With the increasing availability of technology and sophisticated data analytics tools, businesses now have access to a wealth of information about their sales operations. MarketTime continues to develop and refine mtView and dashboards to support your business.
Sales Metrics using Sales Analysis in mtView
Sales Analysis provides a powerful analytics platform for Sales Agencies, Sales Reps, and Suppliers. Each stakeholder group is role-based to ensure everyone sees only what is appropriate based on their role.
As you will learn below, you can start your analysis using many high-level groupings. Still, in all cases, you can modify your date range, look at data year over year, and set filters by relevant data points for Order Taker, Sales Location, or Supplier all the way down to a single SKU in order to narrow your result set to exactly what you are looking for.
Sales by Rep Group
Reviewing your overall sales by your rep group (s) will give you a high-level snapshot of your general business at any point in time that you choose.
Sales by Salesperson
Analyzing sales by salesperson focuses on key metrics like revenue generated, confirmed orders, average order size, and sales-to-shipment ratios providing many useful insights for your entire organization. Please note that should a sales rep runs this report, it will default to only their data and the data of any subordinates they may have.
By exploring your data at an individual level, you can identify your top performers and work with others on improvement. This data-driven approach enables realistic performance evaluations and the cultivation of healthy competition amongst your sales force.
Sales by Billing or Shipping locations
Sales analysis can be based on either the Bill to or Ship to address(s) of a retailer. By understanding where products are being shipped, sales agencies can provide valuable feedback to their suppliers and sales reps that can contribute to targeted product development that may vary by geographical region. Running Sales Analysis by Bill To Address will provide you with a picture of the overall performance of a multi-location retailer ensuring you have the complete picture of their revenue opportunity.
Sales by Supplier
Analyzing sales data based on the supplier can be done for an individual brand or multiple brands based on your overall offering, divisions, or any grouping that you feel is relevant to the analytics you are looking for. For sales agencies, analyzing how product sales are distributed across their various suppliers provides insights into which are being sold frequently, and more importantly which are shipping on time when compared to invoicing. This empowers sales agencies to fine-tune their product offerings and ensure a diverse and profitable product portfolio that caters to their retailer’s consumer base.
Sales by Order
- Analyzing sales by the order taker, your agency can evaluate the performance of the territory sales rep and those brought in to assist at markets when a sales rep is not available to write orders for their retailers. This metric can also help you plan for when you will need to schedule your order takers in the future to handle the volume.
- Analyzing sales by type of order, i.e., on the road, at a show, in the showroom, or on the web, you can gain insights into where your retailers are most comfortable buying and adjust your sales efforts and staffing accordingly.
- Analyzing sales by status helps your monitor order progress to identify Quote, HFC (Hold for Confirmation), or Pending orders that have not been completed, and therefore not received by a supplier for shipment. While there are many circumstances that orders will be in a no confirmed/complete state, this report will give you numbers to be sure the percentage in these states meets your tolerance levels and provides an opportunity for you to nudge your sales reps to follow up on these orders.
Shipments
Analyzing orders against their shipments is likely what many users consider the most important analysis you can have as a sales agency. Understanding the fulfillment rate provides you with insight into how you are paid commissions, and lets you know of any suppliers that are not shipping in a timely manner so that you can make changes to your line list. This report will also provide your sales reps with insights into the fulfillment of their orders so they can ensure what their retailers have purchased has been shipped.
Sales by Promotion
mtView allows sales organizations to analyze sales based on identified promotional activities such as discounts and giveaways.
This analysis helps organizations understand the effectiveness of their marketing efforts by examining key metrics such as revenue, customer acquisition, average order value, and conversion rates by order code.
By comparing different promotions, businesses can identify the most successful ones and allocate resources accordingly. Ultimately, Sales Analysis by Promotion empowers businesses to make data-driven decisions, increase sales, enhance customer engagement, and drive overall business growth.
Practical Use Case Examples
Sales/Invoice Comparison Dashboard in Sales Analysis
The comparison dashboard allows users to compare sales and shipment data across different time periods, such as week-over-week, month-over-month, year-over-year, or even periods of time that may represent market year-over-year that fall on slightly different dates.
Weekly Report for Sales Managers
Weekly reports are powerful analytics for monitoring the performance of sales reps and/or territories that you cover.
These reports give you a view as to where you may be missing opportunities. Where most sales analytics are geared towards a view of revenue generation, these dashboards give you a full view of the gaps that can be difficult to identify when looking at what you sold vs. what you have not.
Quarterly Report for Sales Managers
Utilizing the YOY and YTD reports at the supplier level, agencies can gain valuable insights into the performance of different suppliers. How are they performing in general, are there certain products, or groups of products selling best? If you add retailers to your criteria, you can now understand on a quarterly basis how your suppliers are performing by a retailer, which can provide you with insights into the regional performance of a supplier’s product.
Sales Analysis at Market
Prior to market, having a quick snapshot of the same market last year, or ever the last couple of years will help an agency understand traffic flows by day. This information helps them guide their sales reps to the best days to have present appointments and staff temporary order takers for their historically busiest days.
During the market, reports can be run to compare any day to the same day last year to measure the number of unique retailers in your showroom as well as total revenue from orders to quickly gauge if you are up or down YOY.
Agencies are also able to run these daily reports to share with their suppliers to give them a status and to prepare them for the volume they will need to order or produce to meet the demand. Sales reps may also use their Sales Analysis to get real-time analytics on how they are performing against their expectations.
Sales Analysis Dashboards with mtView
In conclusion, mtView's Sales Analysis Dashboard offers agencies and sales reps a powerful tool to understand how their business is performing at any given time. By effectively leveraging this data, agencies can optimize their sales processes, streamline operations, and maximize revenue and profitability.
The insights gained from sales analysis metrics serve as a compass, guiding agencies toward their goals. Whether it is improving customer retention, increasing market share, or optimizing sales processes, mtView's Sales Analysis Dashboard provides the necessary visibility and understanding to make informed decisions.
Learn more about the Top Reports available for Sales Agencies in mtView here and request a demo of mtView today!
