Data analytics plays a very important role in predicting and increasing sales.
Most high performing sales organizations are leveraging increasingly sophisticated analytics tools to set themselves apart from the competition. But despite these benefits, analytics is still often on the margins of many companies’ actual sales operations.
Many companies are letting the opportunities provided through analytics slip through the cracks. Some are underutilizing the tool while some are not even involved at all. A well prepared and implemented analytics program can deliver high quality sales and profit margin growth by supporting sales teams in engaging with and closing high quality accounts. To make this happen, managers have to place emphasis on areas where analytics are most valuable and carefully execute their strategies.
Below, we outline the basic steps to achieving this goal.
1. Enhance lead generation
One of the greatest uses of analytics is the way data and information can support smarter lead generation and pre sales engagement. Companies leveraging large data sets can use tools and automation to identify and target warm to hot consumers at the optimal time without investing burdensome amounts of manual labor and gruntwork.
Some sales teams have made us of market research to develop a strong understanding of a geographical regional sales figures. Many firms are developing algorithmic approaches that rank and segment prospects based on criteria. Internal data can be integrated with external sets as well to achieve a more holistic model. Algorithms can support process automation and increase targeting accuracy to save time and money.
2. Smarter targeting
Data analytics and marketing research have revolutionized outreach by indicating which factors are the most impactful in closing sales and operations. Sales has long been structured around segmenting accounts on the basis of knowledge and information about prospects. However, today’s sophisticated models can do significantly better by incorporating far more data and analytics technology. Analytics in addition to an investment in better information can result in extremely effective strategies and better outcomes. Look for opportunities to integrate data to segment markets and customize promotions and messaging intelligently.
3. Increase lifetime customer value
Part of providing value to customers is understanding their preferences and offering targeted promotions and offers. For sales teams to manually match preferences to offers would require a great deal of manual grunt work and time-consuming conversations. This takes time away from more efficient operations. Many firms are cropping up to help sales teams implement “next-purchase” prediction systems that anticipate customer interests based on data about similar customer behavior patterns.
This approach can also help in keeping customers satisfied and loyal to your company. Persistent and intelligent engagement can make customers feel recognized and appreciated.
4. Get the right price
When dealing with businesses on price negotiations, a lack of information puts executives at a stark disadvantage. To competently navigate through complex price discussions, employ data analytics to understand pricing options. This provides some confidence and an upper hand in negotiations. Dynamic deal scoring dramatically levels the playing field when negotiating with vendors.
The history of sales is slow-moving, anecdotal, and manual. New techniques have been introduced to create higher rigor, efficiency, and information. In a great many industries, the adoption of analytic tools have allowed sales teams to target more promising leads and operate more efficiently.