Can Data Analytics Improve your Sales?
“Information is the oil of the 21 st century, and analytics is the combustion engine”…Peter Sondergaard
We are well aware that sales and marketing can be a guessing game. Strategies are planned in a business with great risk as to whether it would succeed or not. If the sales figure increases, it is assumed that the strategies are successful and they are continued. If there is no improvement, more efforts are made till maximum deals are closed.
Today technology has given us the power to monitor the output of our strategies. Gone are the days when one had to research hard to find breathless paragraphs on the power of analytics. In the present era, sales world we can get numerous examples where data analytics is delivering significant improvements in effectiveness, growth, and efficiency. Data analytics can be helpful to monitor customer activities and connect them to specific sales efforts. Now let’s have a glance through some of the ways businesses are using analytics to improve sales.
“In a survey conducted by Mckinsey of more than 1,000 sales organizations around the world, it was found that 53 percent of those that are “high performing” rate themselves as effective users of analytics”.
Track your Sales Leads
In sales, leads are the foundation of the actions to be taken by the sales team. Data analytics helps in improving the accuracy of the leads generated. Apart from the traditional approaches, companies now prefer greater predictive insights combined with intelligent automation to identify the most promising prospects and identify the most appropriate time to target them. You can thus unlock powerful perceptions into which sources of sales leads are truly motivating your business growth.
Data analytics can help in predicting the most suitable leads which can save a lot of time wasted calling the leads that are less likely to be interested. If suppose your business has always sold a certain type of product A, with predictive analytics you can look at past customer interactions and predict where future sales will go with that product A. Analytics can also help to predict and compare the outcomes of different marketing and promotional campaigns.
Email is a great way to reach out to a larger chunk of prospects at once. Although most of them won’t purchase based on that email, at-least a few may call asking for further information. Data analytics can help you to determine which subject lines of the emails got the most response and which types of messages are more likely to generate phone calls that lead to success. Analytics can also help in deciding the best time and day to send emails to your list of probable customers.
Business competition is keeping companies on their toes. Data Analytics hence can help a business with its marketing and sales efforts saving a lot of time, effort and money which is wasted on ineffective tasks. It is a powerful tool for sales teams so that they can make the most of their efforts and close more prospects.