As the Sales and Marketing Coordinator at Hive, it’s my responsibility to have oversight of the sales and marketing tactics, methods, successes and failures within the company. I hold a very similar role to that of the Treatment Coordinator (TCO) / Business Manager within a dental practice.
I’m relied upon to ensure that we’re generating as much interest in our services as possible, and then ensuring that the utmost is done to convert leads into sales, but my work doesn’t stop there. A key element to my role is analysing and reflecting on our efforts to identify what methods have been successful and which need improvement and so this is where the power of reporting comes in.
Whilst sales and marketing reporting can look slightly different from business to business, and practice to practice, the importance remains the same.
A few of the benefits of reporting on these elements within your business are;
- It gives you visibility over what methods are working / aren’t working
- It enables to you make informed decisions that benefit the business
- It helps to spot any gaps in the market that you can penetrate
- The proof is always in the numbers
Monthly reporting
Monthly reporting should be simple and easy to consolidate as it should involve nothing more than what you should already be recording on a day to day basis. The general rule of thumb for a dental practice is to record:
- What leads came in that month, and from what source
- What the cost per lead was for the different avenues
- What the conversion rate of enquiries to consultation was
- What the conversion rate from consultation to treatment was
By pulling together an ‘end of month’ report you should be able to spot some trends and make an analysis of how the sales process worked and what needs to be focused on for the coming month(s).
In depth reporting
In depth reporting could take place quarterly, 6 monthly or annually depending on the need of your practice.
An in depth report can include the same data as the monthly reports, but should also include some deeper analysis points. This enables you to reflect on a longer period in order to identify key areas of strength, weakness and trends in the sales process, which is extremely important to ensure the ongoing success of the practice.
If you’re reading this thinking ‘it all sounds great, but isn’t practical’, then I’ll stop you there as the process should be simple.
It’s vital that your practice is making a record of the leads that enter the practice and the movement of them through to consultation, treatment, or lost, and that it’s kept up to date daily. Whether this is through your CRM, or even an Excel document, it shouldn’t be difficult to maintain, and therefore pull the required data from.
Each month it takes me no more than an hour to consolidate the data into a reader-friendly presentation for the team and by taking a further 30 minutes to run through it with them, the value gained is explementary. Therefore, by implementing a reporting system you could look to improve efficiencies, up your conversation rates and in turn significantly better your revenue income.
We have a sales and marketing report template that you can start using today. If you need any further help or guidance with implementing this, or recognising where the value-add comes in, please get in touch.
