Sales Analytics Guide: How Enterprises are Closing Deals Using Metrics
Sales has traditionally been an arduous yet lucrative part of business. But today, the rise in new technologies and software has significantly reduced human efforts and made space for complete automation. Companies across industries are using data insights and analytics to understand customer needs and drive maximum revenue.
Market research reveals that a vast majority of sales managers credit analytics for boosting sales by more than 20%. Regardless of the company size, sales management teams are changing their out-of-date sales strategies with data-backed solutions.
As data-savvy companies continue gaining a foothold in the market, companies with traditional approaches to sales must consider having a well-thought-out data-driven sales management team. Let’s explore the core areas where sales analytics make the most impact:
Creating a catalog of new and trending products
Product being the most pivotal factor when connecting with the target customer base, it is always imperative to have insights to mitigate costs and enhance product offerings. To stay relevant in the market, sales management team must ensure their products or services align with the customers’ needs.
Several businesses take advantage of customer data collected from various channels, including e-commerce sites, social media, etc. Combining customer behavior data with historical purchase data can also come in handy while remodeling existing products and creating a personalized experience.
The collected information can be used to discover the wants or needs of customers in the future. A customer-centric approach makes a massive difference in amplifying the sales numbers and gaining a competitive edge. Your new or re-created version of products can become an instant hit with the target audience base.
Performance reviews and rewards
Measuring and tracking your sales team’s performance can help expedite the process of attaining your desired sales goals.
If your sales representative has substandard performance, you must prioritize reskilling and developing that particular candidate. Similarly, if your sales representative performs exceedingly well, acknowledging their efforts is a must. Sales managers must appreciate and reward team players for their hard work to uplift the spirits of the entire sales management team. Further, the high performer can guide the team in closing the deals.
Following is a step-by-step process to seamlessly track team’s performance and overcome sales hindrances:
- Ensure every sales representative is involved in formulating objectives, setting targets and establishing KPIs.
- Including regular catchups in the timeline to review collective and individual performances.
- Monitoring reports on a daily basis.
Besides these universally followed steps in measuring the success of sales, it is necessary to operate with the right reporting tools and an easy-to-follow CRM system to guide in hassle-free performance tracking. CRM works as an effective tool in identifying the performance metrics of each sales rep and helps reward top performers and rectify performance bottlenecks.
When you have powerful sales analytics, you have a common ground, a shared vision, a common synoptic for every salesperson on board. When every member of the sales management team sees the common ground, the results can be achieved faster.
Upselling and cross-selling to existing customers
A vast proportion of businesses have proliferated from selling products to their current customers. On the other hand, sales take a plunge when companies look to sell their offerings to new prospects. By analyzing the purchasing pattern of an existing customer, sales managers can personalize search results to market your products more efficiently.
The compiled data will take you through to the most popular items and trending categories that have higher chances of increasing revenue and impacting your sales in the long term. With the right tools available at your sales management team’s disposal, upselling becomes a simple sailing task.
Many businesses have incorporated this idea of persuading existing customers to repeat purchases. Domino’s upselling example stands out in the market. The pizza restaurant chain encourages consumers to buy more pizzas to earn points and receive discounts or free meals in return.
Powerful sales intelligence platforms such as Draup support sales managers with comprehensive account and stakeholder intelligence that enables microtargeting. The platform further allows sales management teams to use real-time analytics to get insights into campaign performances and conversations to tailor packages to address sales bottlenecks.