Aiming for robust profit margins is a prime objective for any business; however, dissecting strategic sales reports will get you further. How? Enter the power of accurate data.
Acquiring knowledge facilitates improvements, innovation, and growth. The acquisition of data empowers your company to make calculated decisions about which efforts need more resources and attention, and which areas of your operations should be removed and replaced with investments capable of higher ROI.
We’ve compiled a short list of the top five sales reports your team should be running, along with how these reports interact with your overall business objectives.
Your company’s list of contacts is composed of potential customers and serves as a gateway to a vast network of more leads and, ultimately, more customers. Although your contacts report is most likely filled with new prospects, it’s also filled with a wide array of connections who have found their way to your company by way of networking, social media, friends, etc. With so many varied levels of connection points to keep track of, a contact report helps bring clarity to the clutter.
Lifecycle Stage Funnel report
Breaking down the details of the leads your team has generated helps your team see where each lead is within your funnel. In HubSpot, you can breakdown this report into one of two ways:
- “New [Lifecycle Stage]”
- “Became a [Lifecycle Stage]”
When creating “New [Lifecycle Stage]” such as “New Leads” or “New MQL,” your team can identify the current state of your funnel; however, when creating a “Became a [Lifecycle Stage]” such as “Became a Lead” or “Became a MQL,” your team can see the rate of conversion from one stage to the next. The latter is arguably more valuable to your sales team because it enables your organization to concentrate more of its efforts on a conversion stage that might be lagging, by comparison, with diminutive returns.
Average Time to Close report
Monitoring the average time to close a sale helps you see any changes relevant to the buying cycle of a customer. A sales velocity report, aka average time to close report, helps your sales team identify where the sales process might be idling. This information is invaluable to your company as a whole because identifying the sales cycle will aid in making decisions like when to increase marketing, release products, run a promotion, etc. The more efficiently your team can close a sales cycle, the better prepared you are for any changes.
Revenue reports help your team visualize with a high degree of accuracy the key performance metrics that provide the highest return. By analyzing the gross revenue produced by services rendered or products sold, your sales team can quickly identify which efforts are amassing the best results, and which efforts require more attention and detail.
Goal Progress report
This report can appear relatively high-level at first, but don’t let that fool you. The usefulness of a goal progress report is prominent across all teams and summarizes the progression of all goals for a specific individual or team during a particular time.
Having access to a goal progress report gives your sales team the ability to measure how specific campaigns are doing compared to your team’s initial goals or compared to the metrics laid out by your particular industry.
These five reports are a great jumping-off point for your sales team to keep track of its efforts and monitor its progress, but that doesn’t mean you’ve reached the end of your data line. HubSpot allows your team the ability to create any type of custom report using a variety of metrics necessary to achieve optimal results and growth.
Looking for an ally to help strategize and analyze critical information? Let’s talk.