We all know that having sales analytics is important, but are you sure they’re applied properly? We’ve compiled a list of quick tips that will help you understand and utilize your data better.
1. Goal-Setting
You must set realistic goals for the year. That’s a given. But, you also need to check in frequently and be willing to make proper adjustments to meet them. Your sales analytics contain a plethora of information; you just need to apply them where they’re needed.
2. Look to the Future
Sales teams must recognize the multi-year impact on their investment. Resource allocation analytics prove that sales force efforts this year affect future years. Prepare your business for the future by using analytics to optimize your sales team.
3. Pick Up Trends
Sales analytics work their best over time. If you collect data for longer time periods and compare them frequently, you’ll be able to see trends in your win rates, conversion rates, and adjust your sales strategies accordingly. The more data, the better!
4. Rinse, Wash, and Repeat
Your sales team should have a repeatable and, preferably, quantifiable process. Their sales metrics should result from similar actions that you can use to compare the data. Additionally, using an automated platform makes it that much easier.
5. Sales Analytics Support
Design your sales team around analytics. The size, structure, and allocation of resources should reflect your customer need frameworks and analytics. These changes have the potential disrupt the sales process and customer relationship management if implemented improperly. Using analytics to make rational decisions alleviates the disturbance.
6. Audit the Process
Sales analytics provide direct feedback for your sales team’s performance. Don’t assume everything is perfect, and use your analytics to review and adjust the current process you have in place. Keep opportunities from getting lost in your pipeline.
7. Record Your Predictions
When you’re projecting goals or predictions for the future, make note of them. Use your resulting data to compare with your predictions side by side. This will allow you to see the direct effects of your actions and where you need to improve to further your results.
8. Customer and Account Potential
Each customer and account has unique needs and values. Develop analytics that identifies the potential (what they could buy from the company) for the opportunity. Doing so allows you to tailor your sales process around your customers’ needs.
9. Retention Versus Customer Acquisition Cost (CAC)
Growth requires both new accounts and customer retention. Compare your retention with your CAC to determine who to target at specific times throughout the year. Keep in mind, though new market segments may seem intriguing, CAC is expensive and returning customers are more likely to buy.
10. Generalist or Specialist Roles
Identify the needs of your customers reflected in your sales analytics to determine how to place your salesforce. Sometimes a specialist role enhances your sales process whereas a generalist role may be better suited for your product line. It all depends on your company strategy and account management.
Make it Happen!
Use analytics to your advantage. Here at ORM Technologies, we promote informed interactions with sales data and analytics. If you have any questions or would like to know how we can help you enhance your sales analytics, please let us know at info@orm-tech.com.
