Data is such an integral part in sales success. We rely on data to decide on everyday sales activities, craft sales strategies, design sales and marketing campaigns, and more. These data are translated into reports, but with so much data gathered every day, how you do your sales reporting matters. Because not all reports are created equal, and data is only helpful when utilized properly.
Custom reports are reports that truly analyze data or information on your sales processes and activities, productivity and functionality, and help you with every decision-making task. Because not every business or sales team has the same need, customizing reports also allows you to only analyze data that you really need. You can therefore zero in on specific details that really matter, and scale the reports as necessary. Custom reporting is also proven to boost productivity within a team: data are organized and optimized for sales presentations and interpretation, and it allows you to make quick decisions when it matters—because all the data you need are readily available. In a nutshell, custom reporting allows you to operate the best way you should.
Your CRM platform should be equipped with the necessary features for custom reporting, among them: ease of use, real-time reporting, customized metrics (or the ability to pick the dimensions and values critical to the data you need), filters that help narrow down data on reports, and a fully customizable dashboard that creates an all-in-one overview of your business. Data is the language that communicates a business’ success, and these tools allow you to see the data clearly and efficiently.
Again, every sales team has different needs, but there are some reports that are just valuable across the board:
1. Prospects Report
This lists all your contacts, customers, and networks, which, needless to say, you consider prospects. But it’s not enough that you list them and their contact details, add specific filters on date of last contact, feedback, and the like. This report also allows you to streamline contacts, making certain that you are contacting the right person for each client/account.
2. Pipeline Report
Where are you with your leads? Are they progressing or regressing? Going hand-in-hand with your prospects report is a pipeline report that details exactly where each lead/prospect is in the pipeline stage.
3. Sales Forecast Report
Once the pipeline is clear, you can begin forecasting revenue. Forecasting makes goals-setting easier and, depending on the accuracy of your pipeline report, reliable.
4. Sales Cycle Report
What are the variables affecting your sales cycle? What is the duration of each cycle? Knowing these gives you the opportunity to spot inefficiencies, address bottlenecks and issues when they arise, and correct measures where and when necessary.
5. Sales Profitability Report
This report answers the question: Which clients/accounts are really positively affecting your bottom line? Look at your customer/client database and check for purchase history, buying habits, contributed amount, potential to purchase again, and the like. This report is especially crucial for customer relationship/retention and prospecting (or in this case, re-prospecting).
6. Wins/Losses Report or Sales Conversion Report
This report shows you what percentage of leads convert into sales within a defined time period. You can add data on the sales representatives responsible for the wins, how close you are to target, and other relevant details.
7. Revenue Report
Measure your progress against goals with a revenue report. Be as specific as possible when identifying the source of revenue, outline the account/client, product/service purchased, sales representative, lead source (this is important so you can harness this “strength” in the future), and revenue generated. Your current revenue report can also help you with future sales forecast reports.
Your reports should aim to analyze and offer insight on what your sales strategies need, in which case customized reports are not only necessary… they’re indispensable.
To learn more about the great benefits reaped from custom reporting, why not try a demo?
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