Being successful at sales is about more than just keeping your eyes on the prize. The best salespeople don’t focus solely on the end-goal or monthly targets. They pay attention to the entire journey — this lets them know what works, what doesn’t, and what they can do to improve their skill set. This is important whether you’re making calls, ringing doorbells, or relying on your website to generate revenue.
Here are four ways that monitoring your sales metrics can help your business:
Pinpoint where you need to improve. This is probably the most important reason to monitor your sales statistics. Tracking sales metrics will let you know where your strategy or approach are weakest. This could be in terms of sales funnel journey (maybe you’re receiving a lot of inquiries but failing to nurture) or in terms of converting your website’s visitors. It could be a certain part of your pitch that seems to turn off your prospects. If you notice a trend, investigate it and try to tweak your approach. Maybe you need to streamline your website navigation or experiment with your offer. Maybe you’re leaning too far into the hard sell and need to step back and listen to your prospect’s needs. Or maybe you’re just targeting the wrong people.
Develop realistic weekly targets. The best way to do this is to work backward. How much does your business need to make per month? Once you have that number, you can divide it by four to come up with your weekly targets. If you need extra daily motivation, you can divide it even further and figure out daily targets (if you’re not a person who thrives under pressure, however, it’s probably best to stick to weekly.) Once you have your targets set, it’s easy for you to know whether you’re on track, ahead of the game, or need to put in a little more effort.
Save your money. If you’re not hitting your revenue targets, it could be that you need to overhaul your marketing campaign to attract more prospects. But tracking your sales metrics could reveal a less drastic (and expensive) solution. It’s possible that you have enough prospects to fuel your business if you just focus on converting them rather than attracting new ones. In this case, nurturing would be the way to go, rather than building a new campaign.
Boost morale. We’ve all had days where it seems as though no one is even willing to consider what we’re selling. Often, those days can turn into a week, and that is when morale can start to really flag and turn into demotivation. At these points, it can be helpful to be able to look back on historical sales and remember — hey! You can really do this and there are people out there who are interested. Tracking your progress also encourages you to set and celebrate small goals, like new daily, weekly, or monthly records, or fastest sale. It will also highlight the things that you’re already doing well so you can build on them. When it comes to sales beginners, any source of motivation is a good one!