For many small and medium enterprises today, the term ‘Sales Tracking’ has become very complicated. Are you really going to be sending URLs to track everything your customer does?
No, of course not! Thankfully, though, sales tracking is now easier than ever with sales CRM software making solutions more affordable and accessible for small business owners. One such sales CRM software is Kylas that makes it easier for SMBs to perform the sales activities.
The good part about using sales tracking in the normal sense is that it lets you have a major range of advantages in the productivity of your business.
Rather than just watching your business pass you by, not knowing how successful – or unsuccessful – your sales process is, you can use ways to track the moment your customer is considering your product to the time they pay you.
In this article, you will learn about why tracking sales is important and learn the benefits of tracking sales for your business.
What is the meaning of sales tracking?
Sales tracking means tracking and keeping records, and detailing all phrases of your sales process. This includes activities ranging from lead management to social media outreach, email marketing initiatives and more.
By tracking sales, one can get a clear idea of the weaknesses and strengths of the sales cycle.
Why Tracking Sales is important?
Tracking sales of your business will assist you in showing exactly how successful or unsuccessful your sales processes are and how much profit or loss is made up of the sales. The one thing you not would want is to spend money on something that is not effective and the only way to stop this is to track your sales and marketing efforts.
Sales tracking gives you to have a better understanding of how potential customers can talk to you, and inform you of certain issues that may exist in your sales process. It also helps you understand the effects & outcomes of your sales channels.
Let us have a look at some of the benefits in brief:
- Identify Potential Problems
Sales tracking will give you a better understanding of your team’s efforts. Because of this, your sales team would be able to identify possible problems and solve them before they become bigger issues.
For an instance, if you observe that one of your sales reps is bringing lesser leads this month than the last, you can inspect why. Maybe they were so busy making in-person visits they haven’t had time to send follow-ups or they have started to use a new template for sending text messages.
Whatever the possibility may be, sales tracking will assist you to pinpoint the problem immediately so that you can take steps to right the wrongs as quickly as possible.
- Close More Deals in Less Time
When your sales team will start to identify and remove sales process issuesk, they will be able to close more deals in less time.
Let’s return to our previous example:
You notice that one of your reps is achieving far lesser leads this month than last month. You look into the problem and realize they’ve started using a new message template. It’s obviously not effective, so you set them up with something better and effective.
Moving ahead, your sales reps would be able to engage with potential leads in a more effective way and convert them into prospects at a faster rate.
- Better Forecasts Future Sales
Sales tracking will help you forecast future sales better.
Give it a thought: when you are on the pulse of your sales team, you’ll know how many leads they contact on a daily, weekly, and monthly basis. You’ll also get an idea of your department’s average conversion rate.
You can use these pieces of information to better project your team’s sales in the coming future.
Accurate sales forecasting leads to better decision making and resource allocation. All in all, it’s important for the success of your company.
- Money Management
Why to spend money on efforts that do not prove to be working for your business? Tracking your business efforts properly allots essential resources for future growth. If managers are not aware of the impact, it leaves their business blind from their efforts.
Being unaware and “blind” to this ultimately causes loss of money and time by conducting not so effective business practices.
Without the knowledge gained by tracking your business’s efforts, you could potentially spend money on strategies that do not work. Tracking brings certainty to money management.
- Improved Practices
Tracking the sales allow business leaders to learn about the insights on what practices are effective and what practices are not. These insights allow for the elimination of ineffective business processes and improvements in current business strategies.
Analytics gained from tracking ultimately generate improved practices that are refined by the results of tracking.
- Grow Your Business Through Analytics
It is logical to expect growth – such as new leads, a higher volume of sales, more impressions, etc. – if your business’s practices are improving through tracking. Discovering what resonates with your target audience is powerful.
When efforts resonate with consumers, the likelihood of consumers following your business’s desired action is greater.
Analytics on your consumer’s preferences become key metrics in business growth as they gather analytics through tracking your strategies which ultimately leads to growth and profitability for your company.
This entire sales tracking process can take a very long time and effort if done manually. Instead, opt for tools that can do it for you. Take your first step towards the success of your business with Kylas. This CRM software can provide you with in-depth sales reports to determine all the important sales metrics. You know everything about sales tracking; now, you only need feature-filled CRM software like Kylas.