An effective, data-driven sales management system provides tools and reports that allows sales managers to diagnose issues more accurately. Some of these areas of diagnosis include examining the historical pipeline to present accurate sales forecasts, monitoring the performances of sales reps to diagnose where improvements might be needed and regularly studying the sales funnel to ensure that there are no leaks resulting in missed opportunities. Here are some key aspects of an effective data-driven sales management system.
- Rep activity conversions
An effective sales management system focuses on training and coaching sales reps. The best sales managers should not only track the volume in raw number of a sales rep’s daily activities, but also look at the conversion ratios of these activities, i.e. how many calls lead to productive connections that lead to deals. This latter metric provides a more insightful and revealing look for more helpful and deeper analysis. Managers can focus their coaching efforts on the sales reps who require it the most, based upon this data analysis.
- Sales funnel management
The sales management system encompasses proper management of the sales funnel. By studying the conversion ratios between sales funnel stages, sales managers can determine how opportunities are progressing through the various funnel stages, as aligned to the buyer’s process. This will then reveal where the holes in the funnel are and how managers can coach reps on specific weaknesses.
- Won/Lost % over time
Any sales management system should focus on converting as many opportunities as possible into deals, in order to meet a given revenue goal and grow the company. It’s up to a sales manager to take the necessary steps – acquiring higher-quality leads, coaching reps to be more productive – to improve a company’s struggling sales and get the bookings trend moving in the right direction. Looking at the historic won/lost report over time lets managers know if they are hitting their sales goals or not.
InsightSquared is the sales reporting sales management system you need to take control of your sales team and processes. With so much information that can be easily translated into readable reports, InsightSquared is the sales management solution that every manager needs.
InsightSquared is a fantastic sales management tool. We now have the visual reports of our sales and marketing in just a few seconds and we could never get these from our CRM in the past.[/note]
- Steven Carter, SVP of Operations, Visible Measures