Sales Audit: What Is It And How To Conduct One?

Conducting an effective sales audit is easy if you approach it in the right way. An audit will help you figure out how to improve your sales operations and marketing strategies,

which ultimately means that you’ll end up with better customer service, higher sales numbers, and more repeat business and referrals.

That said, there are some things that you should keep in mind as you go through your audits to make sure you’re getting accurate information and making the most of this tool to grow your business.

Here’s how you can conduct an effective sales audit.

What is a Sales Audit?

A sales audit is the process of examining sales performance and comparing it with a company’s goals.

This process helps managers determine whether or not they are meeting their sales goals and where they might need improvement.

A sales audit should be conducted at least twice a year, but it can be done more often if needed. A sales audit can help answer questions like:

– Are we reaching our target audience?

– How much profit are we making on average per sale?

– How many leads did we get this month?

– What was the daily average of inbound leads?

– What percentage of customers who came into the store actually bought something?

5 Steps to conduct a Sales Audit?

There are 5 simple steps that helps you to conduct an effective sales audit.

1) Examine the company’s sales practices

The first step in conducting a sales audit is to examine your company’s sales practices.

How are you marketing, pricing, and distributing your products? What is the quality of your customer service?

What would be the best way for you to improve these aspects of your business?

Are there any gaps in your current process where prospects can fall through? Once you have answered these questions, it will be easier for you to target the areas of improvement that will have the highest impact on increasing profitability.

2) Review your existing tools, metrics, and assets

Reviewing your existing tools, metrics, and assets is the second step in any audit.

Using sales tools that automate common, repetitive tasks makes things a little easier for sales staff.

A CRM like TeleCRM for example makes it easy to track information such as the number of leads acquired, track their progress, and compare against previous numbers.

The marketing and sales budget can be preserved by choosing the more efficient tool to perform these tasks.

3) Gather your data

Do your research and gather all the important data. Make sure

1. Make a list of all the sales you made in the last year.

2. Keep track of how many were online versus in person.

3. Calculate your average ticket for both online and offline sales (this is called gross profit).

4. Determine the number of transactions for both online and offline sales, then calculate your conversion rate (the percentage of people who buy from you when they come into contact with your business).

4) Analyze your data

In order to conduct an effective sales audit, you need to be able to analyze your data.

All of the information you gather will give you a clear understanding of what is going on in your company and help you make informed decisions.

As we know all the potential customers are not the buyer. What is the rate of buying customers against potential customers? What qualities do sales and marketing look for in a qualified lead?

5) Create a Report

As a business owner, it is important for you to be aware of the activities that are occurring in your company.

The key is to not simply react to problems when they arise, but rather proactively monitor your business and identify potential issues before they happen.

One way you can do this is by conducting a sales audit.

Conclusion

A sales audit is a great way to better understand where your company stands in the market. We recommend that you take time and evaluate your strengths, weaknesses, opportunities, and threats.

As a business owner, you have the power to decide what you want for your company’s future. By conducting a sales audit, you can determine what changes need to be made in order for your business to flourish.

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