If you are using HubSpot as your CRM and sales engine, creating sales reports for your reps, management, and leadership to view is a must. These provide a pulse on your performance and pipeline, providing insight into changes that must be made or strategies that are working well. Although all organizations have some variance in what matters to them, here are the top 5 HubSpot sales reports you should be using.
As mentioned above, organizations and their measurements can vary, so some of this reporting may need to be tweaked to fit your needs. However, the fundamental understanding and use of these reports should still stand true.
A weighted revenue forecast is used to predict the financial impact your active opportunities will have, and when they will have it. Because these are weighted by a probability percentage, there is built-in forgiveness for unpredictable sales outcomes.
There are two crucial aspects to this report: 1) timing and 2) weighting. The example above looks at the "close date" of the deal to determine when the financial impact will be reflected in this report. However, many organizations use the "close date" as an indicator of when the business was won, and might have a payment schedule that differs. For these cases, a small amount of customization can be built.
When adding weight to the amount for this report, there are typically two schools of thought. The out-of-the-box solution in HubSpot sales reports uses a probability percentage pre-set for each stage in your pipeline. The further down the pipeline, the higher the percentage.
However, some teams let their sales reps enter their own percentages in a custom property. The only consideration for this second method is to make sure your team is realistic about the percentage given to a deal.
The win rate report is simple, but important when setting pace and expectations between sales, marketing, and operations. It can help inform the team on how many leads must be captured in order to meet revenue goals, or what can be expected in a product or service pipeline in the near future.
Although Hubspot sales reports do not offer a standard report for this - my Salesforce team members like to poke fun at me for that - this can be created. Simply creating a donut or pie chart that looks at all closed deals, and whether they are "closed won" or not does the trick.
If you haven't caught on yet, the name of the game for most sales reports is predictability. In line with this theme, we have a simple, average days to close report. This can help enforce realistic expectations for sales performance - and when used to determine more accurate close dates - can enhance your weighted revenue forecast.
This can be created by using a single object report, averaging the "time to close" property, and selecting a KPI format. In this example, I have a percentage change from one quarter to the next to see trends in timing.
Similar to the average days to close reporting above, keeping track of your average deal size is a solid way to analyze sales performance, and set realistic expectations for revenue goals.
By combining the average deal size reporting, days to close, and your win rate, you can do some quick math to plan out your sales budgets. For example, if you know you win 25% of your opportunities, it takes 1 month to close them, and your average deal size is $5,000 - then you can estimate you need 8 opportunities going into a month to reach a goal of about $10,000.
There are a variety of ways you can view and assess sales activity in HubSpot - usually reflecting specific KPIs you may have - but keeping these visible to you and your team helps drive them forward and keep things on track.
These reports not only reflect activity but your sales team's willingness to actively use the CRM. After all, a CRM that is not used is not useful to anyone.
As mentioned before, sales needs and goals look different for every organization, which means the reports above may differ. However, these represent a form of HubSpot sales reports every team should keep an eye on.
If you are interested in building out your reporting and need a helping hand, Concept can help guide your strategy and build the foundation you are looking for. As a certified HubSpot partner, our expert CRM team is ready to help. Contact us, today.