The Best Ways to Track Sales Performance!

Sales performance

Keeping track of your sales performance might sound simple, but the details can be complicated without the right tools.

As a manager or leader, you need to have a good grasp of the key performance indicators for your company so that you make logical, insightful decisions for the benefit of your company.

Fortunately, customizable sales dashboards will make your job a whole lot easier.

Why You Should Implement a Sales Tracking System

Why should you implement a sales tracking system in the first place? It takes time and energy to set one up, so why put in the effort? What are the benefits going to be?

The fact is that statistics are the backbone of your company. Numbers, ratios, graphs – they all play a significant role in providing an insight into the performance of the various functions and processes within your business. The information you can gather holds great value as you work towards reaching your goals and objectives.

Honestly, there is no 100 per cent guaranteed, fool-proof way of predicting the future, especially when it comes to business. However, when you have access to both historic and present sales data, combined with the ability to transform that into understandable formats, you have the information you need to formulate reliable forecasts and predictions for the future.

With this information, you can make confident, data-driven decisions, giving you the edge and advantage in comparison to competitive businesses in your field. 

The ability to track your sales performance through customizable sales dashboards is like the ability to turn your headlights on in a vehicle while driving through the night. This valuable sales data will illuminate the way in front of you, to understand the market you’re navigating and reach your goals as quickly and effortlessly as possible.

You might think you can struggle on without a sales monitoring system and that is probably true. The problem is that it will take you a lot longer and you run the risk of getting left behind in this competitive market.

Benefits of a Sales Tracking System

As discussed, there are big gains to be made by using a comprehensive sales monitoring system. Just how will these benefits be felt? Let’s find out:

  1. Precise sales forecasts. In-depth analysis of sales data, in the form of an easy-to-read sales dashboard, will help you make accurate forecasts and act in line with them.
  2. A well-organised database. Gathering and storing the data you need in a sales tracking system will mean you have access to any aspect of it whenever you need it. You can make use of the data on historical trends, manage market changes, make better predictions, and adapt to the changes in technology.
  3. Enhanced sales team performance. Your sales team can put more of their time into more important tasks and spend less time on sales operational tasks that can be done automatically by the sales system. All of the time that went into updating information and creating reports can now be channelled into more rewarding endeavours, making your sales team more streamlined and efficient.
  4. Improved internal coordination. The reports and dashboards that format the information can be available to other teams and departments within the business, improving the coordination between departments. 

Choosing the Right Sales Performance System for You

There are several aspects of a sales performance system that you want to look for:

  • A system that will help with your prospecting. Whatever you’re preferred method of prospecting is, from social media to cold calling, you need a system to organise those prospects. Create an automated workflow to optimise lead management. With the help of technology, you can prioritise your leads and focus your attention on the ones that are most likely to reach a closed deal. You’ll also be able to organise your workday and sync your prospects with the rest of your CRM data.
  • A system that will help you to sell. Track deals and visualise your sales processes with the right software system for you. You can identify kinks in the pipeline and smooth out any problems that are causing any problems in your workflow. Use the information you find to deliver relevant, empowering training to improve the success rate of your sales team.
  • A system that will improve your engagement. Without the right support system in place, you can expect a very high rate of retention. With real-time reporting, you can enhance your perspective of the after-sale experience and keep track of customer engagement. If you spot any flaws or weaknesses, you can make changes and improvements to boost your engagement.
  • Build your enterprise. With an ever-growing customer base, building your business and reaching every client becomes a mammoth task. With the right technology behind you, you will always know the status and progress of every sale, know what task sales reps are working on and therefore be able to act to keep things on track.  You will be able to boost your sales and expand your business faster and with less difficulty by using the available templates, reports, analytics and sales dashboards.

The Future is Out There

There are many different software options and with a good understanding of your business needs and objectives, you can choose one that suits you. A lot of the software options out there are designed to fit a range of different businesses and won’t be great if you need specialised features to suit your business.

Either find an all-in-one solution that will do the job or find an option that will concentrate on a few of the key needs of your business. If you go for a more unique specialised system, you need to make sure they can be integrated with other systems so they can cover all the things you need.

Knowledge is power and with the knowledge that you will gain through a customizable sales performance dashboard, you will have the power to make inspiring, insightful decisions for the good of your company. 

Sales performance article and permission to publish here provided by James Daniel. Originally written for Supply Chain Game Changer and published on August 1, 2022.