Products’ statistics show historical and forecasted information about the products, based on data provided in Livespace. They allow for a quick view into products forecasted for selling, and how many of them were actually sold.
Viewing products’ statistics in Livespace CRM
In order to see the statistics go to the Statistics tab and then choose Products from the left side menu.
Historical information in Livespace CRM
Historical information is a chart depicting all of the information about the value of the products added to Livespace, before today (as the name suggests: historical information). On this chart you can check four kinds of information, that help you understand how your sales work:
- Potential – full overall worth of won and lost deals – theoretical profit if all of the deals are won
- Estimation – the estimation of how many products is going to sell (product of the value of deals and their probability – won and lost). The probability of winning is based upon the sales process.
- Forecast – actual won deals (full value of forecasted products in deals)
- Realization (if you’ve turned forecasted and realized incomes feature on) – full value of realized products in deals.
Good to know: Open and inactive deals are not included.
Comparing the data on the chart, you can see what influence your sales actions have on the prognosis.
Comparing the chart, you can see if your forecasted sales agree with products that were actually sold.
Won deals had an overall forecasted products value for October (it was set for $12 788). When the sales process was in progress, the range of the sale widened and the final product sold was worth $13 854. The difference between forecast and realization shows this change.
The differences between estimation and forecast
Let’s compare the two charts:
- Estimation is what Livespace estimated that will be sold, based on Won and Lost deal status, it takes potential and probability into account when estimating the value.
- Forecast is what have been typed in manually when creating a deal into a forecast of products box. Only won deals are taken into account here.
Bringing these together shows how real is the progress in the sales process. If the line of estimation is totally different than the columns showing saved prognosis, it means that the effectiveness of Livespace forecast is low. It can be due to a few things. Here’s some of them.
Estimation is lower than Forecast, possible reason:
- Dealers mark the deal as Won but don’t mark all done steps in the sales process.
- Dealers don’t add all deals to the CRM, they only add deals that they are sure they’re going to win.
Estimation is higher than Forecast, possible reason:
- Dealers mark some steps in the process but don’t do them in real life. This action increases the probability of winning the deal in CRM.
Other possible reasons for discrepancies:
- Incorrect values chosen in particular sales process steps. You can see that on Action analysis chart in Effectiveness statistics.
- Small statistical sampling – if the number of deals is low or their values differ significantly, individual deals of high value can influence estimation.
In a perfect model estimation and forecast, charts should be pretty similar, that allows assuming that for estimated data future values will be similar. If it’s not the case, analyze whether some of the examples above does not occur.
Forecasted values of products in Livespace CRM
Forecasted values, the second chart in Products tab concerns the future products value (what we anticipate to achieve). On this chart, you’ll find similar data as on historical information chart, however, there are going to be some changes.
- Potential – full overall worth of won and lost deals – theoretical profit if all of the deals are won.
- Estimation – the prognosis of the sum of open and won deals.
- Open – deals which aren’t won yet, but you can predict what amount you’ll win and when to expect it (if you’ll make a sale). Open deals are dealt with as an unsure part of the prognosis, that is why their value takes into account the probability of winning a deal.
- Won – deals marked as won, but the profit will appear in the future (for example monthly paid deals or long-term projects, where winning a deal doesn’t automatically mean it’s clearing). Values coming from these deals are treated as with 100% probability.
Filtering data methods
Basic data filtering criteria allow you to search only wanted results, such as a particular person or team (if you have teams defined in Livespace).
You can add more filtering criteria which will influence the data shown on the chart. In order to do that click on more filters and expand the menu. In order to hide the menu click on fewer filters.
By expanding more filters you get to choose to see the data based on:
- Process – one of the processes established before.
- Products – if you want to see only particular products on the chart.
- Include – if you want to include the value or product amount.
- Deal acquisition source – this filter allows you to see the deals with a particular acquisition source.
- Saved list filters – this filter is available only when you have your own filters saved on the deals list. Only then you can use it in statistics.
If you’re interested in the precise data sheet, use the table view. You can change the view by clicking on the table icon in the top right corner:
Table view allows for a quick glance in a form of a table. Filtering is the same as in chart view, using Products, Deal acquisition source, and Saved filters. You can export this view as well.
Good to know:
- In order to see the value on the chart in statistics of products you need to establish when it was planned, not the date of adding or winning a deal. The date, when you predict the money from a deal can be totally different than de date of adding or winning a deal.