Podcast: Play in new window | Download (Duration: 26:42 — 24.5MB)
Subscribe: RSS
Sales Reporting Should Be Aligned With Your Sales Process
In the last podcast we pointed out that it’s best to make sure that your sales reporting is relevant to results you want to accomplish. The best way to do this is to build your sales reporting around the sales process. Before we go on. I want to remind you that your sales reporting system, should have four basic sections.
- Sales Activity, represents the numbers. Number of first visits, presentations, demonstrations, and closes. This section should also give you information on sales ratios. Leads that turn into first visits. First visits that turn into presentations. Close ratios and so on.
- Prospect Information includes information on each visit. This would include the company, individuals talked to, their position in the organization. This should also include notes on the outcome of the visit and the next steps.
- Sales Value represents information on the value of the proposed sale. This value could could change as you move through the sales process. The key is that you have a base line to use for forecasting sales.
- Close Probability is an item most organizations include in their sales reporting. The probability of this sales to close. This percentage should be based on sales data that you already have. If you don’t have probability data by sales stage. Use your best estimate to establish a base line. This can be refined as more data becomes available.
When you take a look at the sample sales process we are using in this cast. You can see how we assign closing probabilities to each stage. This is just an example. I want you to see the relationship your sales process could have to sales reporting.
- Lead Development – 0% probability of closing
- First Call – 20% probability of closing
- Needs Analysis – 30% probability of closing
- Presentation – 40% probability of closing
- Demonstration – 50% probability of closing
- Negotiation & Close – 75% probability of closing
- Sales Followup
I hope this episode, on sales reporting, helps in your sales management career.
Ask your questions or share your feedback:
- Comment on the this post
- Subscribe to our Newsletter To receive additional information
- Email @SalesManagementWorkshop.com
Let’s connect:
- If you have a chance, please leave me an honest rating and review in iTunes. It will help the show and its ranking. I appreciate it !!!! Thanks and I hope you enjoyed the show!
- Join the Facebook Page
- Follow @mcsalesworkshop
SALES MANAGEMENT COACHING & CONSULTING: I’m available for one-on-one sales management coaching and consulting. If you would like help in taking your sales program to the next level, let me know. I’m sure that with my experience, I can provide you with the help and guidance you are looking for your sales. Let me know How I Can Help. I’d love to work with you.