Even though tracking sales are a tedious job, it is vital that all entrepreneurs, including yourself, should create a tracking method that works perfectly. It is a valuable activity you can do to identify buying patterns and activity of your target market.
And when you start seeing the pattern, you will increase the number of deals closed in a short time and predict future sales even better. Knowing this data is more relevant for entrepreneurs like you who sell products that are difficult to market due to their sensitive backgrounds.
Therefore, you should track your sales effectively if you want to reach the right audiences and entice the right people into your sales funnel. Here are the simple steps for tracking your CBD sales so that you can acquire the needed data to improve your business overall.
Track Your Team’s Sales Performance
Like any other business, the first step of tracking your CBD sales is by tracking your team’s sales performance. The sales managers are the ones who use this technique to track their sales representative’s performance.
When doing the sales performance tracking, you must check some metrics such as the following:
- The number of cold calls your team made.
- The number of emails sent.
- The call duration of each call made.
- The volume of emails opened.
- The number of email responses sent by your team.
- Number of SMS sent.
- The total number of lost opportunities.
- Total meetings completed.
- The number of opportunities won.
- The total hours spent on each selling activities
- Total of values created
- The number of meetings your sales reps declined, canceled, or didn’t attend.
You should measure each of those metrics for each team sales rep. After gathering the data, you must separate the struggling sales reps from those who are successful. You should also figure out which areas your sales representatives are struggling. The sales performance tracking will give you a clear overview of your team’s performance.
Tracking the CBD Sales Leads
After you track your team’s sales performance, the next step is to track your CBD sales leads. Again, you must acquire the metrics of your sales behavior to ensure that your sales lead tracking is effective.
After acquiring the needed metrics, you should compare the current data to the previous lead behaviors. Then, you calculate which action significantly impacts the lead’s purchase decision.
When tracking sale leads, the following are the metrics that you must focus on:
- The lead’s last contact date.
- Next action or task required.
- The size of the deal
- Closing date of the Project
- The lead behavior, especially on social media, and the number of visits to your website.
- The lead score
- Status of the lead
Your main objective in tracking these metrics is to identify the most valuable leads you have on your list. Then you should refocus your efforts on the identified leads, nurture them, and close the deal.
Track Your Sales Goal
Every business should have a goal to become successful. And your responsibility as an entrepreneur doesn’t end in setting your brand’s goal. But, it would be best if you also tracked your progress to determine whether you can reach that goal until the last moment.
If you constantly experience that you are desperately aiming to make a sale of your CBD products every end of the quarter, then you should start tracking your CBD sales goal. Doing so will create a more stabilized approach to reaching your goal.
Before you can start to fully track your sales goal, you should first set up the following metrics:
- Your total revenue goal.
- Set up weekly, monthly and yearly goals.
- Total of your daily sales.
- Cumulative sales totals
By tracking your sales goal, you will have a visual view of your progress and see how close or far away you are from your goal. You will also have an overview of the volume of leads and sales you need to reach your goal.
Track Your CBD Sales Pipeline
The fourth step in tracking your CBD sales is tracking your sales pipeline. A sales pipeline is a visual technique for tracking the potential customers as they move through each stage of the buying process and their journey.
As a result, you will know precisely what is happening with your CBD sales down to the last minute. That is the primary purpose of tracking your sales pipeline. You can acquire real-time data on your Cannabidiol sales pipeline by tracking the following metrics:
- The total number of open opportunities
- How many opportunities are lost every day, week, and month?
- The velocity of your pipeline
- Sales win rates
- The length of the sales cycle
- Growth of your monthly sales.
If you acquire the data from these metrics, you can tell how much money is going through your pipeline every time. In addition, it can also help you predict future sales.
Sales Activity Tracking
The last step but certainly not the least is to track your sales activity. When doing this last sales tracking step, you will be gathering the same data from the metrics you use to acquire information for your sales performance.
These metrics include data about emails, meetings, calls, and more. However, instead of separating the data by representatives, you will use it to know the activities’ success rate.
For instance, you will be getting information about how many emails your team gets a response to or know the average length of the sales calls your team makes. You can also figure out the new opportunities created every month and could compare them to the previous months.
By doing the sales activity tracking, you will know which methods are effective for your team. This way, you will know where you should focus all your efforts on that specific method and see actual results.
Start Setting up Your Sales Tracker
Now that you know what and how to track your CBD sales effectively, you should start setting up your tracker. You should follow each step to ensure you are effectively tracking your sales.
As a result, you will acquire the correct data to help you appropriately craft the best sales strategy to boost your CBD sales and reach or surpass your goal.