Tracking sales for your B2B business is hugely important if you wish to consistently see growth in your business. When tracking sales, a lot of people are blind-sighted by the small-term goals that they have achieved, and they don’t even bother looking at what this will mean for the long term. Tracking what you do is important, however, it is not the end of the process. What you do with this data is what really matters. Read this article to find out tips for tracking and using B2B customers’ sales data.
What is sales tracking?
Sales tracking in its simplest form is the process of collecting important sales data, scrutinising this data and then using it to benefit any future plans that you have. If this is done correctly, then the sales tracking will further allow you to gain a deeper insight into this data. In turn, this can help you set goals and set quotas.
New platforms which have impacted how B2B Sales are conducted also enable the collection of data. A customer loyalty program – click here for example of what one of these entails – gives provides businesses with the opportunity to delve into which behaviours customers are engaging in. This allows sales teams to tailor their strategies.
Tips for tracking
TIP 1: Sales performance tracking is a type of tracking that lots of businesses use whenever they are trying to find data. If you are a sales manager, this may be the tracking type for you, as it measures such metrics as cold calls made, how many emails have been sent, call duration between your employee and consumer, number of email responses and number of SMSs sent. This is a great way for sales managers to indicate areas of the business that are strong and some which may seem ‘weaker’. This can also be a very useful way for managers to pinpoint employees who are working hard and reward them.
TIP 2: Another tip for tracking sales would be sales goal tracking. Reaching your goals is much more than simply getting on with your work and hoping for the best, in order to truly reach your goals, you must be able to track your progress and work on anything that needs to be fixed along the way. You can set up sales goal tracking by analysing total revenue goals, monthly goals, daily sales totals and cumulative sales totals. If this is done correctly, you should be able to reach your goals and track the number of sales and leads throughout the process.
TIP 3: Furthermore, sales pipeline tracking is another method that you can use for your b2b business. If you’re a very hands-on manager and want to know what is going on in your business at every point, sales pipeline tracking is the way to go. If you implement this strategy, you are able to get real-time data about each stage of production as it tracks certain metrics like the open opportunities available to the business, what opportunities were lost, your pipeline velocity and your monthly sales growth. If you have this implemented within your business, you are able to track how much money is going through your pipeline at any point and can help you evaluate any future budget that you have.
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