What Role Does Sales Tracking Play in the Growth of Your Business?

No business can survive by shooting arrows in the dark. Yes, risk-taking is important for growth. But unless those risks are calculated, you are driving your business towards self-destruction. 

To avoid this, you need to track everything, from your product’s performance to your sales’ efficiency. And the latter is especially crucial to the growth of your business. Because if your products don’t sell, the rest of your business might as well not exist! 

There are several reasons why sales tracking is essential to the growth of your business. So read on to know how it helps and why you should invest in it. 

How Sales Tracking Helps Your Business

Know the Ins and Outs of Your Sales Funnel

You can’t expect growth if you have no knowledge of what’s happening in your sales funnel. And to know that, you need data – something you can only get if you make use of sales tracking. 

For example, 60% of people say “no” four times before they agree to convert. Despite this, 48% of salespeople never make a follow-up attempt. This pattern is hazardous because it directly leads to a decline in sales. But without a sales tracking system, you can never know whether it exists within your organisation. 

When you track sales, you can analyse customer behaviour, salesperson outreach tendencies, and various other patterns that drive conversion and retention. You can also know when customers leave the sales funnel. Once you have the correct data in hand, you can change non-effective strategies and introduce new ones. 

Analyze and Improve Your Team’s Performance

What if your product is excellent and unique yet fails to attract customers? There could be several reasons for this. But the most probable one is the lack of appropriate performance on the part of your sales team. Unless you have a sales tracking mechanism, you can’t know if your sales team is performing well. 

An efficient sales tracking software like the one from Commence can easily help you track the performance of various sales reps. Suppose you notice that some are excelling while others display mediocrity. In that case, you can take steps to educate the bottom lot on your product and effective pitching strategies. According to a survey, more than 50% of salespeople rely on their peers to learn and improve. So, encouraging the average-performing salespeople to talk and learn from the excellent ones might be the best strategy. 

As you keep a real-time record of your sales team’s performance, you can quickly eliminate mistakes and introduce incentives. With a sales tracking mechanism, therefore, your sales team’s productivity can improve multi-folds. 

Forecast Growth and Plan Resource Allocation

We can’t know what the future holds, right? Well, not exactly. A sales tracking mechanism allows you to forecast the future sales patterns and growth of your company. Based on existing patterns, it predicts future results. 

These forecasts can be extremely helpful in allocating funds and other resources to different departments and designing product improvements. If you know in advance how many closures to expect at the end of the month or quarter, you can control production, customer service, and marketing costs. 

Moreover, by reading the charts and prognosis produced by sales tracking software, you can distribute resources economically towards training, product development, and outreach. This will ultimately help you set achievable and realistic goals for your brand. 

Offer Tailored Services to Prospects

As the world gets smarter, your customers expect you to become so too. You can’t wait for them to tell you what they want or like. You have to be proactive and predict that yourself. And a sales tracking system lets you do that. 

With efficient sales tracking software, you can know when customers want to interact with your salespeople. 60% of people often have queries after they have shortlisted products and services, while 19% want to connect during the product/service awareness stage. This data can vary for your company. So you should use a sales tracking mechanism to find it for your brand and direct customer service at the right stage. 

You can also leverage such data to design future product recommendations for customers. Doing this will improve your overall marketing efforts too. 

In Conclusion

The growth of your sales performance is synonymous with the growth of your business. And you definitely can’t ignore it. So instead of doing continuous hit-and-trial, get yourself a sophisticated sales tracking software right away.