In this highly competitive era, Sales professionals need to learn and maintain sales lead databases by making the utmost use of Excel formulas in Excel sheets. Choosing the right formulas and applying these functions to examine the data sets can be a tiring task. It can be agonizing as the output can be wrong in the case the formulas are incorrectly put. The functions can also be too complicated to work with. Here are the top advanced Excel formulas for sales to upgrade your Excel skills.
New-age sales professionals and financial analysts can not do without Excel formulas for sales reports. Microsoft Excel is a spreadsheet software application that functions as a mediator to organize, analyze, and store data. This powerful tool can help in organizing client sales lists, budgeting, analyzing stocks, and the like by using the sales growth formula in Excel and the sales formula in Excel. The sales team can go through financial analysis and use spreadsheets to list down sales targets to manage salesforce and strategize future marketing procedures. Let us check some of the crucial Excel skills for businesses.
Here is a comprehensive list of advanced sales formulas in Excel that sales professionals must know to improve their data-analyzing capacity and achieve sales and marketing targets. Let’s explore some of the Excel formulas for sales analysis:
PIVOT TABLES: These tables are a great solution if you want to count, sort, and calculate the average or total in a single spreadsheet. The data can be displayed in the given or a new sheet as required. To create a pivot table, follow these steps-
FILTERS: Filters help you to look up a particular product column or specific row from an extensive database. You can trim down unnecessary data to concentrate on selected rows. You can add filters to every column and select specific cells to examine from there. Add this option to your sheet –
VLOOKUP: The range lookup value can be either true or false. In the case of two sets of data on two spreadsheets that you would like to combine in a single spreadsheet, you can use this function. The formula: = VLOOKUP(lookup value, table, column number, [range lookup]).
COUNTIF: If you want to count numbers or words in any range of cells required, COUNTIF can help you put limitless criteria. The formula: =COUNTIF(RANGE, CRITERIA)
ABSOLUTE REFERENCE: A cell’s formula can remain the same regardless of its position and be used as an absolute reference if the dollar sign is put before it. For example: To ensure the formula (=B6 F6) is used as an absolute reference, precede the column and row values by $ signs to get (=$B$6 $F$6).
FLASH FILL: This can help you save data or create an email ID. If you have 2 columns of customer names- First name and Last name, you can construct email addresses by doing it for the first row. You have to select the rows to generate emails and enter them into the data tab and then click on Flash Fill.
SLICERS: If you need to show and hide certain data, you can add a slicer to the PivotTable- Inset tab-> Filters.
CHARTS: This is the best function to represent any data analysis. Charts are of 20 different types, including Column, Bar, Pie, Scatter, and Line charts. Click on Insert tab -> Chart sections.
CHOOSE: This formula helps with financial modeling. You can pick between specific options and return your choice of selection. For example, if you assume three different revenue growth for the upcoming year: 6%, 12%, and 19%, by using this formula, you will return 12% in the case you input CHOICE #2. The Formula: =CHOOSE(choice, option1, option2, option3)
SUMPRODUCT: This function helps to calculate the average sum of selected rows. It can multiply one range of values by its next row counterparts. The Formula: =SUMPRODUCT(RANGE1,RANGE20/SELECT CELL)
Excel formulas for sales can be a powerful tool in your sales dashboard if you learn to perform the above-mentioned formulas and functions. The sales projection formula in Excel can be useful for sales forecasting. To develop a better understanding of Excel formulas and functions and how to incorporate them in sales reports, opt for the Executive Program in Strategic Sales Management offered by UNext. The course will help you to make full utilization of Excel formulas for sales analysis and other salesforce-related tasks to help you build a career in the Sales domain.