How to Boost your Sales using Data Analytics?

May 3, 2018 | 2847 Views

Analytics has become almost an integral part of any organisation process. It has wide scope in improving decision making ability, efficiency and growth of the organisation. In marketing and sales, few company use data analytics as a tool to enhance the efficiency of the sales team, increase customer base, generate more revenue and ensure Customer loyalty. However, most of the company are still not actively involved with it.

Data analytics act as a guide to the sales team for taking decision related to product design, product pricing, offers and discounts, product bundling etc. for this, marketing manager needs to identify various area or stage of marketing where analytics can assist with valuable insights and ensures its effective implantation in the process. Sales analytics can be used to know the sales trends, price fluctuation and their impact on sale revenue, identify high-end customer, set targets and forecast future sales.

5 steps data analytics can help to boost sales and growth in the organisation:

 Define Purpose of Analytics: The first and foremost thing is to understand the purpose of using analytics in sales and marketing. The everyday organisation generates huge data at the different stage of sales such as customers visit on companys website for purchase, during purchase, customer complaints, payment made by customer etc. it is necessary to understand which data need to measure an organisation must set vision and goals to be achieved through analytics.

Track your sales record: Marketing involves lots of activities and it is important to know which activity generates a large amount of data and which data is relevant to generate value-based information. Huge data can create chaos and mislead decision. So, marketing manager needs to communicate the purpose of analytics to the sales team to ensure data transparency and data relevance.

 Data Mining: Data available are of no use until and unless it can create value in decision making. Data available in row form need to be organised to form data models to be used to discover pattern, trends and relationships. Various analytical tools can be used to evaluate the data such as Trends analysis, regression models to identify influential factors, the magnitude of dependent variables and forecast the future sales performance.
  Create accountability: Data analytics helps marketing manager to understand which area needs more attention or which process required improvements. This help to ensure accountability for that team such as sales team, advertising team, customer grievances handling Team. Identifying loopholes and improving them will enhance the performance o sales and marketing Department and ultimately sales.
Redefine Sales Culture Using analytics: Once won't impact much, there is need to implement it in the working culture. The marketing manager must persuade their team members to ore towards data-driven approach rather than depend on their intuitions. All the members must involve with the data and take the decision on each step based on the data available.

The above steps help an organisation to move towards data-driven approach rather than intuitions.
Thus, monitor sales data will ensure sales team accountability improve sales performance, enhanced customer service and greater customer satisfaction by taking corrective actions, redefine sales strategy, revise pricing strategy, and ultimately result in profitability and growth of the organisation.

Source: HOB