Running a business without sales analytics and daily sales report is like a shot in the dark. Often small businesses have an affinity for generating annual reports only. It could be because they don’t see sales reporting as an essential activity or simply feel it is enough to gather once a year.
The problem with annual reporting though, 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.
A daily sales report can help you gain insights, pointing out bottlenecks and gaps in your sales process. It helps your sales team understand the challenges that lie 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 have a deeper look into sales reporting.
What is a Daily Sales Report?
A daily sales report is a sales tool that summarizes all the sales activities taking place in a business during the day.
It reports about what your sales reps have done on a working day, including the number of calls made, emails sent, in-person meetings attended, deals closed, and so on.
According to a survey in the UK, 81% of sales teams felt that infrequent audits of their sales process were their biggest setback. In such a case, a daily sales report is found to be much more useful and effective than a monthly or yearly report.
It provides continuous updates to the management and offers 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 add some more valuable information. 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.
Benefits of Creating a Daily Sales Report
Although generating a sales report daily may seem time-consuming, it has several benefits for your business that you can’t overlook. Some of the key benefits you enjoy when your business has access to a daily sales report are the following.
1. Helps Optimize the Sales Funnel
Not all leads that your sales team generates are worth nurturing. But they won’t know that unless there is a visible trend. According to statistics, 60% of sales reps waste their time pursuing poor leads. This only lengthens the sales funnel for them and makes pushing these leads through the funnel very difficult.
Having this reporting system in place would help you identify which leads must be prioritized and which can be ignored. For instance, leads coming from certain channels are known to convert, from your business’s historical data.
Or certain prospect behaviours indicate that the prospect will take longer than usual to decide. You can ask your sales personnel to prioritize and deprioritize leads on these bases.
This helps optimize your sales funnel and shorten the sales cycle.
2. Assists 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 are generating more revenue every day. So the decision on the focused products for your sales reps becomes a lot easier to make.
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 you with the same information, they cannot show you in-depth data on each sale as a daily sales report can.
Daily reports make it easier to track performances, identify patterns, detect problems and take timely action.
3. Motivates and Boosts the Confidence of Salespeople
The daily sales report 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 their sales actions are backed by data and insights, they are more confident about handling prospects and winning deals.
4. Brings a Sense of Accountability
A monthly report or an annual report does not show you much about what an individual salesperson has been doing. But 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 will be able to 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 responsible 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.
What Should Be Reported in Your Daily Sales Report?
The daily sales report can vary for each organization based on its unique sales objectives. But certain data are common to all sales teams, irrespective of what you are selling. Some of the common data points that every daily sales report should cover, include –
These are just a few of the key points to cover, you can have more data points depending on your daily sales goals.
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 a number of different sales reports for your business every day. In fact, creating various reports for different areas of sales 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.
1. Sales or Closed Deals Report
This report is required to 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.
But for businesses that cater to individual end-users, a daily sales report on completed transactions can be useful. You can ascertain the cash flow and profits earned, from this report.
2. Leads Report
A comprehensive daily sales report on the number of new leads generated in a day is also imperative to business. This report gives you an idea of how many leads are in your pipeline and how many of these are qualified leads.
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.
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, it is a sales opportunity created.
4. Sales Call Report
This daily sales report captures all the details on 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 of each call, and so on.
The sales call report can give you an idea of how many deals your team is able to 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.
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.
6. Conversion Rates Reports
This is by far one of the most important reports for any sales team. Conversion rate, as we are already familiar with, is the ability of the sales team to convert leads into prospects and prospects into 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 next quarter.
How to Improve Your Daily Sales Reports?
Creating a daily sales report can be easily automated if you have the tools for it. But even for automated reports, you have to decide what insights you would like to see and how these should add value to your business.
To help you pick the right KPIs, monitor sales performance better, and create more insightful reports, here are a few tips.
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 so that your sales goals are attained.
To make sure these reports are useful, you must be clear about your goals for the sales team.
You must be sure about what it is that you are trying to measure and what questions the report should answer.
2. Standardize Your Reports
For reports to be easily comprehensible, standardization of the data and metrics presented is important. 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 to use CRM software that creates reports in the set format automatically.
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 only make your reports more complex and harder to understand. Such reports may take up a lot of your sales team’s time and still not deliver any useful insights.
4. Represent the Data in Visual Formats
Reading and drawing conclusions from data is a lot easier when it is presented in a visual format. Data visualization is seen as increasingly important in all business areas and sales is no different.
A 2013 survey revealed 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 the form of graphs and charts on the dashboard, which is easy to read.
Daily Sales Report Made Easy With Kylas CRM
A CRM platform can be a very useful 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 small businesses. With Kylas, you can create customized daily sales reports on leads, deals, and revenue with just 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 in 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, so you can 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.
Having 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 here for a free CRM trial to learn about how our sales CRM software can help you make data-driven decisions.