Salespeople get paid when they hit targets.
Almost every aspect of a salesperson’s job can be tracked, analyzed, quantified, and measured.
Data rules the decision-making of almost every sales manager around the world.
Insights pulled from this data rules the decision-making of the best sales managers.
Because data without insight is just a bunch of confusing numbers.
Technology helps, but you need skilled, experienced humans to take advantage of the most helpful sales CRM technology to generate the best possible results.
Your sales team should be doing more than just tracking calls, appointments, wins and losses. These tasks are just table stakes. Now you have so much data that can be analyzed, compared, and combined to create detailed forecasts.
But mountains of data can be a blessing and a curse.
The Salesperson’s Data Curse?
The modern salesperson faces the age-old pressure of meeting and exceeding quotas - but now you have the added stress that comes from the responsibility of managing and analyzing data to optimize your performance.
Selling is your business. You get it. You expect the pressure. You can handle the stress.
But the expectation of managing your data effectively can seem like an added chore - a continually hovering cloud of confusion, messiness and frustration.
The Salesperson’s Data Blessing?
Tech should be an enabler, not a disabler.
If you’re crippled by your CRM - you’re doing it wrong.
Data management should not be a time-consuming burden of frustration in your sales team’s day-to-day life.
Your sales CRM should take your data, arrange it effectively, and help you simply analyze the information you’ve gathered to help you sell more product.
Exactly What is Sales Tracking?
Simple definition - Sales tracking means keeping records and detailing all aspects of your sales process.
That alone won’t help you much.
Here’s the beauty of it; analyzing these records helps sales managers develop a sustainable strategy that keeps critical Sales KPIs performing.
When done right, sales tracking provides crystal clear visibility into your sales process and the insights necessary to convert more prospects into customers – especially when you use a CRM with a visual sales pipeline.
How Your CRM Sales Tracking Can Help You Turn Data Into Sales
Sales tracking should be a sales manager’s best friend.
A quality sales CRM will allow you to use sales tracking to closely examine what's working, and track where you may need help or improvement.
This presents a golden opportunity.
But so many sales teams miss out on these insights because they aren't making the best use of their sales tracking software.
With a powerful CRM and pipeline management system, sales tracking can be automated. Critical performance insights are just a couple of keystrokes away.
There aren't any complicated formulas that need to be created in a spreadsheet where you are pulling your hair out just to figure out where you stand on a week-to-week or month-to-month basis.
You can’t afford to underestimate the insights from sales tracking.
Proper use of this data can help you gain a competitive advantage over your competition.
If you can develop effective sales tracking - as opposed to focusing only on basic metrics (like how many calls you make and emails you send) - you have the power to learn how to measure things like sales stage ratios and deal velocities.
You can’t afford to miss out on a hot prospect because it’s buried in your CRM.
You need a quick, clean and clear way to keep track of your sales so all that extra data is waiting there for you. Then you just need to analyze and feed back your learnings to optimize your sales process in the next sales cycle.
Sales tracking can help you uncover a prospect sooner than your competitor, or you can use those numbers to avoid unqualified leads before they drag you down in a time suck.
Let’s break this down for you to the practical essentials:
4 Types of Sales Tracking Metrics (And Their Critical Components)
Activity based sales metrics:
What are the tasks you can control to give you the best chance to achieve your goals?
- Number of calls made
- Number of proposals sent
- Number of conversations
- Number of follow ups scheduled
Pipeline based sales metrics: Is your sales pipeline effectively converting prospects into customers each sales cycle?
- Average length of sales cycle
- Total open opportunities
- Total closed opportunities
- Win rate
Sales Lead generation based sales metrics: Are you talking to the right people at the right time? And do you know when to lose a cold lead?
- Volume of new opportunities added to pipeline
- Percentage of leads followed up
- Percentage of qualified leads
Sales productivity based metrics: Are you planning your day correctly?
- Time spent selling
- Time spent on data entry
- Time spent lead prospecting
Kept within each metric are the basic numbers you need for effective sales tracking.
But basic numbers give you basic sales.
You're missing opportunities if you're not tracking your sales properly. Mixing metrics to define new ways of identifying problem areas is needed to avoid time wasters, unqualified prospects, and lost opportunities.
You need to compare and combine different metrics to make the magic happen and uncover critical opportunities.
Determine the combination of specific sales metrics that you and your team need to track to understand where you can improve your sales process in the next sales cycle.
If you can develop a structured, repeatable sales process and use a simple sales-specific CRM to automate sales tracking for you - you have yourself a clean, clear and fast way to regularly analyse your performance and optimize your process for the next sales cycle.
With the right sales tracking and clever analysis - better performance, sustainable revenue growth, and more cash is waiting to reward you.