5 ways to improve sales performance with analytics.Posted on
“Sales organizations that roll their eyes at the mention of better analytical tools are likely to see thinner pipelines and lighter commission checks, and there’s definitely nothing funny about that.”
Aberdeen Group, “Sales Analytics: Data Driven Forecasting for Better Quota Attainment”, April 2014.
With the current focus on Business Intelligence (BI) and “big data,” sales forecasting should be easier, right?
Think again. In Aberdeen’s “Business Analytics 2014” survey, sales leaders noted that most of their problems originate with the data.
Specifically, a lack of data, an inability to analyze it, and a disconnect between the data and the strategic decisions made from it.
There are five ways to use sales analytics to get the insights necessary to improve sales performance.
Get an enhanced view of customers
Sales analytics go beyond CRM data on leads, contacts and accounts to seek out relevant and historical data from a variety of internal and external data sources. This provides a view of the customer’s behavior in real time to determine:
- Which are the best products to offer this customer or prospect?
- Are there similar customers that have the same buying behavior?
- What is the potential revenue impact of a specific deal?
- How can I grow the deal?
- What is the estimated sales cycle for this deal based on historical information?
Use historical trending to determine the best customers—and best deals
- Sales analytics tools provide trend reports based on months and years of data.
- This provides a more accurate means of determining if the deal will close allowing you to focus time and resources on the right deals and customers.
Trust analysis to discover patterns and forecast accurately
- Sales analytics tools include mathematical models based on past buying behavior and other information.
- Rank factors such as win probability, which products to sell next,
forecasted revenue, and sales cycle time.
- Account target lists can be based on successful current accounts and the most promising leads.
See data in clearer, more applicable ways
- View data from disparate sources in one holistic analytical environment.
- Use visual analytics to present information in streamlined, intuitive ways such as dynamic reports or customizable dashboards.
- Look for a platform that will “slice and dice” data without help from the IT department to make more informed decisions more quickly.
Get it to go
- Demand analytics that provide the same up-to-the-minute functionality on any device, whether you are working from your laptop or your phone.
- Create, view, and share applications on the go, drilling down to the transaction level detail in any dimension.
- Get information on customers, anytime, on any device, to work at the speed of business.
The point is, Leading organizations rely on sales analytics to provide the insights they need to make the right deals with the right customers at the right price—and base revenue and quotas on real intelligence, not gut feeling.
Sales analytics improve sales performance—and that contributes to better business performance.
This article is produced by Qlik.