Whether monitoring your business’s growth or presenting results to the governing board, accurate and detailed reporting is crucial for your Salesforce success. Salesforce is a great CRM tool with a strong set of reporting tools, and if you understand how to utilize them accurately, they can serve you handle your business, customers, and transactions more efficiently.
Reports in Salesforce are personalized and customizable, they can help analyse your Salesforce data in a variety of combinations through easy-to-read formats like charts, tables, and graphs. For example, you can further track, monitor, and report all of your payment data in a concise, clear, and detailed format by using Chargent or any other add-on to Salesforce. Since these reports sits on salesforce data, you always have up-to-date information available on the reports.
But you should also know that dynamic tools such as Salesforce might appear confusing if this is your first time with working reports. Several admins notice this as amazing and overwhelming for dealing with thousands of records and for sensibly presenting them for their organization. Always keep in mind that your consumers are the most valuable asset to your business, and reports in Salesforce can show you how to manage your customers and keep them happy while driving more growth to your brand.
What is a Salesforce Report?
Reports in Salesforce are considered as a management tool offering a visual representation of essential sales-based data with the help of a cloud-based reporting platform. Their main purpose is to improve the significant elements of a business, including commerce, sales, marketing, and service.
By merging data from various sources, reports help users in recognizing appropriate KPIs and trends that empower them to design strategies that enhance performance and increase productivity, thereby improving internal communication across the board.
Sales reports in Salesforce help companies to scale and grow. Although the platform is powerful as a standalone solution, but businesses can furthermore catalyse their progress by merging it with additional tools, essentially a dashboard creator that can create actionable insights.
Also, read: 9 signs Your Small Business Needs a CRM already
Reports in Salesforce that will help you boost revenue
Below mentioned are the seven Salesforce reports that your revenue team should be following:
1) Leads generated by Month along with their qualification
You need to see both quality and volume at the same time because this provides you the best sense of what success is like. You should know how many leads were generated month-over-month, and what portion of those were qualified.
If you are considering these factors, you will get a complete understanding of how you should be tracking toward your goal of lead creation. You should ask yourself these questions, are you doing the activities that attract the right people, and are you bringing enough of them to hit your goals? Or are you noticing a reducing number of qualified leads being generated from the same volume of leads being converted? Appropriate answers to all these questions can help you frame some strategies that can bring in impressive results.
2) Monthly created Opportunities and their value
The number of opportunities that are created by you month over month in terms of both the monetary value and number of accounts? And what do these numbers appear like on a team or individual basis?
Unlike the number of leads produced per month, this report can simply concentrate on quantitative data, for any prospect to convert into an opportunity, they need to be high quality. Recognizing the number of opportunities, you’re building in association with your opportunity-to-closed-won success rate will permit you to begin generating sales forecasts. Consider an example, if you know that your win rate is consistently around 40%, and your team produced 20 opportunities during a month, you can reliably estimate that eight of those will get closed. Staying equipped and able to predict the number of consumers and the amount of revenue you will be getting will benefit your organization in making other critical business decisions, such as hiring, etc.
3) Opportunities by Campaign
You should be aware of the detail that which campaigns are making the most won opportunities. This can help you recognize which marketing efforts are adding to the most won pipeline, which can further help you decide what tactics you should invest more resources in and what exercises you should quit. For instance, you can utilize campaigns to trace the events you engage in. Later, as the contacts you generated from those events begin to close, you can recognize if you’re making a return on investment (ROI) and should continue attending those events in the coming years.
4) Stay on top of your proposed revenue goals with “Forecast”
What is your forecast and Who it is for? Sales management, finance, executive team. Forecasts are illustrations of predicted sales revenue; they help sales teams design their sales cycle and manage expectations across the organization. Monitoring forecasts can help you reveal defects within the sales process and will also identify any risk. You should use these forecasts on weekly basis.
This forecast dashboard will provide you clarity on the following aspects. such as: do you have a sufficient pipeline to reach your goal? or does marketing require coming up with more leads? Salesforce has inbuilt forecasting which you can leverage for this.
5) Revenue Generated from Marketing-Sources
You should be aware of what part of your revenue was being sourced from marketing other than outbound and referrals. Generally, the benchmark for marketing-sourced revenue is around 25–30%, now understanding that how you are pursuing that benchmark can help you realize how effective your inbound approach or strategy is. You can correlate the progress of your inbound program with the generated marketing revenue. This report can help you determine the ROI of your marketing team as a whole.
6) Reason Based Closed-Lost Opportunities
You need to understand the reasons why prospects are picking another solution over yours. Then you can decide and choose which more extensive strategies you need by understanding the long-term closed-lost trends, to begin with, the evaluation. Studying this in the short-term, on the other hand, can assist you in fixing any issues quickly before they convert into long-term trends. The more particular your property values are, the greater your report will be.
7) Persona or ICP Based Closed-Won and Closed-Lost Opportunities
You should understand that out of all opportunities that were closed-lost or closed-won across a given time, which buyer personas or ideal customer profiles fell were.
Clarifying this question will help your sales and marketing teams understand who your best-fit customers are and verify your profiles. If you are noticing a significantly bigger loss rate with 1 ICP, those kinds of companies are not as good of a fit as you initially believed. All these insights will help marketers understand who to target and sales to identify who to prioritize.
Reports in Salesforce can help your revenue team to make data-driven decisions which can further help your company to grow. However, the actionability of these reports depends on the data integrity. If the data inside your CRM is not up-to-date and accurate, these reports would not present exact findings. So, always remember that your sales and marketing teams need to stay on top regarding updating and renewing contact properties.