing right now, not last week.
Helps you create a clear path to your objectives:
When you know precisely how various actions impact your financial situation, you'll know what to change and how to set up your process. Hence, your sales team consistently achieves its objectives.
Tracking sales metrics gives you a clear view of what has stopped working, so you can change your process before the problem becomes critical.
Demonstrates to sales managers what their reps are doing: Various methods of tracking sales activity enable them to identify which team members are closing more deals and which are having difficulty. Additionally, it reveals each representative's assets and weaknesses, allowing the managers to coach their representatives better.
It enables you to test new concepts and techniques quickly. For instance, if you add a unique lead capture to your website, sales tracking will almost immediately tell you whether it is effective based on the number of fresh leads generated. This allows you to test and use new sales techniques effectively and quickly.
Enables you to provide your customers with more individualized offerings: You'll know exactly what to offer different customers by tracking customer behavior and other relevant metrics. Additionally, you can locate behavior-based triggers and, better than ever, time your outreach and follow-ups.
Pro tip: Download The Follow-Up Formula, a free resource, immediately to learn the best follow-up formula to incorporate into your sales process.
6 Different Types of Sales Tracking (and Which Metrics Are Important).
The first step in tracking your sales is determining the tracking your team requires. The six tracking options you should consider are listed below, and the key metrics you need for each.
1. Tracking the progress of sales.
This is the perfect solution for sales managers who want to monitor their team's reps' performance.
Investigate metrics like:
- Makes cold calls.
- Sending emails.
- Duration of the ring.
- Emails are opened.
- Email replies.
- Sent an SMS.
- Entire missed opportunities.
- Declined, postponed, or no-show meetings.
- Total worth produced.
- Chances were won.
The total amount of time spent on sales-related activities.
Sales managers can tell who is doing well and who is having trouble by looking at these metrics and breaking them down by rep to see which areas those reps have the most difficulty in.
When viewing the Activity Comparison report in Close, sales managers can quickly see these metrics broken down by rep. To see only the metrics that are most important to you, you can also alter how you view this chart:
2. Tracking sales leads.
Collecting data on their behavior, comparing it to prior charges, and determining which actions will influence their purchase decision most is necessary to track leads effectively.
This involves keeping track of metrics like:
- Last date of contact.
- Next task or action.
- Price range.
- Date of project completion.
You'll be able to pinpoint the leads on your list that are the most valuable, refocus your efforts to nurture those leads successfully and close more deals when you track these metrics.
The sales lead tracking in Close looks like this:
3. Tracking of sales goals.
You don't just happen to achieve your goals. It will be much harder to predict whether you'll make it until the last second if you don't track your progress.
Sales goal tracking or expanse tracking will assist you in adopting a more balanced strategy if you need help making sales at the end of every quarter.
To set up goal tracking, you need these four metrics:
- Total desired revenue.
- Goals for the month, the week, and the day.
- Total daily sales.
- Totals for all sales made.
The best sales goal tracker visually represents your progress toward your objectives and the number of leads or sales required to reach them.
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