Keeping track of your company’s sales performance is crucial. In fact, companies that track objectives in real-time are twice as likely to hit their targets than organizations that don’t keep up with goals and related metrics. That’s why finding a simple yet effective way to track your sales metrics should be one of your primary goals.
So what’s the best way to easily track your metrics without producing extra, complicated work? The answer: a comprehensive sales report.
Sales reports that are easy to understand support more accurate analysis and help leadership and other stakeholders get an at-a-glance feel for how things are going. A sales report template ensures consistent delivery of the information your teams find more helpful when analyzing performance or making day-to-day decisions.
In this blog post you’ll learn about the benefits of sales report templates and how you can use them. We’ll also provide a free customizable sales report template you can use within monday.com.
What is a sales report?
Sales reports help businesses monitor key data, like sales closed on a weekly or monthly basis. They also reflect revenue from each sale to create a summary of how the sales teams and each individual salesperson are performing. Teams and business leaders can use sales reports to understand the success of various products and approaches so they can make improvements or duplicate that success in other areas.
What is a sales report template?
A sales report template is a preformatted tool that reduces the time it takes for teams to report on and track sales goals.
Why should you use a sales report template?
Sales report templates, like any template, exist to simplify your life and save you time. Someone can simply open the template and enter the relevant information without worrying about creating a complicated format.
- Create more consistency: The report always looks the same, making it easier for everyone to find the information they need quickly.
- Serves various reporting needs: For example, a daily sales activity report focuses on the performance metrics of each individual team member on that day, while a yearly sales report provides an overall summary of sales revenue, often broken down by quarter.
- Are customizable: You can create a custom template to highlight each type of metric, based on your organization’s specific needs or goals.
monday.com offers 300+ fully customizable templates for every industry, business, and team. You can explore our entire template to find the one that best suits your needs here.
What types of metrics can you find on sales reports?
Here’s another benefit of sales report templates: they give you insight into what metrics to include in your report. But since every sales report is unique, you can always tweak the template to emphasize certain types of information, including any of the common sales data metrics we summarize below.
1. Revenue by salesperson
A revenue by salesperson report reflects how much revenue each member of the sales team brought in during a given period. Based on this data, management can create sales forecasts to predict future revenue, understand which team members are most effective, and make decisions about improving sales processes.
Ex: A clothing retailer might use a revenue by salesperson report to assess the performance of sales staff over a given day, week, month, or quarter. That data may help sales managers make decisions about promotions or which team members might require coaching.
2. Conversion rate
Conversion rate is the percentage of users who take a (predetermined) desired action. For example, a conversion rate can be used to determine how many people who entered the sales funnel as a lead ultimately purchased your goods or services. High conversion rates on a sales report indicate strong sales team performance. Low conversion rates prompt teams or sales leaders to investigate processes and skills to find opportunities for improvement.
Ex: A clothing retailer may use a conversion rate to determine how many people have walked into their store, compared to how many ultimately ended up making purchases.
3. Average deal size
Average deal size is determined by dividing your total profits from customer contracts by the total number of contracts. This metric helps you understand whether the scale of sales or contracts is increasing, decreasing, or remaining steady to help you predict growth and future revenue.
Ex: Clothing retailers may use the average deal size to determine whether they’ve sold more pieces this year versus last year. To determine the current year’s average deal size, they can take the total amount of profit gained (say $10,000) and divide it by the total number of contracts (say 10). When $10,000 is divided by 10 contracts, the average deal size is $1,000. This information could prove useful in developing an accurate forecast prediction for next year’s sales.
4. Age of leads
Age of leads or lead response time refers to how long a prospect has been an active lead. Typically, the data is organized into buckets, separated by time. For example, you might have buckets of five days, two weeks, a month, and more than a month. How long you track leads depends on your sales process and product. Since older leads tend to be harder to close, a sales report that shows more leads in newer buckets is often optimal.
Ex: A clothing retailer may use the age of leads to determine which are still viable, based on how recently they’ve become one. Knowing that newer leads are most viable, the clothing retailer can focus more of its marketing efforts and money on helping those leads decide to close on a sale.
5. Percent closed
The percent closed metric acts just as its name would suggest: it indicates how effective the sales team is at closing leads. You can calculate this by dividing the number of closed deals by the number of total leads in the same period and multiplying by 100. This metric helps teams understand whether their sales approach is working for the types of prospects captured by lead generation.
Ex: A clothing retailer uses the percent closed to determine how close the sales team has gotten to meeting their closing goals of 60%. When they see that they’ve fallen a little short, upper management begins to look for new ways to increase the percent of sales closed. With some additional training and other tactics, they’re able to bring their percent up to par within two months.
There you have it: a lot of potential information to include in a sales report. And, you can see that it’s all valuable for sales teams. Managing sales reporting with the right system helps you consistently report the right data, even when you have a lot of different metrics and information to choose from by standardizing the process based on predetermined guidelines.
Benefits of using a sales report template
Using a sales report template can:
- Provide valuable insights for sales predictions: When you have an accurate visual representation of the metrics your company most values for regular reporting intervals, you can predict future sales more confidently. This information can also help optimize your organization’s marketing and advertising.
- Offer an accurate look at individual employee productivity: Sales report templates help you understand how productive individual employees are. With this information, you can support employees who are struggling and reward those who perform well.
- Improve financial decision-making: You can feel more confident in making crucial financial decisions when you have the data to back you up.
- Increase sales funnel efficiency: A sales report template provides analyzable data that can help determine which customers are most likely to continue through your sales funnel after entering. This information can help you improve sales funnel efficiency and audience targeting, ultimately improving the buyer’s experience for a potentially faster journey from lead to customer.
- Keep all stakeholders informed: Sales report templates are an easy way to ensure all stakeholders remain informed on the organization’s progress, including company executives, investors, and employees.
Using monday.com’s sales report template can help streamline your reporting process and provide predetermined guidelines on which metrics your organization most values.
How the monday.com sales report template allows you to seamlessly compile and share your sales data
Effectively tracking and analyzing sales data can improve your chances of reaching sales targets within a specified period. Make the process seamless with our sales report template.
Keep your team informed with our cloud-based workspace
Our templates and powerful Work OS enable real-time communication between all team members. Work in a cloud-based space to set goals, assign responsibilities, and color-code leads for better follow-up. Then capture the data related to those processes and present them via boards and dashboards with our sales report template.
Effectively integrate all your data in one place
When you collaborate on monday.com, you can upload Excel spreadsheets and other documentation. These integrations ensure that data you’ve inputted elsewhere is quickly collated into your sales reports. Once a report is complete, you can make it accessible to the appropriate team members for instant viewing online.
Customize the template to suit your needs
Although the template begins as a general guideline for a sales report, you can customize certain parts to best fit the needs of your organization. Once you’ve identified your organization’s key performance metrics, it’s easy to edit the template to fit these reporting needs.
Visualize data in different ways
Using the monday.com platform means you can visualize your data in various ways, based on what you feel most comfortable with or to conform to your organization and industry standards. For example, data can be visualized using bar graphs, Gantt charts, or Kanban boards, depending on your preferences.
The data you upload into monday.com doesn’t have to stick solely to your sales report. You can use it with all our other templates for comprehensive sales reporting, planning, and execution.
Related templates to a sales report template
All of our templates are customizable, so you can choose the columns and features that work for your teams. We have templates that help you look down the sales pipeline and manage processes.
Sales process template
Our sales process template helps organize multiple leads and track where each is in the sales process. The template is straightforward and easy to use, and you can automate processes related to the template to save time. Our sales process template integrates with Excel, Dropbox, and other tools to support data imports.
Sales pipeline template
The monday.com sales pipeline template helps teams manage leads effectively through a highly-visual layout. The template offers convenient tracking with colored labels to monitor contact with prospective conversions. Use these labels to indicate when a lead was last emailed or called and when someone needs to follow up with them. You can view the template data in multiple formats to suit your presentation style and company preferences.
Starting with a template makes reporting easier, but you still have to know how to write a sales report or what metrics are important. We get you started off on the right foot with our answers to frequently asked questions about sales reports.
FAQs about sales report templates
Although you likely have a working knowledge of what a sales report is and why it’s important, you may still have a few questions. Below, we’ve answered a few of the most commonly asked questions about sales reports to help you garner a more comprehensive understanding.
How do you write a sales report?
- Determine what the report should look like and choose a template.
- Decide who your audience is.
- Break the report down by necessary information, ensuring you cover all important categories.
- Determine the time period your report covers.
- Input data by category.
- Generate a visually appealing report that’s easy to interpret.
What are KPIs in sales?
KPIs are key performance indicators. In sales, these are metrics that staff use to assess overall performance and make decisions about improvements. Common KPIs include conversion rates, revenue by salesperson, average deal size, and percent closed.
Create an effective sales reporting process with monday.com today
Working from an effective sales report template ensures you’re including all relevant categories in your report and presenting it in a format that’s easy to read and understand. That makes it more likely the team will keep up with tracking and support success with goals. Give monday.com’s fully customizable Work OS and CRM system a try today, and see for yourself how your sales reporting process will be easier than ever.