Organizations have increasingly looked into the opportunities of digital solutions ever since the pandemic.
The ease of work, streamlining operations, and improved coordination among team members were just a few of the benefits that a digitally transformed workspace benefits from. In the current organization management scenario, 74% of organizations consider digital transformation a top priority.
With this increasing demand for digital tools and incorporations, how can companies improve their sales?
In this article we look into sales monitoring, the benefits it provides to business, and a few tips to keep in mind while incorporating a sales monitoring system into your solutions.
What is sales monitoring?
Sales monitoring is the process of tracking the sales process, sales reps' activities, and the lead’s journey through the sales pipeline.
A sales monitoring tool, such as a leads tracker, helps managers in efficient sales management by keeping an eye on all functions related to sales, providing suggestions to better manage the sales pipeline, and guiding the sales reps to improve their performance.
Monitoring and tracking the sales process, which includes both the sales funnel and the sales pipeline, helps sales managers optimize their operations and make informed decisions backed by data, ensuring a clear understanding of both the customer journey and the current state of potential deals.
How do businesses benefit from a sales monitoring system?
Implementing a sales monitoring tool in your operations and leveraging the data it provides equips organizations to better manage their sales process.
So here are a few benefits of a sales monitoring system in your sales management.
- Tracking sales process
Sales tracking is the process of monitoring the sales reps' activity, the leads in their pipeline, and the entire sales process. This helps sales managers to closely watch their team’s performance, coach them for improvement, and ensure a competitive work environment. It also ensures that sales reps remain disciplined in their sales journey and accountable for their sales activity.
- Streamlining business operations
A sales monitoring system provides a 360-degree view of the entire sales process and helps managers to have a better grasp of the sales situation. This helps to improve sales coordination, enhance sales management, and streamline the entire operation to bring in efficiency.
- Forecasting sales growth
Sales forecasting is the process of predicting the sales pattern for the upcoming time period. Implementing sales monitoring methods in your operations helps track the sales process, document the patterns and trends, and provide valuable insights. Understanding the market trends, product demands, and selling patterns helps companies to be better prepared to meet the requirements and plan strategies to improve their performance.
- Managing pipeline
Sales monitoring also enhances pipeline management. It helps in easy monitoring of leads in the pipeline to determine whether they are warm, cold, or moderate. This helps sales reps determine their strategy at each stage of their deals and thereby maximize their results.
- Mapping disposition summary
Disposition summary refers to the comments written after each lead contact. This can be call responses like call declined, scheduled a meeting, asked to call again, etc. These remarks help sales reps to determine their client interest and plan their next step. The tracking process includes deciding whether to message via LinkedIn or mail instead of calling, following up after a few months, or reaching out on a fixed date and time.
- Leveraging Data
The biggest advantage that a sales monitoring system provides is data. Automating and monitoring the sales process provides insightful data, comprehensive reports, and analytics visualizations that help managers better understand their team’s performance. Making informed decisions and strategies gives companies an edge in fulfilling their goals and objectives.
- Building incentive compensation
A sales monitoring system provides a holistic view of the sales process. It helps understand the high-performing sales reps and the ones who need guidance. These insights can be leveraged while building an effective sales incentive compensation program that can motivate the sales reps, improve their performance, and achieve sales quotas.
Sales monitoring methods will help companies optimize their sales operations and enhance their management to achieve the company objectives.
To read more about effective sales management techniques check Effective Compensation Models for Employee Motivation & Retention.
What are the tips for sales monitoring?
While building a sales monitoring template organizations must be clear about what they want and what they tend to achieve out of this tool.
So here are a few tips that will help you determine the types of sales monitoring methods for you.
- Chart your requirements
Incorporating a robust sales performance management process into their strategy is essential for companies, as it enables them to align their chosen tools more effectively with their unique requirements, facilitating improved performance optimization within their distinct organizational structures and operations.
- Determine KPIs
Be clear on what you want to monitor using a sales monitoring tool. Sales performance, leads generated, quota achieved, demos booked, etc. are some of the key performance indicators for sales management. Tracking these metrics help managers identify the strength and weaknesses of their team and guide them to improvement.
- Take valuable insights
The primary reason for incorporating automation tools in your business operations is to leverage the data they provide. Make the best use of it. Making decisions backed by data and being informed of the organization's status helps map the future plans of the company decisively.
- Mark your objectives
Companies must be confident about their objectives and aims. Digital tools can be utilized to their best advantage only when companies have a clear idea of how they will be of use to them, how can they be effectively incorporated into their operations and how can their features help fulfill the company's requirements.
- Streamline sales process
Sales can be a difficult task as multiple things are happening simultaneously. A sales manager will have 5-6 or more sales reps under their supervision, each with their own set of leads who are at different stages of the pipeline. Automating your sales monitoring helps streamline these processes and brings balance to sales management, allowing for more effective coordination of sales team roles.
Knowing the benefits of the sales monitoring system and then incorporating them into your business operation will help take full advantage of it.
For further tips on improving sales check Unlocking Success: Crafting a Winning Sales Performance Improvement Plan.
The relevance of digital solutions in today's business operations is emphasized time and again. Not incorporating the data-driven advantages it provides puts companies in a back seat in the market competition.
Hence, companies must judiciously incorporate digital solutions that best suit their business structure and operational needs to stay relevant in the market, stay competent in the industry, and make informed decisions that help them grow in the competition.
Especially in sales management where sales performance and productivity are influential in the company's growth, organizations must choose automation.