The avalanche of data requires sales leaders to rely on data analytics to convert raw data into valuable information and insights. By analysing data, sales leaders are able to utilise past sales performances to make intelligent decisions about potential opportunities in the pipeline.
Now more than ever, data analytics plays a vital role in a sales leader’s strategy to improve the overall performance of a company’s sales team. Analytics allows sales teams to perform well by leveraging its many benefits like making better decisions and improving their sales functions.
According to a report released by SalesForce Research, 74% of sales leaders will start or continue using data analytics in the coming years. Furthermore, the report found that high-performing sales teams leveraged analytics 3.5x more than underperforming teams to make decisions.
Data is now regarded as a critical factor that can make a company stand out among its competitors and other vendors battling over the same market share. Through data analytics, sales teams can better predict the buying behaviours of customers, determine which sales strategies require quick actions, or if the services and products offered are favourable to customers.
Better Customer Tracking
By equipping your sales team with data analytics tools, they stand to gain better insights into the consumer demand trends and take advantage of opportunities to cross-sell and up-sell other products. With the right sales information, sales and marketing teams will also be able to target advertising campaigns to attract and keep customers.
Amazon, for instance, has been using data and predictive analytics to fuel its growth. Through analytics technology, the company tracks its customers’ behaviours from the moment they log into the Amazon shopping site until they check out. The data gathered by the company is then used by its sales and marketing team to personalise their advertisements and increase overall customer engagement.
Another good example is how Netflix (which also uses Big Data analytics) is able to constantly make good and accurate recommendations on what programs to offer customers based on their ‘tastes’ by analysing what subscribers have been searching for, viewing patterns and browsing history. In fact, their recommendation engine has been so successful that it was able to create over 33 million versions of itself and in the process, allowed the company to harvest even more data, finetune its decisions on what types of content to purchase and ultimately, made users happier with their service.
Sales pipeline weighting
Sales team leaders and managers can apply data analytics when weighting sales deals. In this day and age of alarming risks, the circumstances of business deals aren’t guaranteed and may change over time. There is a need to be able to spot opportunities fast and capitalise on it since timing in sales is everything.
Data-driven analytics tools are able to recognise that not all deals have the same chance of success. Using various data variables, weighting allocates a value to each deal based on where it is in the sales funnel, and its likelihood of completion. This allows sales leaders to better decide if an opportunity is worth pursuing.
Reliable data is also essential when predicting the possible outcomes of opportunities. Data analytics tools with predictive capabilities will provide sales teams with better view of results because of the ability to analyse historical sales activities to determine similarities within deals.
Boost sales and achieve quotas
With the valuable information that data analytics can provide, achieving quotas is now easier since analytics allows managers to manipulate data to present information pertinent to the managing sales teams.
Tools such as benchmarking, pipeline velocity and opportunity scoring give better visibility across sales, revenues, pipelines, and customer segments. Data analytics allows sales teams to make reliable and accurate sales predictions as well as determining strategies that can be beneficial to hitting quotas and maximising the company’s sales revenue growth.
Data analytics is not just about numbers. It is a useful tool to unlock the sales opportunities provided by Big Data. Data can be interpreted in different ways, and can be presented as numbers, pipeline forecasting or customer information analyses and lead scoring.
What matters most is how data can be transformed into actionable tools to set sales goals, optimise strategies or assess sales performances. By allowing your sales team access to valuable data, you are not only boosting their performance, but you are also positioning your business for success.
DATAVLT is an affordable, on-demand analytics platform secured by blockchain technology. It is designed to simplify the complexity of data science. Backed by artificial intelligence and machine learning capabilities, DATAVLT empowers enterprises to make meaningful sense of their big data and scale cost efficiently. Essentially, it is an end-to-end data/information management platform.
Learn more at www.datavlt.com