When managing your sales team, it’s necessary to have data to back-up and support your decisions for exploring new market opportunities, optimizing existing sales strategies, and driving sustainable growth. Reviewing sales analytic reports regularly is essential for leading a thriving sales team.
The data in your sales analytic reports is crucial for evaluating the performance of your sales team, identifying what products are your top sellers, and where the majority of your revenue is coming from.
There are many analytical sales reports that provide valuable information as to how your sales team is performing. Below we’ll cover the most beneficial reports you can use to lead your team to success.
Types of Sales Analytic Reports
The key to unlocking the potential of your sales team is in your sales reports. Here are the most informative analytic reports that you should be reviewing regularly.
Sales Revenue: The most commonly used sales report is a sales revenue report because it provides a high-level view into the overall financial performance of the sales team. A revenue report will also show a breakdown of the revenue earned by each product, sales territory, and individual salesperson. The details of your revenue report will help you better understand how your revenue as a whole was generated and what contributed the most revenue for the time period you are analyzing.
Sales Volume: A sales volume report will help you gauge the success of each product and/or service sold. This type of report will help you identify products that need additional marketing or sales support, and products that should be revamped due to a lack of interest from your consumers. These reports will also indicate if there are any changes in demand and will provide valuable insight as to what products or services your team should be focusing on.
Sales Performance by Sales Rep: When adjusting your sales strategy, it can be helpful to analyze sales performance by sales rep. The purpose of this is to highlight top performers, track sales quotas, and identify sales reps that may need additional support or resources. Additionally, this type of report can be used strategically to place prospective consumers with sales reps that have experience with specific consumer demographics. For example, say you work in recruiting; it would make more sense to place a sales rep with expertise in a specific industry with clients from that same industry.
A sales performance report by sales rep will also enable you to evaluate key metrics such as sales revenue, conversion rates, average deal size, and win rates.
Sales Territory Analytics: For sales teams that extend over multiple geographical territories, it’s important to analyze how each sales team performs in their respective territory. Similar to the insight gained by a sales performance by rep analytics, the data from your sales territory report will help you understand each region’s unique sales strengths and challenges so that you can allocate appropriate resources to optimize sales. Furthermore, a sales territory report will help you understand regional market trends allowing you to set realistic targets for your teams.
Sales Forecasting Analytics: When it comes to determining future sales tactics and strategies, a sales forecasting report is the best tool. This analytic report utilizes historical data, market trends, and other relevant factors to help predict future sales. By using this report, you can more easily plan and prepare your team with realistic budgets and sales targets.
Use Analytic Reports to Grow Your Sales
In order to lead your sales teams effectively, it’s important to regularly review your sales analytic reports to gain a comprehensive understanding of your overall sales performance, revenue trajectory, and individual sales rep performance. These analytics can help you identify areas for improvement, make informed decisions for your team, and optimize your sales strategies to drive growth and success.
Core Commissions’ offers an extensive report library of analytical sales reports that make it easy for you to see exactly how your sales team is doing. Core can also create custom reports to analyze the relationship of any data sets you need; whether it’s commission data, agent data, organization structure, product or service, or virtually any other data set. Once your reports are generated, you can send reports to anyone in your organization to provide transparency and clarity to any necessary leadership or stakeholders through use of our bulk-email reporting feature.