Sales persons in a company are responsible for the revenue generated, and their efforts determine whether the company makes a profit or a loss. Special care should be given so that the sales representatives keep the cash coming in.
A sales report enables a manager to keep an eye on the sales representatives, track the amount of time they spend on sales activities, show if they are achieving their sales objectives, and check whether they are translating their hard work into real sales. A sales report can also be simply defined as a record of calls made by the sales representatives and the products they sell during a selected timeframe.
Types of sales reports
Different types of sales reports exist where each report type apply different reporting rules.
Promotional sales report – This report measures the performance of promotional efforts. It shows all the sales where the customer is given a promotional discount by a sales representative.
Coupon sales report – Coupon sales report tracks all sales that involve the use of coupons.
Common sales report – All the sales that do not include an allowance or a discount, and a promotion are covered by the common sales report.
Closed and won opportunities sales report – This report shows the number of sales that the sales team is concluding every month and the representatives who are closing the deals. It also shows the sales trend over time.
The daily call report – The data in the daily call report shows the number of times the sales representatives call customers, who they were talking to, what they talked about and the intended plan of action for scheduled calls.
The productivity report – The productivity report keeps track of all activities that happen within the sales organization and indicates whether each sales representative is underperforming and/or meeting and exceeding expectations.
Importance of sales reports
Sales managers are required to review sales reports regularly. They offer invaluable data that is generated by the sales team when carrying out their activities. The sales manager is able to know the customers, where they come from, what triggers prospects to purchase a product and what prompts them not to buy them.
With this information, necessary improvements can be implemented to increase the success rate of the sales process. This means that the reports have to be completed properly, in a timely manner, and reviewed regularly in order to maintain the well-being of the business.