Lets understand how sales analytics data can impact the overall growth or decline of a business.
“Sales are the base of any growing and even established business. To make sure your business is on the right side of technological integration, it is mandatory to have a symbiotic relationship between the sales team and tools to take advantage of large amounts of data that is produced every day.” says Hirav Shah.
What Is Sales Analysis?
Hirav Shah explains that a sales analysis is a report that provides an in-depth glimpse into the performance of your sales team, including their defects and successes, as well as customer shopping data and incoming revenue.
“You want to see such information, in your report, as current and past sales and emerging trends that matter most to your business. The sales analysis report doesn’t have to be paragraphed dry information, nor purely numbered. It can be visually interesting by adding in a chart, line, and bar graphs to really drive certain points home. The data which has figures about sales analysis is called sales analytics.”
He says, “Exercising control over performance and preparing for the future in concurrence with existing business goals by knowing what to track is what we expect.”
According to Hirav Shah, here are some of the ways sales analytics can help your business:
Optimize Growth strategies
By segmentation, understanding existing customers helps determine the kind of companies you would want to target in the coming days. Once a clear picture emerges of what type of client in the market is receptive to your offer, it becomes easier to streamline channels to reach out and engage with that customer segment. Sales analytics insights aid businesses to optimize their resources, innovate flexibly in-line with changing markets, and cater directly to their customers with confidence.
Better Conversion Rates
Better insights can be generated with the help of Sales analytics to assess sales performance. Salesforce analytics and Specific sales funnel tracking allow the team to know:
the average time spent on an end-to-end conversion
engagement of prospect clients
re-engage previous clients
Analyzing even the smallest blip in your trend line and digging for data-driven solutions helps businesses to improve conversion rates by redefining their strategies in providing a seamless customer experience says Business Strategist Hirav Shah.
Track your Product/Service performance
Feedback analysis assists businesses to understand what the turn-around time is and if it is having any effect on customer engagement. This will optimize the process as prioritizing the tasks will begin. The sales team with the help of data transparency knows whether or not their service targets are being met or not and in what areas they need to improve and be more aggressive. When the team is dealing with multiple services/products, especially, it is very crucial to understand the health and performance of each individual product line so as to create custom-made solutions for the said product.
Your product or service needs to be tailored to your customer to stay competitive in this customer-centric market, y. Using A/B testing to experiment with different approaches or gathering data from surveys, can be a powerful tool to determine what works and what won’t, says Business Astrologer™ and Business Strategist Hirav Shah.
Identifying opportunities with Customer Behavior Analysis
Based on customer behavior, sales analytics assists in gathering and using the data to categorize personas. Using this behavior analysis data as a benchmark, as we are moving towards the age of customer-centric marketing, businesses can build frameworks to improve customer interactions as well as identify opportunities based on priorities.
Examine the affinity visitors
Affinity analysis is the method where you find out links between your product/service or offers and traffic.
It’s all about identifying a set of individuals that are seeing your website that the most and are very likely to have a greater probability of becoming your client.
Hirav Shah concludes by saying, “Sales Analytics’ main motto is to optimize business goals with quick data-driven insights. Enhance the quality and performance of your service or product and establish sales objectives in real-time by tracking performances. Sales analytics is a key element on the path to becoming a customer-centric business. By yielding meaningful patterns in customer and market behavior, the data helps you to ensure you’re effectively targeting customers –both new and existing– and maximizing your marketing impact. It also provides you the opportunity to improve the service you provide and to intelligently direct investment towards promoting brand advocacy and long-term growth.
Becoming a truly customer-centric business, the shift is a long and complex term. But even the tiniest changes to your strategy and methods of working can bring about significant benefits for your customers, employees, and bottom line,” says HIrav Shah
For the most successful people in the world, 2021 already started… Has it for YOU?
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But are you truly doing the right things to get there?
Can you honestly say that you are taking ACTION on your goals?
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What ONE goal will you focus on for a head start in 2021?
Any confusion or difficult YES/NO Business decision requires an expert opinion.
Just make sure your business strategy in terms of Brand, Sales, Marketing, Advertising, Mergers, Diversification, etc…is still on track to reach your goals. Business Astrologer™ Hirav Shah’s answers have proven to be game-changers.
It’s time to fire up your future!!