How do you chart the growth curve for your company? It requires some assessment as you can not rely only on your gut-feeling. Some data, some brainstorming, and a close study of the performance of yesteryear can boost the process. But these can be time-consuming. If you want something quick and impacting, then analytics is the right choice.
Sales analytics provide in-depth analysis with backing from real-time feeds. In times of quick decisions, these feeds initiate better responses. In fact, 79% of sales teams prefer using sales analytics tools to improve performance.
But before we dig deep into the types, a quick detour to know what is it will bring more clarity.
What is Sales Analytics?
Sales analytics solutions are tools to identify, create models, understand, and predict various outcomes. It creates scope to gauge various trends using which improving sales results will become easier. The tool also studies the success rates of previous models and predicts the outcome of the future ones.
- It fetches data from various pipelines and sources
- These sources are transactions, surveys, and other internal procedures
- Sales analytics then used to read connections and find opportunities
- It studies relevant data to forecast future sales
Top 6 Sales Analytics
This depends on the specific needs of the company. On its basis, management can implement diverse equations to predict trends and outcomes. The biggest advantage is its customization.
It stands for stock-keeping units and it uses colors to make a proper segmentation. In the sales analysis standard, it is basic, but its impact is immense. It segments the products by geography, brand, price, color, etc.
- Eases the reading of trend in sales covering years in different states
- It helps in identifying best sellers
- Creates scopes for an in-depth search for the product
- This also forms the basis of the analytical database
- Distribution Channel
If you are selling a product using diverse mediums, then knowing them like the back of your hand is essential. Why? Obviously, you will invest more in the one bearing the maximum fruit. But you will also try to understand where the others are lagging.
- It segments sellers by type
- It also tracks individual records
- The record keeps a thorough tracking of time and space
- The analysis becomes very specific and helps in improving the outcome
- Sales and Margin
A proper analysis of sales and margins can boost your market. You should look into it regularly to get a hold of what is going on with your business.
- Mid-market organizations find it difficult to assess gross margins
- If you do not have real-time data, then your business can expect blows
- Proper margin analytics uses diverse supply chain data and analyze them by fetching real-time data
- Competent ones are a blend of interactive dashboards and reports, leading industry metrics and Key Performance Indicators (KPIs)
- 66% of sales teams prefer tracking customer satisfaction and they consider it as the best KPI method
- Per Capita
Sometimes going for a microscopic view brings out some vital changes. Sales results always speak volumes for itself but changing perspectives reveal different insights. 76% of sales professionals claimed that analytic tools had improved their performances. This relays how important such small tools have become in delivering better results.
- It helps in digging deep into the market
- Breaking down sales to individual level can reveal trends
- It also reveals sales trends with sales data analysis
- Brand Development Index
To make companies sustain, building a brand is essential. Brand development index (BDI) provides a look into this matter and helps in improving performance. Brand consistency can boost your sales by 23%.
- Helps in allocation of advertising and promotional budget
- Shares a close connection with per capita sales
- Multivariate Analysis
Sometimes a closer look into factors requires cross-verification across platforms. The multivariate analysis creates that scope and improves performance.
- Creates opportunities for simultaneous reading of multiple variables
- Involves scientific econometric analysis
- Checks for causes and effects to impact
Data, if not pertinent to the context, is boring. Sales analytics tools establish that connection between the various departments and fetched data to tell them why it is necessary. It uses various sales management analytics to keep people engaged in real-time feeds and help them plan for higher profit margins.
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Ryan Holman working as a blogger for last 6+ years, Ryan would like to share his insight about various topics through his content.