Companies and organisations create weekly sales reports to gather information on sales and revenue trends during the week. These reports provide information on key performance metrics and sales statistics and help professionals make informed business decisions and determine future sales strategies and techniques. You can create weekly sales reports if you want to monitor your organisation’s sales and revenue performance each week and identify areas for improvement. In this article we will explain what a weekly sales report is, why it is important, what you need to create it and how to format it step by step.
What is a weekly sales report?
A weekly sales report is a report that tracks the results of the process, i.e. the data collected on the sales process. These include leads or new contacts and outcome metrics that refer to the data collected on sales results, such as new contracts or the number of items sold during the week. These types of reports are useful for tracking sales data, summarising weekly operational results and collecting ongoing information on sales successes and failures. Weekly sales reports can be used for business meetings, for planning purposes, for sales strategy development meetings and for company performance reviews.
Why are weekly sales reports important?
Weekly sales reports are important because they can help a company or organisation account for all sales and revenue in a week. They can also help monitor changes in revenue or sales generation over a period of time and show managers how their organisation is performing. Weekly revenue reports can also show which business decisions are helping the company to succeed and which are less helpful. It is then possible to break this data down by week. Weekly sales reports are important because
- They help keep track of metrics, such as key performance indicators.
- They are useful for organising all business transactions.
- They can serve as a reference document with important information.
- They can help keep everyone in the organisation up to date.
- They can help visualise important data.
What do you need to create a weekly sales report?
To create a weekly sales report, you need information on a number of points, many of which include specific figures on different elements of the company. Depending on the additional data or metrics you wish to monitor in the weekly sales report, more or fewer elements will be required to create the report. These elements include data on:
- Total sales amount: This is the total number of successful sales in the specified week or the average number of sales made in that period.
- Product return rate: This is the total number of products returned during the week or the average number of products returned during that period.
- Customer response time: This is the average time taken by a salesperson to contact a customer after identifying him/her.
- Transaction value: is the total price paid for a product sold and exported.
- Total sales value: is the total dollar amount of revenue generated from sales.
- Potential buyers: This is the total number of potential buyers for the sales.
- Customer Renewals: Is the total number of customer renewals made during the week.
- Current prospects: Is the number of current prospects for sales.
- Upsells or additional sales: This is the total number of additional sales or normal sales made at a higher price than the average or expected price.
- Conversion rate: is the rate at which prospects are converted into actual paying customers.
Types of Weekly Sales Reports
There are several types of weekly sales reports that can be useful and, depending on exactly what you want to monitor in your sales report, you may prefer one type over the other. The following types of weekly reports can be used:
- Conversion rate: this type of report focuses on the number of successful sales versus the number of sales lost during the specified period.
- Loss rate per sales phase: This type of report focuses on all sales lost during a phase of the sales cycle.
- Lead ageing: This type of report focuses on the amount of time that passes between frequent contact with prospects and the substance of each form of contact.
- Sales per salesperson: This report type focuses on the data on sales made by a single salesperson per week.
- Average deal size: This type of report focuses on the average revenue generated per sale in the report week.
- Sales calls: This type of report focuses on the number of calls made by company representatives during the week and the effectiveness of these calls.
- Use of marketing materials: This type of report focuses on which marketing materials were most effective in attracting customers and generating sales for the company.
- Average sales cycle length: this type of report focuses on how long it takes a company or sales team to close a deal or secure a sale and generate revenue
Tips for Formatting a Weekly Sales Report
Here are some tips on how to format such a report:
Entering Recipient Information
First, you can enter the recipient information at the beginning of the sales report. This part of the report usually includes the name of the company, the department to which the sales report relates and the period to which the report relates.
Summarise each element of the report
Most of the weekly sales report will probably be included in this part of the report. For example, you may have summaries for each element of the sales report, such as sales, returns, upsells and conversion rates. This summary may also include each category in bold to differentiate the elements.