What is Sales Tracking Software, and How Does It Work?

As a business owner or sales expert, you know the importance of managing your sales data effectively. But how do you do all that without wasting time, money, and resources? How do you ensure your sales data is accurate, secure, and accessible? How do you turn your sales data into sales insights and actions? The answer is sales tracking software.

This article will explain what sales tracking software is, how it works and what benefits it offers.

Sales Tracking Software

Sales tracking software is a type of software that helps businesses track, manage, and optimise your sales processes. It provides businesses with a comprehensive and centralised platform to store, access, and analyse all the information related to their sales activities and outcomes.

The Role of Online Sales Tracker in Businesses

An online sales tracker operates on the cloud or the internet. It offers several advantages over traditional or offline sales tracking software. It allows businesses to:

Access your sales data anytime from anywhere using any device.
Save costs of hardware installation and maintenance.
Ensure data security and backup with encryption and cloud storage.
Collaborate with team members across different locations.
Update data in real-time with synchronisation.

An online sales management system is a convenient and flexible solution that can help you adapt to the changing needs and demands of the modern market.

Features in Sales Tracking Software

Here are some of the popular features of an online sales tracker:

Lead Management: This feature helps businesses capture, qualify, assign, segment, follow up, nurture, convert and retain leads.
Deal Management: It allows you to create, track, update, close and archive deals.
Pipeline Management: This feature lets you visualise, optimise, and align your sales pipeline.
Reporting and Analytics: You can generate, customise, compare, analyse and derive insights from reports on your sales performance.
Integration: You can easily integrate online sales trackers to other tools like Tally to streamline your sales process.

How Sales Tracking Software Works

Here is a step-by-step guide to the sales tracking process using sales management software.

Step 1: Data Input

Your sales team members can add the data of your leads to your sales tracking tool. For example, sales team members can input data about their interactions with prospects or customers during a sales call..

Step 2: Data Integration

Data integration involves connecting data from different sources and systems tools into a single platform where you can access, analyse and manage your sales data. Data integration can give a complete overview of sales activities and outcomes and avoid data mess.

Step 3: Data Organization

You can categorise, sort, and filter data according to criteria such as leads, prospects, deals, stages, products or services. It helps you structure your sales data logically as per your sales strategy. Data organisation also helps find, access, and use data easily and quickly.

Step 4: Data Visualisation

You can easily view your sales data in dashboards, charts, graphs, and reports that make data easy to understand and interpret. Data visualisation helps you monitor current sales situations and identify strengths and weaknesses. Data visualisation lets you easily see the progress towards your sales targets.

Step 5: Data Analysis

You can monitor, measure, and improve your sales performance by analysing data based on:

Revenue: The amount of money generated from closed deals.
Sales Target: The amount of money expected from closed deals.
Sales velocity: The speed it takes to complete a deal.
Sales productivity: The ratio of revenue to sales effort.
Conversion rate: The percentage of leads that become customers.
Average deal size: The average value of closed deals.
Cycle time: The average time taken to close deals.

Step 6: Data Output

Data output is the final step in the sales tracking process. You can get data output to understand and act on sales performance. Here are a few examples:

Reports: Sales tracking software generates reports that show data in a structured and organised way using tables, charts, and graphs.
Dashboards: Sales tracking tools can create dashboards that show data dynamically and customisable using widgets, gauges, and indicators.
Notifications: You can get instant notifications about your tasks on WhatsApp and email.

Benefits of Online Sales Tracker

An online sales tracker is a type of sales tracking software that is cloud-based and accessible online. Online sales tracker offers many benefits for businesses that want to manage their sales activities effectively and efficiently.

The benefits of an online sales tracker are:

Accessible from anywhere, anytime, and any device.
Easy to set up and use without installation, configuration, or maintenance.
Scalable to the changing needs and demands of the business.
Secure and compliant with data privacy and security standards.
Integrated with other tools for a unified and streamlined workflow.

Choosing the Right Sales Tracking Software

There are many factors to consider when selecting a solution that suits the needs and goals of a business. Choosing the right sales tracking software depends on the following:

Features: The functionalities that serve your business needs and purposes, such as lead capture, deal management, reporting, proposal creation and analytics.
Usability: The ease of use and user-friendliness of the design and interface, such as attractiveness, intuitiveness, and responsiveness.
Support: The help and guidance provided by the mode and channel of communication, such as phone, email, chat, and video.

As A Final Note

Sales management software is an innovative tool that helps you keep your sales funnel smooth and close the deals faster.

One of the best and most innovative online sales management software is Sales Tracker. This powerful tool helps you manage your sales cycle from lead generation to customer retention. It lets you improve your sales team performance, monitor sales targets and progress, and identify growth opportunities.