Sales Reports are summarized enunciated outline of sales activities of the sales team. These reports are the first point of convergence, for the sales management and the market activity.
In sales and business, there is no place for hearsay and guesswork. Sales reports eliminate the scope for presumptions and speculations.
Sales Managers and Management get reports periodically like Daily, Weekly, and Monthly Sales Reports. These reports just reflect the sales and revenue figures.
There are still plenty of areas in sales activities, which go unnoticed or do not find a place in standard reports. These in-between reports, which are dissected, wire-puller and microscopic have enormous information and data.
If you follow up and closely analyze these trivial but very vital informative sales reports, it will change your approach towards sales and its challenges.
Microscopic and Nanoscopic Reports:
1. Conversion Rate Report:
Conversion Rate Report reflects the sales funnel performance of the salespersons and the team as a whole. Standard sales reports exhibit only the percentage of increase or decrease in sales but not the reasons. Whereas Conversion Rate Report explains whys and wherefores for ascension and declension in sales.
This report can be generated for the individual salesperson, your sales team, and also the organization. By closely analyzing the reports, you can overcome the slump in sales by timely action.
2. Loss Rate by Sales Phase Report:
Loss Rate by Sales Phase Report expounds on the percentage of deals lost during each phase of the sales cycle. These reports will help you in analyzing and understanding the finer details of the happening during every step of a sales cycle.
This report mainly talks about deals lost after the sales presentation and giving the quotes to the clients. It helps you in recognizing any weak spots in your sales cycle. You can concentrate on the salespersons whose lost percentage is highest. You can check their flaws in pitching, follow up and interaction and strengthen them by training.
3. Average Sales Cycle Length / Lead Aging Report:
Calculate the average time taken to close the lead from the time it was sourced. The time varies from industry to industry and product to product, but you cannot have a common yardstick.
This report gives you the insight to judge when to start your sales processes like sending quotes, presentations, and follow-up. This will help in managing the pipeline more effectively.
If there are any delays in closing the leads, they will be easily highlighted. The sales manager can mentor the particular salesperson in strengthening the weak links.
4. Response Time Report:
The time duration between the customer's inquiry and the salesperson's response is called Response Time Report. It is very vital for the companies which rely on inbound leads. If there is a delay in response time, it will give extra time for the competitors to catch up with the customer.
Response time is considered as the golden hour in sales just like the first hour in any accidents.
5. Total Lifetime Value of a Customer Report:
Total Lifetime Value of a customer is the value a customer contributes to your business over the entire lifetime at your company. It is a very important yardstick while making sales decisions. This takes care of your future purchases and repeated orders. These reports estimate the real-time you can spare for the new customers.
You should oversee these reports to evaluate your salespersons, sales team, and company. Regular follow-up will definitely yield positive results. Focus only on those reports which will help in your sales growth. Reports which will help you to tackle the shortcomings of the salespersons.