Sales analytics and the power of data

Sales Analytics is all about analysing sales-related data and generating unique actionable insights that can be applied across your sales process to boost performance and ROIs.

Interpreting historical data collected from a variety of sources is known as descriptive sales analysis. Generally, questions pertaining to the company’s best-selling product in the preceding month or the total sales achieved in the last quarter are analysed.

When you derive possible reasons for a particular outcome, then you are going a step further than the historical to diagnose the result. This is known as diagnostic sales analysis. As you examine, you should be able to find out why there was a decrease in your quarterly sales, for instance, or know the actual workings of the current Google algorithm.

Forecasting the future is an important part of sales analytics. You can mine historical data using advanced machine learning and artificial intelligence technologies to perform a predictive analysis that can estimate future revenues.

Combine all of the above, and you get prescriptive sales analytics that recommends a set of actions for a desirable outcome. For instance, customer behaviour analysis can be used to identify an optimal strategy to close more deals.

Benefits of sales analytics

Increase the efficiency and productivity of your sales staff when you get a deeper insight into the sales process. Analytics can actually point out the sales strategies that work best and the stages of the sales funnel that are left unused. The underperformance of the sales team and reasons for the same, can also be obtained with sales analytics.

Sales analytics can also be used to deliver personalised customer service and experiences where need gaps are identified, and the knowledge is applied to improve customer journeys. Even cross-selling and up-selling is encouraged with this kind of groundwork.

Future market expansion and potential customers can be navigated with the help of sales analytics. Analytics can help you identify reasons for non-purchases, which can also help you modify your products and services according to customer preferences, thus converting the non-customers into buyers.

Connective Link Technology holds the key to business growth with sales data analytics.