Reporting is absolutely important for sales and marketing extensively and it can either make or even break your business. When you begin any business, the main thought that would have come to your mind could have been overall growth. Both such departments of sales and marketing are similarly accountable for where your company stands.
With the general goal of attaining high revenue, most of companies have discovered that only sales and marketing reports or even alignment through a sales reporting system can help them out in the proper and exact analysis of their business. The point is the importance of reporting sales cannot be overlooked.
You know the sales cycle might be a long and complex process. Some prospects take much longer to close, while others simply convert quickly and easily. Some prospects can require a different kind of selling approach. At the other end of the range, your sales representatives even have different styles of functioning. Some sales reps can struggle with certain types of tasks. For others, there could even be a particular point in the cycle where things get wrong and possible customers walk away.
At every stage in the sales cycle, you wish to be able to keep overall track of information so that you can easily use it to improve your results. Creating and filling out sales reports is a wonderful way to stay on top of everything that gets into your cycle.
The Importance of Sales Reports
Sales reports give you quick access to invaluable data. Data that is produce by your team as they simply work. Following are a few of the basic things you may uncover from a sales report:
- Who your customers actually are
- Where your leads are springing from;
- What stimuli prospects to buy
- What keeps the overall prospects from buying
- The success rate of the campaign
- Closing rate
Once You Have a Proper Hold on The Reports, You Can Better Manage Your Sales
Keep A Check and Track
In order for a sales manager to simply track how much time is spent on different types of sales activities, and if the team is fulfilling their targets and daily goals, it makes proper sense to look into the daily activities of every single sales representative as they interact with clients and even prospects. These reports get you a picture of how many leads have been touched in a single day and how many prospects have been spoken to.
Some prospects are quite easy to pin down, while others could need frequent reminders and calls. Relying on the nature of the prospect and how much persuading they need; you can check on the incidence of calls and follow-ups. You can even get an idea as to the nature of such calls, the outcome, and even the normal length of each call.
Automation Can Help with Sales Commission
Indeed, in this world of technology, when you have the proper software working with you, you can be sure that things get automated. Automation can be revolutionary for your sales commission. Of course, here are some points that are going to get you a quick idea:
Decreases Errors in Sales Commissions Calculation
Well, doing commissions in Excel introduces a huge number of errors in the calculation. A structured commissions system can simply decrease the number of errors in commissions and consequently save your company a lot of pennies. Of course, once there are fewer mistakes, there are fewer unnecessary expenditures. Automation ensures that you stay at bay from human errors.
Pays Commissions on Time
Manual processes to calculate overall sales commission can take massive amounts of time and even payments can sometimes be thirty or more days late. This triggers reconciliation issues and dissatisfaction among the salespeople. An automate sales commission system or software can permit the calculation of payments as quickly as you wish. Calculations can even get done during the period to estimate potential payments and even for accumulations.
Make Use of Commissions Plans as Per Your Business Needs
At times commission plans that go well along with the needs of the business may not get implemented because of the challenge of establishing the plan and administering them. Commission automation permits the establishment of complicated plans and eases the administration. It allows the business to design and even implement plans that suit the present-day requirements of the business.
Communicates Compensation Properly
Commission systems or software maintain all the data involved in calculating commissions. This permits the production of clear and even complete commission statements to the field. More transparent communication means simply less confusion among the salespeople and dropped the level of queries and problem-solving effort related to commission issues.
Tracks Your Sales, Commissions, and Bonuses
Of course, the right type of commission software permits the loading of all sales and even other types of performance data. Sales information can get track using the system. In addition commissions and bonuses may get track independently for the full plan duration. Tracking sales as well as performance allows management to simply clearly identify good and poor performers no matter in the products/services or even amidst the salespeople.
Complete Reporting Ability
With all kinds of transactions and calculations stored in the system, commission systems allow the ability to report comprehensively on sales commission information. Analytical and even dashboard functions allow the user to slice as well as even dice the information available in diverse ways. Additional reports can easily get create from the basic system and much more.
Diminished Administrative Effort and Time
Since there is a reduction in errors, the automated nature of calculations, data integration, and even overall clear reporting, Commission Administrators can expect to diminish the effort required to calculate and pay commissions massively. They can get redeploy to do tasks that add more value to the overall company rather than just administration.
To sum up, once you use software for sales commission reporting and all; you can be more advantageous in your tasks. Sales reporting would be more effective, productive, and efficient with the use of the right technology.