Sales Performance Trends can provide valuable insights into store performance, salesperson performance and customer behavior all in a single report.
Click Menu at the top of the screen
2. Click Point of Sale to expand the menu
3. Click Reports
4. Click the Sales Performance tab
Defining Trend Statistics:
Total - Total value of expenditures being spent on open orders.
ESC (Extended Service Contract) - Total value of extended service contracts attached to open orders.
Volume - Percentage of sales volume that is extended service contracts.
Cost - The amount the store pays to acquire appliances from manufacturers or distributors. It includes the purchase price of your goods. Cost is based off of the last purchase cost for sales orders and quotes and the serialized cost for invoices.
SP (Salesperson) Costs - Various expenses associated with employing and managing sales staff. Including base salaries, commissions, bonuses and benefits. This is a fictitious cost that you can setup which will allow you to inflate your cost and thus account for certain operating expenses on your sales reports.
ESC Costs - Encompasses expenses associated with offering extended warranties or service contracts to customers for their purchased appliances.
Profit - Represents the total earnings after deducting all expenses from total revenue. This includes not only the direct costs associated with appliance sales (i.e., COGS) and not necessarily indirect expenses such as operating expenses, administrative costs, marketing expenses, taxes, interest payments, and any other costs incurred in running the business. Your salesperson’s cost can help derive this number, but to see true profitability, you should refer to your income statement.
GP (Gross Profit) - Gross profit represents the difference between the revenue generated from sales and the direct costs associated with those sales. Direct costs typically include the cost of purchasing goods from suppliers or manufacturers, as well as any costs directly attributable to the sale of those goods, such as shipping and handling costs.
ESC Profit - The financial gain derived from selling extended warranties or service contracts to customers alongside the sale of appliances. It represents the revenue generated from selling these contracts minus the costs associated with administering them and fulfilling service obligations.
Margin - Refers to the percentage of revenue that represents profit after deducting all expenses from total sales. It is a measure of the overall profitability of the business.
Gross Profit Margin - Represents the percentage of revenue that remains after deducting only the direct costs associated with those goods (COGS) from total sales revenue. Gross margin provides insight into the efficiency of the store's pricing strategy and its ability to manage the costs of goods sold.
ESC Margin - Refers to the percentage of profit earned from selling extended warranties or service contracts relative to the revenue generated from those sales. It helps assess the profitability and efficiency of the store's extended service contract program.
# of Open Orders - Number of open orders within the system.
Qty - Total number of open lines associated with the open orders.
Using the Sales Performance Trend:
Performance Evaluation: Use the Date Range field and advanced filters to compare the total number of quotes, orders, and sales over different time periods (e.g., monthly, quarterly, yearly) to evaluate the store's performance. Analyze trends to identify periods of growth or decline and determine the effectiveness of sales strategies and marketing campaigns.
2. Conversion Rate Analysis: Calculate the conversion rates from quotes to orders and from orders to sales. This analysis can help identify bottlenecks in the sales process and areas for improvement. For example, if the conversion rate from quotes to orders is low, it may indicate issues with pricing, product selection, or sales tactics.
Quote to Open Order Conversion Rate = (Open Orders/Quotes) X 100
Example = (85 orders/200 quotes) X 100 = 45.5 % conversion rate quote to open order
Order to Sale Conversion Rate = (Sales/Open Orders) X 100
Example = (60 sales/85 open orders) X 100 = 70.5% conversion rate open order to sales
3. Customer Behavior Insights: Under Advanced Filters, view Customer Types based on their interactions with the store (e.g., quotes requested, orders placed, sales completed). Analyze the behavior of different customer segments to identify patterns and preferences. This information can inform targeted marketing efforts and personalized sales approaches.
4. Sales Forecasting: Use historical data from the report to forecast future sales and demand for appliances. This can help with inventory planning, staffing decisions, and budgeting. By understanding past sales trends, the store can make more accurate predictions about future performance.
5. Track Individual Performance: Under Advanced Filters, use the Salesperson drop down to track individual performance based on metrics such as quotes generated, orders processed, and sales closed.