The sales process is the backbone of any industry. Increasing sales is always one of the essential objectives of enterprises. How to improve sales team performance? To find the answer to this question, one should look into the sales data. Data is the answer to any question in this digital era. With data power, you can explore the answers to all business-related questions. Let’s find out how sales data analysis helps enterprises to increase their sales.
Turn Your Enterprise into a Data-Centric enterprise.
Customer is the core of any enterprise. To improve sales and customer experience, enterprises must shift their focus towards turning into a data-centric enterprise. To measure success, an enterprise evaluates its sales figures and customer base. These are significant figures to be considered. However, these figures do not give a complete picture. Can sales figures tell who is buying our products? Can it explain why we gain or lose customers? Can these factors tell you what to do to stay competitive in the current market?
We can find answers to these questions by having a robust data analytics process. With the help of these insights, enterprises make business decisions to grow. Forward moving enterprises are using these insights to understand their customers individually and use these data to cater to them effectively. Data analytics is helping enterprises to combat the PostCOVID challenges in the market.
Unlock the Sales Analytics Power
Data analytics can help enterprises reshape their interactions with customers, promote products more effectively, and ultimately improve sales figures.
It helps in Segmenting your target market:
When it comes to segment, it pays big to go small. Segmenting the customers’ data based on various factors (age, location, shopping behavior, gender) helps enterprises create a message that resonates with each segment of the customer base. Enterprises can tailor their marketing activities to match customer’s needs and interests. Moreover, it helps enterprises to identify which group is most profitable for the business.
It helps you to stay competitive
The current market is customer-centric. In this highly competitive market, staying competitive is complicated than ever. Should not the services and products be tailored to the customers’ needs and interests? How can we get that data? How can we gather information about what customers want and prefer to buy? One of the most robust approaches is to use A/B testing to identify which product/ service is better based on the customers’ feedback. Tom Davenport, the author of many best-selling management books on big data and data analytics, notes how some large companies such as Amazon and Netflix are using analytics to identify the winning factors of popular TV shows to choose the best future shows.
It has been noted that organizations using data analytics have been performing phenomenally compared to other organizations. There are organizations successfully disrupting the entire sectors, such as Uber and Airbnb, using data analytics in their operations. To improve sales, they have been utilizing the sales data effectively.
Fast-growing sales organizations use analytics more effectively. (McKinsey)
Turn Data into Insights, Turn Insights into Action
Regardless of business sectors, data analytics helps businesses in making the right decision. It gives a clear picture of the target audience, tailored messaging, customer segment information, and a lot more information when it comes to sales analytics.
When it comes to sales analytics, even a small change matters. Sales analytics is the critical ingredient for developing a customer-centric business. By getting insightful information and patterns of the customer behaviors, enterprises ensure they are catering to their customers effectively. Apart from improving your service, sales, and process, it helps you select the best investment area in your business.
The process of turning your enterprise into a customer-centric enterprise is long-term and complex. However, small steps towards the customer-centric approach will yield significant results.
Here are some use cases of our clients who achieved success in their sales process by adopting sales analytics and a digital transformation approach.