Running a business without sales analytics is like a shot in the dark. Often growing businesses have an affinity for generating annual reports only. It could be because they don’t see sales reporting as an essential activity or feel it is enough to gather once a year.
The problem with annual reporting is that by the time you detect a problem in your sales process, you may have already lost significant revenue. A daily sales report addresses this issue quite effectively.
Daily sales reporting can help you gain insights, pointing out bottlenecks and gaps in your sales process. It helps your sales team understand the challenges ahead of them and find solutions in time.
But all said and done, we have to agree that generating sales reports can be a mundane activity and is not directly related to selling. So, it is natural for your sales team to not want to invest too much time in it.
This is where a good CRM tool can help automate this task. We’ll get to that at the end of this post, but first, let’s look deeper into sales reporting.
Creating a daily sales report is very easy on a sales CRM. Wish to learn how? Schedule a demo, and leverage the power of Kylas CRM to streamline your sales reporting and process.
1. Why Does Your Sales Team Need Daily Sales Report?
While reps may see the Daily Sales Report as a redundant activity- they have no accurate updates to give. For decision-makers, it adds value as it helps them understand the challenges with the workforce and enables them to suggest corrective measures in time.
Some other key benefits of sales reports include:
1.1. Optimize the Sales Funnel
Not all leads that your business generates are worth nurturing. But sales reps won’t know that unless there is a visible trend.
DSR includes critical information such as which days had the highest sales, why did that happen, etc.
This information becomes beneficial for management and managers to determine which leads your team should focus on basis behaviour, source, or even industry. It even helps the marketing team to optimize their campaigns and set their target audiences accordingly!
According to statistics, 60% of sales reps waste their time pursuing poor leads. Doing this not only lengthens the sales process but also impacts the team’s efficiency and the overall efficacy of the business.
Insights from DSR can help you optimize your sales funnel and shorten the sales process altogether!
1.2. Motivate and Boost the Confidence of Sales Reps
The daily sales record is also important for your sales team’s morale. Daily monitoring of each salesperson’s performance motivates them to achieve more. It gives rise to healthy competition within the team, which in turn increases the productivity of the team members.
They also boost the confidence of your team members. When data and insights back their sales actions, they are more confident about handling prospects and winning deals.
1.3. Assist in Decision-making
Making the right decisions at the right time is crucial in sales. When you receive regular updates on your sales processes and activities, you are in a better position to make well-informed decisions.
For instance, you can see which products generate more revenue daily. So the decision on the focused products for your sales reps becomes much easier.
A daily sales report will help you determine the sales volumes, cash flow, future trends, and more. All of this can help you make better decisions for the future of your sales. Though monthly sales reports may provide the same information, they cannot show you in-depth data on each sale as daily sales reporting can.
Daily reports make tracking performances, identifying patterns, detecting problems, and taking timely action easier.
1.4. Bring Accountability
A monthly or annual report does not show you much about what an individual salesperson has been doing. However, with a daily sales report, each individual’s activities and performance can be monitored. This also brings an overall sense of accountability among the team members.
A sales manager can tell who is responsible for nurturing a particular prospect. Or know who is responsible for answering a customer’s queries. With such consistent monitoring, every salesperson is bound to be accountable and answerable for their actions.
Interested in analysing and forecasting team performance with sales reports, and making profitable decisions with Kylas? Sign up here for a free CRM trial to learn about how our sales CRM software can help you be more productive.
2. FAQs
2.1. What is a Daily Sales Report?
A daily sales report tracks the sales activities of a business day. It gives businesses actionable insights on a team’s daily activities- opportunities generated, deals closed, calls made, and other KPIs.
With the help of this report, managers can track what their sales reps have done on a working day. This can include the number of calls made, emails sent, in-person meetings attended, deals closed, and so on.
As it facilitates regular audits, daily sales reports help managers identify operational bottlenecks early on. It also helps with your rep’s accountability and performance.
In addition, DSRs provide continuous updates to the management and offer valuable insights into the company’s sales activities more frequently and in a more detailed manner. It could contain the name of the sales rep, the clients being handled by them, the number of calls/ emails they have executed during the day, etc.
But for a more comprehensive report, you would need to customize it to your business’s context. This is usually sales performance data that compares the daily sales activities with the sales objectives. Such reports can be created by the sales manager or by the sales reps themselves.
2.2. What Should Be Reported in Your Daily Sales Report?
Each organization’s daily sales report can vary based on its unique sales objectives. But certain data are common to all sales teams, irrespective of what you sell. Some of the common data points that every daily sales report should cover include:
These are just a few key points to cover, you can have more data points depending on your daily sales goals.
2.3. Types of Daily Sales Reports
When we talk about daily sales reports, we don’t necessarily mean there has to be just one report. You can create many different daily sales reports for your business. Creating various reports for different sales areas will give you much deeper customer insights than a single consolidated report.
Here are some commonly used daily sales report types you can create for your business.
2.3.1. Sales or Closed Deals Report
This report must show you the number of deals closed or transactions completed on a given day. This kind of report works best for retailers or consumer goods businesses that usually make a few sales daily.
For B2B sales, it may not be possible to attain daily sales data of deal closures as a typical B2B buyer takes more time to make a purchase decision. However, B2B businesses can customize their Daily Sales Report (DSR) to show the number of demos/meetings with clients.
However, for businesses that cater to individual end-users, a daily sales report on completed transactions can be helpful. You can ascertain the cash flow and profits earned from this report.
2.3.2. Leads Report
A comprehensive daily sales report on the number of new leads generated daily is also imperative to business. This report gives you an idea of how many leads are in your pipeline and how many are qualified.
This information can tell you if your sales reps are spending time on low-quality leads. You can help them prioritize based on the new leads’ eligibility.
2.3.3. Opportunities Report
This report can show data on the number of prospects contacted in a day and how many of these conversations ended positively.
If your sales reps have been able to schedule a meeting or demo or convince the prospect to move to the next step, a sales opportunity is created.
2.3.4. Sales Call Report
This daily sales report captures all the details of the sales calls made by each sales rep in a day. It includes the number of calls made, the duration of each call, the outcome, and so on.
The sales call report can give you an idea of how many deals your team can close daily overcall, which territories are responding better to their sales calls, etc.
Insights from the sales call report can tell you which of your sales and cold calling strategies are working and help you sort your call list better.
2.3.5. Revenue Report
The daily revenue report tells you how much revenue has been generated by your sales team in a day. You can create revenue by salesperson report to better understand the contribution of individual team members to the revenue.
The revenue by salesperson report can contain the daily quota, daily sales goal, number of deals closed, number of deals lost, and percentage contribution to total revenue for each salesperson.
It gives you a good view of individual team members’ performances.
2.3.6. Conversion Rates Reports
This is one of the most important reports for any sales team. The conversion rate is the sales team’s ability to convert leads into daily customers. But again, this can be a daily sales report for retailers and businesses selling low-priced consumer products.
For B2B sales or high-value-added products, it is not viable to calculate conversion rates daily. They would gain more from monthly or quarterly conversion rate reports instead.
A high conversion rate in your daily report will tell you that the strategies you are currently using are delivering results. Similarly, a lower conversion rate would mean your sales strategies need improvement.
Creating a daily sales report on your conversion rate will allow you to address issues on time so they don’t roll over into the next month or quarter.
2.4. How to Improve Your Daily Sales Reports?
Creating a daily sales report can be easily automated if you have the tools. But even for automated reports, you have to decide what insights you want to see and how these should add value to your business.
Here are a few tips to help you pick the right KPIs, monitor sales performance, and create more insightful reports.
2.4.1. Align Your Daily Sales Reports With Your Goals
The ultimate aim of analysis and reporting is to help you achieve your goals faster. With a daily sales report, you are trying to evaluate and audit your sales process every day to attain your sales goals.
To ensure these reports are helpful, you must be clear about your goals for the sales team.
You must be sure about what you are trying to measure and what questions the report should answer.
2.4.2. Standardize Your Reports
For reports to be easily understandable, standardization of the data and metrics presented is essential. Make sure that whoever is creating the daily sales report follows these standards.
The best way to ensure this is to have a report template or use CRM software that automatically creates reports in the set format.
2.4.3. Track Only What Is Important
To keep your reports relevant and meaningful, you need to focus only on the metrics and KPIs that matter to the sales process and your goals.
Tracking too many metrics will make your reports more complex and harder to understand. Such reports may take up much of your sales team’s time and still not deliver valuable insights.
Reading and drawing conclusions from data is much easier when presented in a visual format. Data visualization is increasingly important in all business areas, and sales are no different.
A 2013 survey revealed that 86% of managers in organizations using visual data discovery tools are more likely to find timely information compared to only 67% who don’t use visual data.
Again, using a CRM solution can help you overcome this challenge. Good CRM platforms usually present data in graphs and charts on the dashboard, which is easy to read.
3. How to Make a Sales Report With Kylas CRM?
A CRM platform can be a handy addition to your business’s software stack as it helps you streamline analytics and reporting and automate most of the tasks. Kylas is an efficient sales CRM solution designed especially for growing businesses. With Kylas, you can create customized daily sales reports on leads, deals, and revenue with the click of a mouse.
The platform also allows you to filter your sales reports based on what insights you are looking for. Kylas can create different reports for everyone on your team considering the importance of daily sales reports for your team. Data can be easily migrated from other CRMs or Excel to Kylas with the bulk import feature.
You can also easily share reports and data from the platform with your team and other stakeholders.
Kylas allows you to create user roles to control which users can access which data. Users can also share their leads and deals with teammates, so you can keep track of your team’s performance.
A sales CRM like Kylas at your disposal can make day-to-day reporting efficient and fast without you or your team having to struggle with data for hours.
Interested in taking your growing business to the next level with Kylas with the help of actionable reports? Sign up for a free CRM trial to learn how our sales CRM software can help you make data-driven decisions.
