Sales Analytics: Revealing the Power of Data in Sales
No matter what your business is, the ultimate goal is selling! This is the most predominant thing that has direct and indirect impact on all other sectors in your firm. The data and analytics are used in all other business sectors, here sales is not an exception and here comes the sales analytics.
Whether you’re a small or large company, sales is the lifeblood of a business. In this ultra-competitive era, analytics can help to increase sales for a business. Using sales analytics entrepreneurs can track and analyze data to help make better decisions, understand their customers better, and improve the efficiency of operations. Learn how sales analytics can help increase your sales dramatically.
What is Sales Analytics?
Sales Analytics is a complete business tool that effectively helps out in identifying the pit holes and make progression in sales. The Aggregated sales data allows business people to optimize and forecast sales.
“Sales Analytics, the lighthouse for the sales team guides them faster towards their goals”
Analytics can also help companies understand customer behavior and improve customer service. For example, if a customer complains about a product or service experience, an analytics team could look at what happened before and after the complaint was made to identify where problems may have occurred and how they could be fixed before another customer encounters the same issue. Analytics can improve marketing strategies by providing accurate data about how customers interact with your brand on social media and other online platforms.
Why do you have to lie with spreadsheets when the sales analytics is offering you more!
Types of Sales Analytics
Sales analytics are much more comprehensive and specific. It is classified as seven types. It is important for us to deal with it.
#1 Market Research Analytics
It involves targeting the whole market with KPIs like target customers, targeted regions,demand and competitor performance
#2 Product Sales Analytics
This kind of analytics is much more suitable for product based companies.It helps to know deep about product’s performance and revenue.
#3 Sales Effectiveness Analytics
With this one can track daily, monthly and yearly sales effectiveness.In general B2C has shorter sales cycles comparing with B2B. sales effectiveness analytics can be applicable for both
#4 Sales Pipeline Analytics
Pipeline is the previous stage of successful conversion. In some cases, the pipeline sales get drop if they are not properly monitored.
#5 Predictive Analytics
Business people need not to make best guesses to predict the market when there is a predictive analytics. Here the past and present data provides accurate forecast
#6 Churn Analytics
Chrun analytics helps out to rectify and identifying issues associated with high drop off. chrun analytics is further classified as predictive and post motrem.
#7 Marketing Analytics
Marketing analytics helps out in bringing market qualified leads that can be easily converted. With this you can deeply analyze the lead source and market campaigns
Benefits of sales analytics
Forecast Sales
Analytics can be used in several different ways. For example, it can help you to forecast sales. Through this, you can better manage your inventory levels so that there is never excess inventory on hand which can lead to inefficiencies and increased holding costs. Similarly, tool little inventory can lead to your customer churning. Through sales analytics, you can keep the optimum amount of inventory to meet the needs of your consumers.
Customer acquisition
Customer behavior insights obtained with data analytics helps out in building personalized customer journey. It can be enhanced by considering multiple factors like tone, response rate and recommendations.
Help Boost Sales
Analytics can help businesses increase sales by providing them with information about their customers’ needs and habits. Analytics can also help businesses determine where they are spending too much money on marketing and advertising, which areas of the market need more attention, and which products or services customers want most.
For example, an analytics team might determine that a certain product category has a high demand among young consumers, but little demand among older ones. This insight can help the company develop innovative products that appeal to both age groups. The team might also discover that older consumers prefer purchasing from brick-and-mortar stores over online retailers. With this knowledge, marketers could target their marketing efforts based on consumer demographics rather than simply relying on search engine optimization.
Also read: 3 Big Benefits of data analytics
Explore new sales pathways
As the tech grows, new opportunity evolves each and every day. Data helps out in spoting out new business opportunities and let business people understand their fitment of the product.
Customer retention
Every business aims to retain their customer. sales analytics gives you all the information about drop-off stage so that you can take optimal actions and retain their customer
Right Billing
sales analytics also helps out in right billing. As we can see that B2B sales persons are negotiate harder in pricing decisions. It offers price transparency and neglect conflicts in and around them.
Read More: Unlocking the power of data
Sales Analytics Software Features
Data Visualization: The tool you choose should have the ability to visualize sales data in a user friendly manner
Scalability: Check out the how scalable and flexible is your business.
Security: Do have a look at the security measures and data encryption facilities in the tool
On time upgrade: Sales data is updating each and every minute, the tool must have the capability to cope up with the data.
Get the Best Data Analytics Service!
On the lookout for an experienced data analytics provider in Princeton? We, Continuum Innovations are your one-stop solution.
We are a cloud computing service provider that has a proven track record of helping companies take their analytics game to the next level through data lake designing services and AWS analytics data services. Our comprehensive range of services also includes cloud migration services, AWS consulting services, managed cloud services, AWS media services, and many more Amazon Web Services.