What is Sales Analytics?
Sales involve decisions based on limited information. Sales analytics helps in the discovery of insights and increasingly helps sales managers for taking the best decisions. Sales reports are a vital part of this process, and sales analytics have become a major portion of each sales report. Sales analytics allow firms to break down sales into manageable pieces and examine exactly what is working and what needs to improve.
Sales analytics helps sales managers understand where salespeople may improve by discovering, modelling, interpreting, and predicting sales trends and outcomes. As part of an analytic or planning activity, sales analytic systems provide a capability that enables discovery, diagnostic, and prediction exercises by allowing manipulation of parameters, measures, dimensions, or figures.
The use of sales analytics software is quickly increasing in the commercial world. We’ve outlined a few of the main reasons why the software should be a vital part of every sales director’s report below. So, in this sales analytics blog, we will talk about sales analytics software and the importance of analytics software.
What are the different types of Sales Analytics?
Predictive: Since these insights are automated, your sales forecasting may provide you with a precise view of the future. It’s almost as if you had a crystal ball. Predictive sales pipeline research is extremely beneficial for businesses of all sizes, from small startups to Fortune 500 corporations and everyone in between.
Prescriptive: Prescriptive analytics allows you to understand more about your clients by using predictive data. This will show you which deals are worth pursuing and which should be avoided. Also, if your sales staff decides to pursue a deal, they’ll be prepared with a good approach to take the lead or customer more open to the sale.
Diagnostic: You can use diagnostic analytics to examine current and historical sales data from your organization to better understand emerging challenges. Perhaps your new product didn’t sell as well as expected because it was released just before the pandemic? This study might assist you in coming up with new approaches to reach out to customers.
Market Research: In market research, members of your sales team interview leads and customers to learn more about their perceptions and attitudes toward your products. Depending on your business, you can do this in person or through online questionnaires.
Importance of sales analytics software
Increased Visibility: Sales reps can better prioritise leads using predictive/prescriptive lead scoring methodologies. With advanced analytics, sales rep income can be improved, allowing the organisation to focus on successful sales reps. Sales attribution models enable the company to allocate resources between sales and marketing in the most efficient way possible.
Reduction in sales support activities: According to the bulk of research on the subject, sales reps spend more time on non-sales activities. Making sales forecasts, classifying leads, and selecting how to approach leads are all tasks that can be automated with sales analytics software.
Automatic Updates: With an automated update option, sales analytics software will always be relevant and up to date. This gives you additional time and allows you to report even closer to the deadline, providing you with a more realistic picture of the business at the time. Businesses frequently waste time preparing for a report days in advance, only to arrive at the meeting with an out-of-date report.
Sales Team Transparency: Sales data provides complete transparency and assists in the development of your sales staff. You can implement any necessary mitigating strategies, such as cross-sell campaigns or end-of-life promotions, after you have the facts. You have a complete picture of each agent’s progression, including their priorities, strengths, weaknesses, and problems. This will have a direct impact on sales because it allows you to adjust factors afterwards to improve efficiency.
Now that you understand the value of sales analysis for your company, it’s time to put it into action. On the one hand, you get to know the best performing sales agents, segment hot leads, and identify the campaigns that bring in large numbers of customers using a sales analysis tool. on the other side, you can eliminate cold leads, and alter or improve unsuccessful products or campaigns.