Sales Reports and Analytics: Guide for Modern-day Sales Manager
Is there anything more concerning for a business than its sales numbers?
After all, sales drive revenue, and that is the reason sales processes are always the number one priority for all businesses, regardless of their size. While overall sales or revenue number is key concern, there are several other metrics that help you understand how good or not-so-good your sales process is. Such metrics eventually help you fix the issues and eventually, gain the big revenue numbers.
Regular evaluations of sales reports and analytics play a pivotal role in optimising the sales process. With the help of advanced AI-based tools, this tedious task has become significantly less time-consuming. This is precisely why Lightbulb has brought its emotional AI-powered sales enablement software ‘Virtual Meetings Pro‘, designed to streamline the creation of regular sales reports and analytics.
Sales reports and analytics hold immense importance for companies, as they offer a comprehensive overview of all the data and metrics associated with the sales process. By leveraging these insights, sales process optimization becomes considerably easier, enabling swift identification of both strengths and weaknesses.
In this article, we look at some of the key reports and analytics factors that sales managers should be looking at.
What are Sales Reports and Analytics?
A sales analysis report is a comprehensive overview of sales activities, capturing major data points, and transforming them into intelligible insights. These reports showcase the past, present, and potential future performance of your company’s sales efforts. By analysing trends, patterns, and areas of concern, sales reports empower managers to make informed decisions and steer the business in the right direction.
Some of the crucial metrics included in sales reports and analytics are:
- Weekly comparison of sales data
- Lead conversion rate
- Sales team performance
- Sales trends
- Number of leads in the sales pipeline
- Product assessment
The primary objective of these reports is to stay updated on the increase or decrease in sales. By analysing this data, managers can create better strategies, avoid unnecessary costs, and keep refining the sales cycle by addressing weaknesses in the sales pitch.
Whether it is a new startup or a huge corporation, sales analysis reports are indispensable for all companies. Every month, sales managers turn to sales analysis reports in order to come up with efficient strategies for improving sales.
Benefits of Sales Reports and Analysis
Let’s have a look at the benefit of compiling sales reports using emotion AI:
Insights from Each Sales Pitch Meeting
In the dashboard itself, the sales manager gets the ai generated transcript and summary of the whole customer meeting. These summaries highlight keywords and key points from the entire customer interaction, saving valuable time of the sales manager which can be invested in strategizing based on insights gained via report.
Furthermore, the dashboard provides a visual representation of multiple parameters used to measure customer engagement, assigning a score out of 100 for each parameter.
The insights from the sales pitch meetings are evaluated on the basis of following parameters:
- Engagement during the whole interaction
- Sentiment shown by customers
- Charisma by the sales pitch
All of these statistics make it easier to compile meeting reports directly from the dashboard, eliminating the need for manually reviewing each customer-sales rep recording from sales meetings and crafting a sales report from scratch.
With VM Pro handling this time-consuming task, sales managers can now invest their saved time in analysing these insights and strategizing for future sales activities.
Sales Team Performance Analytics
The dashboard of VM Pro offers sales managers weekly analytics on the performance of each sales representative, helping in easy monitoring of each individual’s performance in the team.
The analytics compare the performance of each salesperson on the basis of parameters, such as:
- Total number of questions asked
- Total number of filler words used
- Total number of monologues delivered
- Length of the longest monologue
Additionally, the dashboard offers a comparison to the previous week’s performance, enabling managers to evaluate whether their sales pipeline is exhibiting positive growth.
With these comprehensive performance analytics readily available, managers can easily assess the strengths and areas for improvement of each sales rep, ensuring effective sales strategies and continuous sales team development.
Key Discussion Points of Meetings
Sometimes Sales pitch conversations can be long, and making reports on such sales can be a time-consuming and hectic task.
Virtual Meetings Pro streamlines this process by offering a smart search mode. With this feature, managers can quickly evaluate specific segments of the entire conversation and gather information about customer sentiments throughout the interaction.
This allows them to identify which parts of the sales pitch were ineffective and which areas require enhancement. Ultimately, it contributes to the creation of more impactful sales reports and facilitates continuous improvement in sales pitch strategies.
Tips for Crafting Sales Reports and Analytics
In the data-driven sales world, it’s essential to keep a balance between providing valuable insights and overwhelming sales reports with an excessive amount of data. So, while compiling sales reports, the focus should be on including only the necessary data. Here are some ways to achieve this:
Sticking to a set of standardised sales reports is essential for deriving valuable insights from business data. While sales reporting needs may vary across companies but the most common data each report should include are:
- Performance by salespeople
- Customer engagement during sales pitches
- Deals won and lost
- Leads generated/worked
Sales leadership often has a high-level understanding of the relevant reports for their business, but they may lack the technical ability to create them. Sales enablement tools like VM Pro can bridge this gap and streamline the report creation process.
Review Sales Process
Sales reports often highlight points of improvement in the sales process that require attention from leadership. For example, a sales report points out that the sales team consistently books a significant number of demos but fails to convert them into closed customers, indicating a need to investigate and improve the demo process.
Therefore, a new sales report should not only present the current sales data but also review concern areas of previously generated reports. This analysis allows for an assessment of whether the sales process has shown improvement in the identified areas of concern. By consistently addressing these areas of improvement in each sales report, the company can effectively close loopholes in the sales process and drive continuous enhancement.
Add Qualifying Leads
Evaluating potential leads is one of the key steps in a whole sales cycle. By leveraging emotion AI insights, sales reps can easily identify whether customers are genuinely interested in the product or service, saving time and improving their win rate with potential customers.
So, sales managers should incorporate the collected data on potential leads to enhance their conversion rate in future sales pitches. This continuous improvement approach helps refine the targeting and qualification of leads, resulting in more effective sales efforts.
When you empower your sales reports and analytics with precise data using emotion AI generated insights, you unlock the ability to uncover hidden areas of concern more effectively and efficiently. This in-depth analysis enables your business to address these areas, leading to an uplift in revenue and an increase in both customer base and brand advocates.
So, don’t hesitate any longer. Equip yourself with the emotion AI-powered sales enablement software, ‘VM Pro,’ and experience the multitude of benefits it brings to your regular sales reporting. With VM Pro, your sales reports become more impactful, providing valuable insights that drive business growth and success.