Wednesday, May 29

Why Sales Tracking is Necessary for Every Business

Just ask yourself, “Why does my business need sales tracking?” before we start. Perhaps I could make a comparison to Game of Thrones. You would be familiar with this if you have been watching the program, as most people have. If not, allow me to briefly summarize. Jon Snow and Daenerys Targaryen, two of the main protagonists, cross paths for the first time. The latter believes the former has come to surrender, whereas the former has come to ask for assistance. This results in a quite embarrassing circumstance!

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Sales tracking: What is it?

Sales tracking is the process of recording all of the contacts a lead has with your company, including their first point of entry, emails and phone calls they receive, and their journey down your funnel to become a client. This gives you a visual representation of the conversation a lead is having with you and helps you identify any pain spots that could exist during your sales cycle. It also aids in your comprehension of your sales funnel’s efficacy.

How is a sales tracking procedure set up?

Step 1: Determine who your target market is

Knowing your consumer is the first step in any sales or marketing process, as is the case with most of them. You will be able to more clearly plan the rest of your approach after completing this stage. Recognize the potential customers, decision-makers, and influencers for the products you sell.

Step 2: Determine the sources.

The next thing you need to know is which online and offline platforms this audience is likely to use. Determine the websites they often visit, the terms they look for, and the social media platforms they use most frequently. You may also experiment with in-app adverts if you have an app. This allows you to create an exhaustive list of every potential site of entry.

Step 3: Assign each lead to a certain stage.

Now list the various lead stages that your prospect could encounter. This might be a prospect, warm lead, hot lead, cold lead, or customer. Businesses and industries would have several phases. This allows you to quickly determine a lead’s current state in the sales funnel.

Step 4: Describe the several ways your prospect may interact with you.

It’s important to decide how you want to nurture your leads. This might be accomplished through webinars, e-books, email marketing, drip marketing, and more. Enumerate every channel of communication your leads use to reach your company. This can be done by phone, email, web forms, chat, social media, or web forms. This stage makes sure you can monitor which nurturing actions are assisting a lead in becoming a conversion.

Step 5: Establish parameters that must be continuously measured

The last step after setting up the system would be to determine what metrics the sales monitoring system should be measuring. Is it the volume of visitors to your website? or the quantity of visitors who arrive via a specific source? or the typical duration needed for a lead to convert into a client. To get the most out of your sales monitoring procedure, you may then generate reports based on your needs.

Properties of tracking sales:

The following is a summary of the material and immaterial advantages that come with putting in place a sales monitoring procedure for your company:

deeper and more thorough insights on your sales funnel

Keep an eye on your team’s performance and sometimes conduct quality inspections.

Find out which salespeople, regions, and goods/services generate the most money and why.

Recognize problems when they arise and take precautions.

Keep an eye on your target audience’s behavior to improve communications with them.

By answering their questions and offering them specialized services, you may raise client satisfaction.

Thus, this covers all the essential information regarding sales monitoring and more. I hope it’s helpful, and please check back for more.