Using daily and/or weekly sales reports with your team may be the single most powerful action you can take to increase your team’s performance. Don’t believe us? We’ll convince you with an example from another sector – fitness. Let’s say a friend of yours has a goal of losing 10 pounds of fat, or gaining 5 pounds of muscle, over the next 2 months. Your friend excitedly tells you their plan, and all of the actions they plan to take to achieve their goal. “I’m going to cut out carbs, start walking everyday, and drink tons of water” he says with a smile on his face. “I think it’s great that you’re committing to fitness,” you reply. “How are you going to keep track of your goals?”
At this point, if your friend said something like, “Well, I’m not going to until I’m about 6 weeks in. But I’m going to try really hard so I know I’ll hit my goal,” you would probably question your friend’s judgement. You would think – yes, it’s all and well to try hard, but if you can’t keep track of your progress, how will you know if:
- What you’re doing is working at all?
- Whether you’re doing the right things, but you need to do more of them?
- Whether you need to change course radically to hit your goal?
To use another example, one secret that good cooks use is to taste their food constantly as they are preparing it. They know that if you only start tasting the dish near the very end of the cooking process, the food is too far along to change much. So they taste test frequently throughout the whole process.
Connecting To Business
These personal life examples may seem obvious, but when it comes to building businesses and driving revenue, many teams miss these lessons.
They set an ambitious quarterly goal of closing six figures in new revenue streams, and then check their progress about two months in…only to realize that they’re way off target from hitting their goal. They were probably busting their butts to make their goal become reality, but just working hard isn’t enough.
You need to work hard, on the right things, at the right time. In other words, you need to work hard with intention and awareness. And that’s what daily and weekly sales reports help you achieve. They give you indications of how your team is performing on a constant basis, so that you can course correct things as needed.
Think of these reports as your “navigational aides” for steering your sales team in the right direction. Modern business intelligence software for sales will help you to get actionable sales insights to drive future revenue and crush quotas.
For example, let’s say that you’ve been doing an aggressive cold calling campaign to drum up new business. If you use a weekly sales report, you might find after a week that NOBODY has made any significant progress. Knowing this, you can switch to another strategy in time to still hit your monthly revenue goal.
Granted, all of this information depends in large part on your sales cycles. If you have a massively expensive enterprise software package that often takes half a year to close, then a monthly report would be your version of a weekly report, and your weekly report would be similar to a daily report for other businesses with shorter sales cycles.
What You Track Gets Acted On
There’s another benefit to using daily and weekly sales reports – they make things crystal clear for your sales team as far as what’s important and what they should be working on.
As long as you’re not overloading your team with too many KPIs, by using reports you can show your staff, “Hey, these numbers are crucial to our success. So we’re going to keep track of them on a frequent basis.”. When your team has simple, clear KPIs they need to execute on, they can invest all of their energy into drumming up revenue – instead of wasting time thinking about what they should focus on next.
Now that we’ve hopefully convinced you of the importance of using daily and weekly sales reports, let’s move on to some examples – we’ll even finish with some monthly reports!
4 Daily Sales Report Examples And KPIs
When it comes to daily reports, you don’t want to get too focused on outcome dependent metrics. Instead, you want to focus more on process metrics. What’s the difference?
An outcome metric is something like revenue earned, or accounts closed, which your sales rep can’t directly control. A process metric is something your sales rep can directly control, like how many calls they’ve made, emails they’ve sent, or meetings they’ve set up.
On a daily basis, your reps are simply going to have some bad days and some good days due to reasons beyond their control. So, seeing that a rep has one low earning day, and then calling them into your office, would be a little premature, and arguably an example of micromanagement.
However, if several days in a row are pretty bad, or if a week goes by where your reps aren’t performing at their normal standards, that’s a pretty good sign that you might want to ask them what’s going on. Maybe they need to learn some new skills – or maybe their dog just died and they’re in a bad spot. Either way, it’s your role as a manager to support them. Here are some examples of KPIs you can track in a daily sales report:
1) Number of meetings set up by rep
While you can’t actually force a potential customer to set up a meeting with you through sheer force of will, you can mostly control how many meetings you set up. Take note that we’re not keeping track of phone calls and/or emails send out explicitly, as while those KPIs can measure effort, they can also be manipulated quite easily.
And this contains an important lesson about KPIs, even daily ones – they have to serve your overall goals. If your daily KPI measures something that doesn’t contribute to your overall goal, it’s not valuable. All in all, it’s hard to have too many sales meetings set up, and that’s what makes this KPI useful for displaying in a daily report.
2) Number of client conversations by rep
This is the equivalent of: “How many phone conversations and in-person meetings is each rep having, each day?”. Again, all else being equal, a rep who spends more time talking to customers is going to generate more results for your business than a rep who isn’t.
This is assuming that you are qualifying your leads properly of course, which at times can be easier said than done.
3) Number of touch points created by rep
This is a tie-in metric that looks at:
- How many emails were sent to a potential customer that has at least shown interest
- How many phone conversations were had, and/or voice mails left with potential customers who have shown interest
With this metric, we’re trying to provide an overall “effort” KPI for each rep without making things too easy to manipulate. That’s why it can be useful to specify that in order for an email or phone conversation to count, there has to have been prior contact with a customer identifying them as a lead.
4) Number of new leads created by rep
This is a pretty straightforward sales report. If you’re worried about reps boosting their numbers with low-quality leads, you can identify specific qualifications for leads and base your report off those numbers.
4 Weekly Sales Report Examples And KPIs
A week is arguably the perfect unit of time to measure individual sales rep performance by. A month is often too long of a time frame, leading you to miss out on course correction opportunities until after the fact. And a single day is often too short to see any real, meaningful outcome dependent information. Of course the perfect time to measure sales rep performance depends on your business model, too.
1) Sales Volume by channel
This is a bit of a more “strategic” KPI that can also be used effectively on longer time scales. Essentially, this report shows you what physical areas and methods of customer acquisition are pulling in the most revenue.
The total sales volume can make it easy to see where you should be prioritizing your sales efforts so that you can adjust accordingly.
2) Revenue closed by rep
While a week may be slightly too short to get a meaningful revenue metric (depending on the length of your sales cycle), this is still a useful report to run. For shorter sales cycles, you’ll certainly be able to see trends by rep over 2-3 weeks.
For longer sales cycles, this report may provide some insight into what times of the month your reps tend to close sales, increasing the accuracy of your future projections.
3) Opportunity-to-Win Ratio by rep
This report displays a straightforward sales KPI that shows how effective each of your reps are at closing their opportunities. While some variance is to be expected, if one rep is dramatically better than the others, it’s possible they’re getting the best leads. Or, it’s possible that this rep has some skills they could teach the rest of your reps.
If a rep isn’t closing at the same rate as his or her colleagues, this could just be a fluke – at least on a weekly basis. But if these weekly reports continue to indicate the same trend, it could be time to help this rep out.
4) Client meetings attended by rep
This is a very good weekly sales report. While in a day, it’s hard to get meaningful conclusions from how many meetings are being attended by each rep, a week timeline shows a different story.
These meetings can either be virtual or in person, but either way, successful sales reps are going to be having them consistently, and this report will show you how they’re doing.
3 Monthly Sales Report Examples And Templates
To dig a bit deeper, we will also briefly introduce some monthly sales reports that can be of help. A month will provide a broader feeling of how your sales reps are performing in the long run, even though, as we mentioned earlier, it can be too long for you to implement correction to avoid missing out on opportunities before it is too late.
1) Sales cycle length report
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This monthly report is covering the totality of your reps’ sales funnel, from the opportunity to a closed deal. It will outline the performance of each rep and point out how good they are at closing deals, and how long it takes them to get there.
Visualizing these metrics will help you in determining the strengths and weaknesses of each individual, providing you with the information you need to respond accordingly.
2) Sales conversion report
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A sales report which is complementary to the previous one: you are able to see how effective your reps are at converting the leads into sealed deals, after hitting every step of the funnel to get there.
By analyzing each stage of this funnel, you have the opportunity to identify where an issue may occur and adress it, so as to increase your sales conversions
3) Sales performance report
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As a final sales report example, we chose one that displays are broad overview of your performance, combining a lot of different KPIs – which is useful if you decide to create a monthly report. The one displayed here however goes further, as it shows data over one year; but you can take data just over one month.
From the number of customers you have acquired during that timespan to the costs it takes to get them, from the average revenue each of them brings you to the lifetime value they have, it provides you with an at-a-glance information too quickly see if your teams are meeting their goals.
Which Reports Will You Use?
In this blog post, we outlined:
- That daily and/or weekly sales reports are crucial, as they allow you to work hard with intention and awareness
- Examples of daily, weekly and monthly sales report KPIs that you can use with your sales team
As we’ve said in other posts, it’s important not to overwhelm yourself with new business processes all at once. Instead, choose the KPIs that you think will be the most useful for you and your team, and implement those. Then, after a month or more of using those reports, you can add on to your reporting – or keep it where it is. For more reports, you can have a look at our previous article on sales graphs and charts about it and find some more inspiration!