Best Practices That May Help You Strengthen Your Sales Analytics Initiatives
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How often have you planned your sales strategy around a previous quarter 's result or the latest competitive wins rather than building a well-planned strategy built upon data-driven analysis of historical trends and future predictions? Sales teams can crush their sales goals by seeking to implement a fact-based decision model, that provides continuous access to unbiased data to perform past, predictive and prescriptive analysis.
By leveraging sales analytics, sales management can effectively recognize, understand and respond to emerging trends in sales cycles and markets. Successful sales analytics positioning delivers competitive rewards in improving agility, and exploiting opportunities quicker than competitors.
In addition, improved sales performance analytics empowers executives and line managers to better prepare and guide their sales teams on achieving and exceeding sales targets.
Here are five best practices that may help you strengthen your sales analytics initiatives:
Best Practice 1: Understand the Sales Analytics Requirements of Field Sales, Inside
Sales, Partners and Management:
Sales analytics provide advantages to all divisions of a sales organization, be it executives, sales managers, partners or front-end sales representatives. Analytics provide insights on progress to quota-carrying sales people in creating plan, the quality of leads and opportunities, liabilities, and the growth potential of accounts or prospects. Similarly, analyses of information extracted from various systems can be leveraged to enable sales management better prepare and direct sales actions.
Let 's take a look at the following requirement and benefits mapping example on how sales analytics for an application offers quality and value for...
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...tion becomes the IT department 's responsibility, with input from sales to ensure the use of the right standards on data quality, usability, analytics effectiveness, so it is ready for live production. Responsibilities for creating project scope, requirements analysis, recommendations on products, and confirming the implementation of final systems, should be shared among sales and IT departments. Thus, sales organizations should build a balanced team of sales and IT personnel, and encourage for team accountability for the entire project.
When carefully implemented to reflect user preferences, sales analytics can be extended to support fact-based selling in the field as well as inside sales, to increase the knowledge of target buyers, opportunities and the use of best practices for closing deals. What steps are you taking to reinforce your sales analytics initiative?