Sales managers depend on an effective sales reporting system to let them know exactly how they are doing as a company – are reps performing up to their potential? Are there enough opportunities in the pipeline and is the value of these opportunities increasing? Are there too many opporunities being lost and where are these losses taking place? The answers to all these questions – and more – can be found within an effective sales reporting system. Use your sales reporting system to gain insights into some of these areas.
How long are reps spending in particular stages?
You don’t want your reps to spend too long on individual opportunities at particular stages of your sales cycle, especially during early ones. Spending too much time on these opportunities early on, only to abruptly lose the prospect at the end of the sales cycle, is an astounding waste of a company’s time and resources. Instead, you want reps focusing on opportunities that are more likely to close and generally progressing prospects through the sales cycle, instead of stalling at any one stage. Use a sales reporting system to find out if reps are spending too long in particular selling stages. [image source_type=”attachment_id” source_value=”19519″ align=”center” title=”Sales Reporting System in InsightSquared” alt=”Sales Reporting System in InsightSquared” lightbox=”true” width=”430″ height=”255″ quality=”100″] Is your sales pipeline appropriately shaped?
sales reporting system
- can help ensure that your pipeline remains appropriately shaped. Sales pipelines tend to organically evolve into funnel-shaped diagrams, reflecting the progressive drop-off of less-qualified prospects as they progress through your sales cycle, leaving only the most qualified prospects that are most likely to buy your product. Managers should do their best to achieve a smooth gradient in their sales funnel with even distinctions between each stage. If a funnel has only small differences in stages at the onset, only to plummet dramatically later, that should tell you that something is out of whack regarding your sales process or the way you are qualifying prospects. Ideally, the shape of your funnel and the stages within it should be mapped to your buyer’s process. [image source_type=”attachment_id” source_value=”18724″ align=”center” title=”Sales Reporting System in InsightSquared” alt=”Sales Reporting System in InsightSquared” lightbox=”true” width=”430″ height=”255″ quality=”100″]
Are your employees hitting their goals?
- Having great information and data available in your
sales reporting system
- not only provides managers with the knowledge they need to run their teams better, but this information can also be shared with the rest of the team. For instance, tracking the daily activities of your reps compared to their goals and other peers will help the whole team identify which reps are performing greatly and which ones are underpeforming. Managers should look to reward their best performers while helping to coach their weaker ones to better performances. [image source_type=”attachment_id” source_value=”19204″ align=”center” lightbox=”true” title=”Sales Reporting System – Rep activity goals” alt=”Sales Reporting System – Rep activity goals” width=”381″ height=”214″ autoHeight=”true”]
These are just a few of the dozens of different metrics that managers should consider studying and including withing their sales reporting system. The more in-depth information available to a manger, the better-prepared he or she will be to lead their team toward greater achievements.
[note][blockquote cite=”Steve Richards, Co-Founder, Vorsight”]InsightSquared was like shining a light in a dark room for us.[/blockquote][/note] [/one_half_last]