It is extremely crucial for all business for their sales function to be data driven. Good metrics in advanced analytics tools deliver sales insights and help meet sales targets.
Sales analytics are leveraged by large companies to drive leads and target clients.
McKinsey reports suggest that fast-growing sales organizations use analytics better than their counterparts.
What is Sales Analytics?
Sales comprise making decisions based on limited data. So, there’s genuine potential to get it wrong.
Sales analytics give valuable insightsbased on sales data, metrics, and future trends, and help managers make the right decisions.
Types of Sales Analytics
Sales analytics, based on the output, is categorized in 4 ways. These ways are: –
Descriptive: This type contains concise and crucial observations from all the sales data. For example, a spike in sales of a product.
Diagnostic: This type provides probable explanations for general patterns from the related sales information. These results cite factors like customer behaviourand increased competition.
Predictive: After diagnostics, managers can predict based on data.
Prescriptive: Predictive analysis helps in creating a master sales plan. This master plan ensures greater lead conversions and hence, generates income.
Why Use Sales Analytics?
So, monitoring sales by using sales metrics provides better performance, improved sales experience, and ensures greater accountability.
A well-defined sales analytics strategy ensures your team is on track and progressively moves towards organizational goals.
Advantages of Sales Analytics
Sales Analytics provide meaningful insights that enable you to extract several advantages comprising:
Reduction of sales support actions
According to InsideSales, sales staff spends almost 63.3 percent of their time in non-revenue generating tasks (Businesswire).
These tasks, including sales forecasts, lead prioritization, and decisions on approaching leads can be easily performed by Sales Analytics tools.
Sales analytics gives insight into sales sources so that companies can meet revenue targets. Here’s how it helps in prioritizing: –
Prescriptive lead scoring improves prioritization by sales reps by directing them well.
Sales compensation or incentivesare made fair through advanced analytics by helping companies focus on the successful sales staff.
Sales attribution helps companies focus resources properly between sales and marketing to generate revenue.
Improved sales processes and practices
Sales analytics help with customer targeting and sales process execution.
According to HBR, insights by sales analytics tools gave important information. This information included: –
1. Calling at specific times improved the chances of sales.
2. Focusing on 7 out of 14 industries will generate more revenue.
3. Enabling salespeople to use consultative sales techniques will improve their effectiveness.
Sales analytics can help you achieve the revenue of your dreams.These tools ensure sales staff’sfocus on sales by relieving them from non-sales tasks.
We understand it can be difficult to shift to digital tools. Choosing the best service provider to implement sales analytics for you is critical.
If you wish to avail excellent sales analytics services, visit https://uksga.wpengine.com/contact-us/ to get in touch with experts.
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