Are you blind about your sales progress for the better part of the week?
If yes, daily sales reporting or DSR could the answer to your sales challenges.
First of all, let’s look at what a DSR can achieve for your business.
If you are a sales manager or part of a sales decision-making team, asking tough questions is a part of your responsibility. This includes questions that you ask yourself.
Here are some of the primary questions for a working sales team.
Q1. Do you know how many sales deals you closed last week?
Of course, yes.
Now let’s follow it up with a few simple, but not-so-direct questions about the overall health of your sales prospecting.
- 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 are capable of effectively answer the second group of queries.
Usually, most sales managers contend with receiving individual sales target achievement reports and updates about closures. But they still may not have an idea about the prospecting activities before the team reports back about their revenue numbers.
This brings us to the next overwhelming problem that pulls back your sales performances.
Usually, Sales managers are limited by their sales reports
The sales managers are used to be content with receiving weekly or even monthly round-off reports. Although this gives straight away information about their numbers, they don’t give the sales managers anything beyond this information.
This monthly or weekly sales reports don’t give critical sales insights that required to make important changes to the sales process.
For this reason, the sales managers are limited by their understanding of the reality of sales prospecting at the grass-root level.
With this system of managing sales reports, the sales managers won’t be able to make the necessary changes to ensure a brighter future for their sales team.
They also have a fragmented system of aggregating the sales data. Their sales reports get dispersed into different excel sheets and email threads.
Due to this reason, they fail to make any sense or form a complete picture at the time of necessity.
Actually, you need a system to aggregate and manage your sales data through sales reports. With a sales CRM, you can create team hierarchy and collect sales reports based on this hierarchy.
This will help you make accurate sense of your sales data.
Similarly, the sales manager should also ensure that the entire data gets streamlined and reported to the right individual.
A sales CRM helps you to create a detailed sales hierarchy for your entire sales team. This allows the sales manager to make sense of the entire sales performance data.
This allows the sales managers to procure information that conforms to the different employee positions and their related team performances.
For all these reasons, you need a CRM-based sales reports to develop a sales process or strategy to consistently grow your sales bottom line.
Manage your data and save time with daily sales reports (DSR)
When you start collecting daily sales and prospecting data, you are obviously at the risk of accumulating a large volume of customer data without the means to make sense of this information. In order to avert this crisis, you should have an effective system to evaluate and compare this large data to other different 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.
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.
In the end, it’s quite possible that you simply end-up overwhelmed with the available data. Also, the monthly reports can’t quite help you keep track of the entire business process.
You would need daily or even weekly reports to make sense of your sales performances. Kapture sales CRM automates sending the daily sales reports of each sale to the concerned manager.
The sales report software will help you leverage the generated data by managing complete report management through a unified dashboard.
REVIEW IN-DEPTH DAILY SALES ACTIVITIES
If you just have the number of deals closed, it would be hard to decipher anything further valuable from that data. You may even be led astray by forcing your marketing team to fix a maximum number of uneventful meetings.
With this in mind, you need to collect more related and contextual information that is related to on-the-ground sales activities.
For example, accurate sales reports could include a number of meetings, number of sales calls, sales call duration, sales negotiations etc…
By having in-depth sales reporting, you can also start avoiding errors or manipulation within the sales reports.
Alternately, you can also include detailed reporting as a part of the daily activity of your sales professional. A mobile CRM helps you set-up such a process that include various data accumulation processes.
This helps you ensure that you are receiving the latest sales reports to provide accurate information about the actual sales performances.
Always monitor and evaluate your sales pipeline
The first and foremost thing you have to know is what is happening 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 an accurate report on lead conversion rate, you can also measure the average conversion time, identify obstacles that hinder 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 showcase 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 your 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 a 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 to 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 an 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.
The 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. The sales forecast is necessary for any kind of business since it’s the major factor to influence your sales strategy.
The fact is the 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 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 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.