Sales tracking is the process of documenting all the interactions that a lead has with your business, right from the entry point, emails and phone calls that they receive, and how they move down your funnel to becoming your customers. Sales tracking helps one get a better picture of how a lead is conversing with their business and any pain points present in the sales cycle. The main goal of sales tracking is to measure the success of the efforts you are putting in and finding the areas that you need to improve or put more effort into.
Importance of Sales Tracking
Tracking your sales progress is a powerful way to show whether or not your efforts are generating results. Sales tracking helps you track everything from lead and quotes from one point and gives you an overview of your relationship with your clients, vendors, and even partners.
How to Set Up Sales Tracking Progress
Identify Your Target Audience
The first step in any sales and marketing process is knowing and creating a customer base. This step helps one to properly plan out the remainder of your process with more clarity. It is important that you first know who the decision-makers, influencers, and buyers are for the commodities you are looking to sell.
Identify your sources
The next thing that you need to know is your audience’s platforms, both online and offline. You first have to figure out which platforms they visit more frequently, the keywords they search for the most, and the websites they visit the most.
Set stages that each lead that you have would fall into
After identifying your target and your sources, the next step is to figure out the different lead stages your leads could fall into. This could be anything like a prospect, hot lead, cold lead, and customer. These stages usually vary based on different businesses and industries.
Define the different ways that your lead can engage with you
Next, identify the different ways in which you aim to nurture all the lead that you have. You can do this through drip marketing, email marketing, e-books, etc. create a list of all the key points of communication that your leads will have with your business. This could be through web forms, social media chats, over the phone, or through email.
Set up the metrics that you need to measure consistently
After setting up a system in place, the final step is to know what you will measure with the sales tracking system. Is it the number of people emanating from a given source, is it the traffic that your website is getting, or is it the average time it takes for a lead to convert to a customer? From these metrics, you can then create a report to help you make the most out of your sales tracking process.
How Sales Tracking Help Your Sales Team
Sale tracking has its benefits. Having an effective sales tracker can help you see how you are fairing on in real-time, for starters. Something which can help you alleviate potential issues before they get a chance to become larger ones. Sale tracking can also help your marketing in different ways, including:
Organizing lead information: proper sale tracking can help your sales team stay organized with their lead information. With proper organization, they can be able to convert leads to customers.
Identify the last time a lead was contacted. When conducting sales and marketing campaigns, we always send messages to our customers informing them of new products and services. To prevent the sales team from contacting the same client over and over again, proper sales tracking comes in handy.
Follow up on previous conversations: if one of your sales team was in touch with a client and the client sends you a message or calls to inquire about something, a sales tracking system can help you continue with the conversation without having to start from scratch.
Transfer a client from one rep to another: with all the information in one place, it is easier to transfer a client from one sales representative to another.
Sales Tracking Template Format
Creating the right sales tracking template can help one stay organized, which can help you free up resources and time to focus more on reaching your business goals. A sales tracking template can also be a powerful communication tool for your sales team to develop to help them track their progress against sales targets. Depending on your business’s scope and nature, a sales tracking template can be an effective component of your business plan. Some of the components that you can include in your sales tracking template include:
- Sale per source
- Total sales in a given period
- Sales per demographic
- Sale per salesperson
- Average time to close a sale
- New vs. recurring customer sale
- Churn rate
- The average revenue per customer
Advantages of Using a Sales Tracking Template
There several tangible and intangible benefits that one can get from using a sales tracking template, including:
- Getting deeper insights into your sales funnel
- Getting insights on which products and/or services, demographics, and salespersons bring in the most revenue and why
- Increasing customer satisfaction by properly addressing their grievances and providing customized services to them
- Monitoring your team’s performance and perform quality checks often
- Better communication with your audience by effectively monitoring their consumption behavior
Keeping track of all your sales activities can seem like a tedious task to the uninitiated. However, it is very simple than you may think. With a well-designed sales tracking template, you can be able to save more time to do more practical tasks for your business. If your focus is on productivity, you could easily look into your sales team’s performance to figure out whether you are under performing, maintaining your standards, or overachieving. Also, if your focus is on eliminating or reducing the time leads spend in the sales funnel, a sales tracking system can help you divert most of your resources into getting more high-quality lead in the first place.