Being organised is crucial to success in any activity that you undertake. Even an individual goal like becoming a fit person needs you to be disciplined. The same principle goes for a business. In order to become a sales machine, the first thing that you need to do is have a system in place that makes it easier for you to achieve benchmark results.
One of the important aspects of being organised when it comes to sales is the need for sales tracking software. Just like a time tracking software helps you keep track of your time, a sales tracking software helps you stay in control of all the steps that are involved in the execution of a sale. The information that this software generates on a daily basis can be a gold mine of useful data that can aid your decision making. Sales tracking software can help you in better deployment of human resources, improved planning in terms of future sales and even better support for your customers.
Increase Sales –
At the first instance, the primary objective of a sales tracking software is to use various metrics to help you increase your sales. Metrics like sale per source, sale by demographics, sales in a particular time period and so on are developed and relayed in easy to understand terms by a good sales tracking software. For instance, looking at the sale by demographics metric can help you know which age group is more eager to purchase your products and thus, you can focus more on them or figure out how to attract the other age groups by making changes to your product. These metrics help managers understand the root cause behind a stalled sale and how to convert them.
Efficient Use of Time –
The purpose of tracking any value is to ensure that the benefits of time spent on it are equal to the efforts undertaken. A sales tracking software makes sure that there is a process in your business when it comes to sales and you can find out which lead is at which stage of that process at any point of time. At a deeper glance, this helps you in efficient use of time so that you can figure out which representatives are more likely to convert a lead.
Informed Decision Making –
When we talk about a sales tracking software, it is important to understand what sales tracking is. Sales tracking is a process which keeps a record of what is happening in sales not just today but what is likely to happen in the future. The software will let you know which orders are in the pipeline soon and help you in your purchase decisions. Detailed reports generated by the system on a regular basis are responsible for analysing the success or failure of your strategies. One of the important features of an effective sales tracking software is that it allows you to generate custom reports that can be very specific.
Better Customer Experience –
Better tracking of all stages of the sales process can also help your sales representatives in deciding when they should move in with the final pitch to close the sale. For instance, the software can generate information about the average time taken by sales representatives to close a sale of a particular product. This metric can be used by future sales representatives to make sure that they execute the sale within time and not go on and on about the products, thereby wasting the customer’s time.
Risk Management –
When the sales process is manual and there is reduced reliance on technology, the risk of malpractices increases. However, if there is a clear and well defined process which can be monitored at each stage, the risks reduce considerably. The senior managers can be alerted by the system immediately whenever something goes wrong. This can make a huge difference to the sales figure. According to a Harvard study, fifty percent of study participants from high-performing sales organizations responded they had sales processes that were closely monitored, strictly enforced or automated compared to just 28% from underperforming sales organizations.
It’s clear that sales tracking is an important cog in the wheel. In fact, it is almost as important as the wheel itself. Having said that, it is necessary for you to ensure that the sales tracking software that you choose has an easy to use interface, fast customisation and a detailed reporting system. These features will make it easier for you to deliver growth for your business and the various stakeholders. Sales tracking can work wonders not just for your business but also make life a breeze for your sales representatives and deliver an overall better experience for your customers. The fact that it increases your sales is just the cherry on top.