What is sales tracking?
Sales tracking involves a method of keeping track of things that are in your sales forecast. A forecast can be defined as a list of the potential sales you have on your radar. Those potential sales could be based on leads that are in your sights, on quotes you’ve done, on anticipated orders based on existing customer relationships and historical information, and so on. Tracking your sales involves tracking what has already happened as well as keeping track of anticipated potential sales. You don’t have to track this manually; there is a better way. That better way could help your business grow and thrive and improve your customer relationships and level of customer retention, too.
Why should small businesses do sales tracking?
Tracking your sales activities can help you make sure that nothing inadvertently falls through the proverbial cracks and it can also help you better manage your customer relationships, especially if you have a lot of relationships to manage. It can help you effectively and proactively multitask and plan your time and resources for profitable sales activities as well. Knowing in an organized way what’s on your list of potential sales and where each lead is in the sales process (also known as a sales funnel) can clarify where your time needs to be spent. If you have a firm grasp on your sales funnel, you’ll be poised to win more deals and make customers feel well cared for in the process. Most small businesses, freelancers, consultants, and sales people also feel much more in control of their destiny when they have a method of keeping track of sales, leads, and customers. Sales tracking tools can encompass task management, delegation, and collaboration among team members as well as provide ways to keep everything related to customer communication in a central location.
How does sales tracking help your business grow?
Sales tracking helps business owners, sales people, and managers plan for goal achievement on an overall basis and on a per client basis, too. It can help you plan and manage for cash flow as well as for staffing, production scheduling, procurement, and stocking needs as well. Tracking activities can also help you make plans for growth in the future. It can make it easier to manage your time, easier to determine where time needs to be spent to nurture important relationships, and it can help you track individual performance and reward it accordingly. When sales teams can share sales tracking information, they can work more cohesively as well. Sales tracking also helps you analyze past transactions. You can figure out what percentage of quoted deals were actually won and if you track things in an automated way you can also extract information about wins and losses to help you with organizational streamlining and process improvements.
Implement a better sales tracking and management solution
Sales tracking is something that shouldn’t be done manually. Manual sales tracking and sales management, such as via using a whiteboard, keeping info on an Excel spreadsheet, or by tracking with a paper list is something that leaves far too much room for omissions and errors. Manual sales tracking doesn’t result in a quick and easy way to access information and to see your workload and areas that need attention clearly. If you have staff, letting them use a manual sales management method makes those staff members somewhat indispensable. It’s much smarter to do things in an automated, secure, and centralized way. Automated tracking software helps prevent loss of important and potentially valuable data. Automated sales tracking and management of the sales funnel provides a central repository of essential information about your business. Wherever you have a central repository of information you’ve also got the ability to extract that data in a way that provides information, enables collaboration, creates task lists, and that helps you measure and replicate success. Sales tracking software doesn’t have to be complex, resource intensive, or expensive for it to work and implementing a method of keeping track of everything can help you more effectively manage every facet of your business.