BusinessInnovationSales

How Is Sales Tracking Software Important to Your Overall Sales Strategy?

4 Mins read
  • Sales tracking software can be an invaluable aspect of your business process.

Businesses can use sales tracking software to track, monitor, and analyze the various stages of their sales process. To put it another way, it keeps track of the complete sales process from beginning to end. This enables companies to identify areas of success in their present sales process as well as areas where they may improve.

As a result, businesses can ensure that their sales plan is on track and that they are on schedule to reach any company-wide KPIs. What is the purpose of sales tracking software? It keeps track of sales operations and provides management with important and timely sales data. The first thing you must get right is data entry to ensure that you obtain accurate information from the automation program. You only need to do this manually once, and then the software will take care of the rest, including gathering sales data from various sources and assembling it into complete reports as needed.

The advantages of sales tracking are self-evident: improved processes, faster response times, and more efficient workflows that could be automated. On the surface, those things may not seem important, but they should. The client experience is influenced by all of the factors stated above. You’re mistaken if you think satisfying customers isn’t as crucial as having a rock-solid sales approach. Iron Paper claims that 65 percent of consumers are lost in the sales pipeline due to apathy rather than faults. What is the best way to set up a sales monitoring system?

Step 1: Determine who you want to reach.

As with any sales and marketing procedures, the first step is to figure out who your target market is. This stage will make it much easier for you to plan out the rest of your approach. Know who the decision-makers, influencers, and buyers are for the products you sell.

Step 2: Make a list of your sources.

The next step is to determine the platforms on which this audience will be found, both online and offline. Determine the social media networks they use the most, as well as the keywords they use and the websites they visit. You can also use in-app adverts if you have an app.

Step 3: Assign each lead to one of three levels.

Define the many stages of lead development that your lead could go through. It could be a cold lead, a prospect, a warm lead, a hot lead, or a customer. The stages would differ depending on the company and industry. You’ll be able to tell at a glance where a lead is in the sales funnel at any given time.

Step 4: Identify the several ways your lead can interact with you.

You must determine the methods by which you intend to nurture your leads. Email marketing, drip marketing, webinars, e-books, and other methods could be used to accomplish this. Make a list of all the ways your leads can communicate with your company. This can be done via social media, chat, web forms, email, and phone. This stage guarantees that you can track which nurturing activities are assisting a lead’s conversion.

Step 5: Establish parameters that must be measured on a regular basis.

The final stage, now that you have the system in place, is to figure out what you should be measuring with the sales tracking system. Is it the volume of visitors to your website? Or the number of visitors who come from a single source? Alternatively, the average time it takes for a lead to convert into a customer. To get the most out of your sales monitoring process, you can generate reports based on your needs.

According to Gartner, B2B customers spend only 17% of their time meeting with potential suppliers when considering a transaction. As a result, how effective your sales procedures are inside that 17 percent will have a significant impact on how lucrative and long-term your company is. It’s as easy as that: the more you track and fine-tune your sales process in order to better connect with customers, the more effective and productive your team will be.

What to look for in a great sales tracking software?

While you should track a variety of indicators, you should focus on the following three main KPIs when selecting sales tracking software.

1. The rate of conversion

This is the oldest form of sales KPIs to track, so be sure whichever software you use can keep track of it. The conversion rate is simply the percentage of prospects who become sales, and it can help you figure out a variety of things about your sales process, such as whether you need spend more time on lead management or whether you should focus on your sales team’s pitch.

2. Lead source sales

You can find out, for example, that a large portion of your sales come from leads generated through email marketing, so you should spend more time creating those prospects and less time on others by tracking this metric.

3. Profit per sale

Your sales team may be crushing it when it comes to conversion rate, but if you aren’t making enough revenue per sale, you may still be struggling to earn money. You can notice possible difficulties in your sales process by analyzing this number, such as an upsell that is reducing sales of the baseline product and resulting in reduced revenue per transaction. 

EngageBay’s free sales tracking software helps to keep track of all current and previous correspondence with clients by recording, logging, and preserving notes. This information gives you significant insights into an individual lead’s interactions with your sales agents, enabling your sales team to optimize all future communications with prospects. EngageBay’s powerful sales lead tracking software has a lot of features that can help you predict and forecast your revenue generation. The real-time dashboard examines the sales funnel and forecasts short- and long-term profitability for the company.

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About author
Ryan Kh is a big data and analytic expert, marketing digital products on Amazon's Envato. He is not just passionate about latest buzz and tech stuff but in fact he's totally into it. Follow Ryan’s daily posts on Catalyst For Business.
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