AI-powered Sales Tracking to uncover the deal’s unknown and sell better and more
Track your sales progress and convert your non-winnable deals to wins
A recent study by Harvard Business Review showed that “50% of high-performing sales organizations admit having “closely monitored, strictly enforced or automated” sales processes. Meanwhile, 48% of under-performing organizations have non-existent or informal sales processes.”
How do you know your sales team is on the right track?Or is your sales strategy driven by data?
If not!It is time you start tracking your sales and hit the secret of not losing every winnable deal. Before we begin with the what and why of sales tracking. Let me draw a parallel to Money Heist and help you understand why your business demands sales tracking for growth.Remember the first impossible heist that the Professor was able to execute successfully?The heist was only successful because the Professor firstly prepared all contingency plans and tracked not just his team's actions but also the outer world. By tracking everyone’s move, he was able to help each and every teammate of his to perform the heist with success.
Wouldn’t you agree?Your sales team also requires a Professor to help them complete their heist, i.e., winning every deal. But if you don’t know what help and when they need it. How can you help your team like Professor?
To further understand why your sales team requires sales tracking. Let us first understand what exactly sales tracking is.
Sales tracking is the process of documenting and monitoring all sales interactions from the first reach out to the last deal closer call. It contains contact details, the first point of contact, their sales funnel progress, and ultimately the conversion factor.
The primary purpose of tracking sales is to measure the conversion rate with the current sales process and find areas of improvement.
Montgomery Family law is a North Carolina-based firm specializing in family law and divorce. One of the firm’s major problems was that it could not keep track of all the incoming leads and understand their origin. This made it impossible for them to provide cohesive advice based on their origin state.
By enabling sales tracking and call tracking, Montgomery firms could track all the leads origin and provide the right advice at the right time. It helped them increase their lead conversion rate by 40%.Amazing right?
The sportswear giant successfully combined the mix of content and commerce together. Users now had exclusive access to product launches, price drops, and more through the in-app store. And they could easily contact a Nike stylist to turn for help and expert advice. With their digital sales plan paying off, Nike reported a 9% boost in its total revenue.
Did you know that the percentage of salespeople achieving sales quota has dropped from 63% to 53% in less than five years? - CSO Insights
The reasons for this could be many:
But how can you, as a sales leader or a business owner, find out the reason?
This is where sales tracking comes into play. Let us deep dive and see what sales tracking does for your business.
In a business, bottlenecks are going to be present. Bottlenecks you can’t evade, but you can spot them in time with the help of an effective AI-powered sales tracker.
Sales tracking helps you spot why exactly the leads are dropping out. What questions of customers, sellers are not able to answer effectively. Or what external factors and help can help them win the deals.
Listening to every rep's call and providing feedback on time can be a difficult task. Using an AI-based sales tracker like conversation intelligence, you can precisely track all your sales calls, keep an eye on every sales call, and provide feedback in less than half the time.
A solution like conversation intelligence analyzes sales for call quality, talk ratio, user’s patience, and soft skills of every seller. It highlights it, making the whole process of reviewing sales calls.
Did you know sales representatives end up losing 64% of their time in non-sales activities?
If you are wondering, what these tasks are, let me list them down for you:
When all the above tasks can be easily automated with the help of an AI-powered sales tracker. Thus, leaving the sellers to focus on more important tasks like prospecting and reaching out to customers.
When the sales representatives are aware that their daily calls are being monitored, it creates a sense of accountability for every deal on the table. They are aware that starting from their script to their soft skills are being analyzed by the sales tracker, and this sense of awareness boosts them always to put their best foot forward.
The sales tracker provides a granular view of every deal. So that sales managers can allocate their seller’s time on important deals or provide them with resources and physical resources when and where required.
Have you wondered what the top performer of your company is doing differently?
More activity doesn’t mean more results. Without a view into every deal, your sellers are flying blind. The sales tracker makes every sales call and process as transparent as possible so that the entire team can understand the best practices to follow and improve their performance.
An AI-powered sales tracking system gives you unfiltered feedback and responses from your customers. Sales tracker such as conversation intelligence helps you understand what messaging is hitting the mark and further aids your sales team to customize their sales pitch to match the market tone.
Now that we understand why it is vital for every business, let us explore setting up a sales tracking process.
Just deciding and jumping right into a solution might prove risky for you. You need first to analyze your business needs and what KPIs would help you better track your business. Let us break down the process in depth.
Let us understand this with an example; focusing on existing strengths and perfecting might help increase loyal customers, but it might impact the ROI. On the other hand, concentrate on weaknesses can improve market presence and get more qualified leads.
Set up the KPIs that are best suited for your business, and then analyze solutions that may help you with these KPI insights for the company’s overall growth.
After you have collected all the data and listed the KPIs, it is time to share this data with your team and ask for their feedback. Share the plan not just with your sales team but also with your customer success team, marketing, and even developers. With the knowledge of the product, customers, and marketing teams, the sales tracking analytics KPI can be set to support the company’s growth goals.
Just setting up sales tracking KPI is not enough. The tracking analytics have to be reviewed and modified periodically to keep up with changing short-term business goals. For example, if you notice the CDS or NPS scores are going down, analytics to track this must be implemented.
Now we know how to set up sales analytics, so let's move on to the KPIs we need to measure to track sales.
Let us list down the KPIs you must track to know the state of your sales:
Convin seamlessly integrates with the sales stacks and keeps track of daily sales activities for your business. With Convin, you can track your sales rep’s daily sales calls and even transcribe and analyze it without any human intervention.
Convin highlights the deal intelligence and meeting intelligence for sales managers to review and modify the current sales process to help their sellers win every winnable deal. Convin even helps evaluate the call quality of daily sales calls, so you can understand and track the CSR and provide personalized sales training when and where required.
By enabling Convin’s sales tracker, sales reps can focus on what is important, that is, revenue growth. Rather than tracking their daily and monthly sales progress, Convin does this for them automatically. It logs daily activities directly into the CRM and even sends out the insights directly to your inbox. And all this with just one tool.
But the best part is, unlike most tools, it does not require extensive training and can be onboarded in a day.
Signing up on Convin is as easy as signing up on Spotify!