Tracking sales of hero products effectively is crucial for businesses aiming to maximize their gross profit (GP) and leverage their product strategy. Hero products are those that deliver the best GP, have significant investments, are under promotion, or are prioritized in your product strategy. To ensure your sales team focuses on these products, it's essential to make sales performance visible and trackable. Here's a comprehensive guide on how to track the sales of your hero products:

How to track sales of your hero products

1. Define your hero products

• Identify high-GP products: List products that deliver the highest gross profit margins.
• Strategic investments: Highlight products that your business has heavily invested in.
• Promotional items: Mark products currently under promotional campaigns.
• Priority products: Include products that align with your business strategy.

2. Implement a tracking system

• Use software solutions: Implement tracking software like Numerik to monitor sales.
• Set up scorecards: Create scorecards to track real-time sales of hero products.
• Sales incentives: Integrate sales incentives linked to hero product performance.
• Year-on-year comparisons: Develop scorecards that compare sales year-on-year to measure growth.

3. Make sales data visible

• Dashboard integration: Ensure sales reps have access to dashboards displaying hero product sales.
• Real-time updates: Use tools that provide real-time updates on sales performance.
• Performance alerts: Set up alerts for sales milestones and underperformance.

4. Educate your sales team

• Training sessions: Conduct training sessions to educate sales reps on the importance of hero products.
• Regular updates: Provide regular updates on sales performance and strategies.

5. Analyze and adjust strategies

• Sales analysis: Regularly analyze sales data to identify trends and areas for improvement.
• Adjust incentives: Modify sales incentives based on performance data to motivate sales reps.
• Strategy refinement: Continuously refine your product strategy based on sales insights.

6. Use data for promotions

• Promotional campaigns: Utilize sales data to run effective promotional campaigns for hero products.
• Track promotional success: Measure the success of promotions through sales tracking tools.

7. Leverage year-on-year comparisons

• Growth tracking: Use year-on-year comparisons to track the growth in sales of hero products.
• Benchmarking: Benchmark hero product performance against other popular products in your range.

Conclusion

Tracking the sales of hero products is vital for ensuring your sales strategy is effective and your sales team is focused. Using tools like Numerik, you can set up real-time tracking, sales incentives, and comprehensive scorecards to make sales data visible and actionable. This approach not only helps in achieving your sales targets but also empowers your sales reps by providing clear performance metrics.