Sales strategies are challenging to perfect. Between reviewing past data and taking note of current trends, using this information to improve future business operations can take time. Fortunately, that’s where sales tracking software can come in handy.
As your company grows, you’ll need a more capable CRM system to keep track of prospects, existing customers, and tasks. If you don’t yet have sales tracking software to streamline your sales process, this article will tell you everything you need to know about how they work and what benefits they provide.
What Is Sales Tracking Software?
As its name suggests, sales tracking software allows your sales team to keep track of sales-related activities. This might include customer interactions like emails, phone calls, messages, and other communication methods. Sales tracking software will also note sales rep performance, such as how long employees spend on a specific task and how they nurture leads.
Ultimately, sales tracking software can identify parts of your strategy that work and don’t work. Through a combination of artificial intelligence (AI) and machine learning (ML), it can turn all your data points into actionable insights.
What Does A Good Sales Tracking Software Platform Include?
No two sales tracking software is the same, but the best ones have a few features in common. These features include the following.
1. New Lead Tracking
Acquiring new leads is essential to a healthy pipeline for any sales manager. As such, you’ll want to pick sales automation software that can provide valuable information like who your leads are and how they discovered your company.
Gathering information like what your customers do for a living and what problems they need to solve can tell you where to invest your time and how best to capture their attention. Knowing where your potential customers are along the pipeline can also help redirect your focus towards consumers who are ready to convert.
2. Activity Reports
Cataloging your sales activities can tell you a lot about what works and what doesn’t. Activity reports can tell you everything from when you last contacted a lead to how many calls it took to get them to close a deal. With this information, you can learn how to move deals through your sales funnel faster.
Sales managers can also use this feature to train reps better. They can track what agents are doing to encourage leads to close and what strategies could use some fine-tuning.
3. Loss Reports
Unfortunately, not every lead will pull through. Still, keeping track of why you might be losing out on deals can help you refine your strategy and ensure you don’t make the same mistakes. This information can also help you craft more accurate forecasts.
4. Funnel Reports
Sometimes, getting a lead into your sales funnel is easier than moving that funnel forward. If your leads aren’t converting, tracking where along the funnel most of them drop off can put your strategy into perspective.
5. Conversion Rate
In most cases, turning qualified leads you already have into potential buyers is much easier and more cost-effective than acquiring new ones. Good sales tracking software should reflect your conversion rates in real-time, which can help you reassess tactics that may not be working as well as you’d hoped.
6. Won Opportunities
Won opportunities refer to how many sales you close in a year. Software that gives you a quick overview of this information can help you visualize the impact of your sales activities. This statistic can help you prioritize winning tactics and work on improving them.
7. Average Sale Price
The average sale price of your strategy tells you how much you make every time you close a deal. Naturally, the higher this number is, the better.
Tracking software can be handy, especially when you offer subscription services at varying price points or provide product upgrades. It’ll let you know how effectively your sales team is upselling customers and whether you need to re-evaluate your prices.
Understand And Track Every Aspect Of Your Sales Cycle
In sales, accurate business metrics can make and break your success. With quality sales tracking software, you can keep a close eye on sales metrics that matter, such as the following:
Annual Recurring Revenue
As its name suggests, your annual recurring revenue pertains to how much money you bring in every year. This number can help you achieve accurate sales forecasting and determine whether you’re making your sales targets.
Win Rate
A win rate refers to how many deals you close and win within a specific period. Analyzing this number can help you gauge your overall sales performance and how much pipeline coverage you need to hit sales targets.
Conversion Rate
Like a win rate, your conversion rate measures how many qualified leads result in closed-won deals. Monitoring these rates ensures that you’re selling to the right audience and helps you improve the overall quality of your sales leads.
Sales Cycle Length
Your sales cycle length is the average time it takes to close a sale. With this metric, sales leaders can pinpoint potential delays within the cycle and what may be causing them.
Lead Scoring
Lead scoring involves ranking a potential lead based on how likely they are to convert. These scores pertain to buyer behaviors, demographics, company information, and more.
Naturally, a higher score means a better lead. By paying close attention to these scores, you can determine which leads are worth more of your time.
Improving Processes And Streamlining Workflows
If your team performance is falling below your expectations, sales tracking software can streamline your workflows and improve your entire sales process in the following ways:
Access To The Same Data
Instead of keeping your team members siloed, you can provide access to the same call lists, reports, and other information to ensure everyone is on the same page.
Automation
Sales tracking tools can help eliminate the human error that occurs within data entry and consolidation. Not to mention, it allows your teams to stay focused on more important tasks.
Better Coaching And Mentorship
If your sales staff lacks coaching, having a transparent view of your workflows can improve their customer relationships and overall productivity. You can identify performance issues within your team and figure out the best ways to improve them.
Prioritize Better With Custom Lead Scoring
As we mentioned above, lead scoring is a key metric that can help you improve your current sales process. However, lead scoring may look different with various sales tracking apps. Here are a few ways lead scoring can help you attain your sales goals:
Improved Marketing Campaigns
For marketing teams, lead scoring can help identify high-performing campaigns and strategies. You can create new buyer personas to score more qualified leads if necessary.
Increased Revenue
With accurate lead scoring, your reps can prioritize qualified leads who are more likely to impact your bottom line and increase your revenue.
Understand The Health Of Your Sales Pipeline
A healthy sales pipeline makes for healthy profits. When you track pipeline coverage, you get a better sense of the sales opportunities for an individual sales rep compared to their quota.
With sales tracking software tools, you can calculate this ratio based on your product, sales cycle length, and business segment. You can also use predictive analytics tools to determine your late-stage pipeline coverage and whether your entire process is still helping you meet sales goals.
Automate Your Sales Workflow
Quality sales tracking software is a godsend when automating your workflow. With a SaaS-based CRM solution, you can do things like:
- Schedule appointments: Provide leads with a schedule and take note of which days are your busiest.
- Automatically log call outcomes: It can be incredibly challenging to log sales calls, especially when you have other tasks to attend to. With sales force automation software, you can keep accurate records of all sales call outcomes.
- Match leads: No sales manager wants to waste time manually matching leads to reps. Fortunately, sales tools can automatically route inbound calls and emails to the right representatives.
Why Should You Use People.ai Sales Tracking Software?
On the surface, People.ai might look like any other sales tracking software, but it isn’t. Trusted by companies like Zoom, Okta, and Hexagon, People.ai has helped to close $131 billion worth of deals and has enricheded over 140 million contacts. Other reasons you might love People.ai include:
Opportunity Management Capabilities
Knowing what it takes to close a deal involves understanding what tactics drive consistent execution. With People.ai, you can create benchmarks based on performance data that impact the outcome of future campaigns.
People.ai provides customizable dashboards to identify leading indicator activities and pinpoint performance gaps. With it, you can quickly train new reps by uploading methodology playbooks and outlining your sales process.
Account Management
Managing multiple accounts can feel impossible without the right software tools. Fortunately, People.ai can map out your key players and the fastest paths towards high revenue. You can also build account plans according to project scorecards and business units most likely to engage with your products.
Through a historical breakdown of sales activities and engagement scores, People.ai gives you a detailed look at your account health and what actions you can take to improve it.
Multi-Industry Solutions
People.ai provides unique solutions for business owners in technology, telecommunications, manufacturing, and life sciences. Experts can also curate winning strategies for sales, marketing, and customer service purposes.
Sales Tracking Software: Stop Losing Winnable Deals
With the right sales tracking software tools, you’ll never have to let any sales opportunity go. Sales automation software doesn’t just keep track of key sales metrics — it also helps you hone healthier and longer-lasting customer relationships.
If you’re in the market for sales force automation software, get a demo of People.ai today! This sales tracking software is perfect for growing enterprises with ambitious goals.