Business leaders have a lot on their minds. While more companies than ever are using data to improve operations, these changes take time to work their way through an entire organization. The sales department is one area that’s more than ready for an analytics revolution.
Consider these ideas for improving client relations and leads with sales analytics.
Get a Better Idea of Ideal Customers
There are a ton of reasons it’s important for enterprises to build and flesh-out comprehensive ideal customer profiles. In a nutshell, ideal customer profiles are hypothetical customers who exhibit similar criteria for using your products or services. It’s possible for an organization to have many different ideal customer profiles, even for the same goods.
For instance, a baby food company’s obvious ideal customers are going to be parents of newborns. Using data to understand the ideal customer can help leverage greater sales numbers. It’s possible, however, that a baby food company could find it has various other targetable ideal customers.
For instance, selling to grandparents might require different approaches. Furthermore, data could show a totally unrelated group of people is purchasing the products too. The baby food company might find vegans and health nuts are accounting for 10 percent of total sales, due to the quality of ingredients and taste of the food, which they find better than other products. By digging into sales analytics, the company can make strategic adjustments for reaching this otherwise ignored group.
When sales and marketing professionals are able to get more data on their target audiences, it only makes their lives easier. Using sales analytics in this way can help drive revenue on multiple fronts.
Empower Employees Through Data Democratization
There’s a lot of talk about whether or not data democratization makes sense for enterprises today. While it’s impossible to answer this question for every organization in one response, there are certainly some compelling reasons for pursing this avenue.
The idea behind data democratization is that more people should have access to data analytics tools within an enterprise. Many businesses have resisted this transition due to data security concerns, but the benefits of transitioning toward greater data democracy outweigh the cons. This is particularly true when it comes to sales and sales analytics, as this is an area in which the actions of individual employees have the potential to significantly sway outcomes.
An element of sales revolves around telling people what they want to hear. Being able to do this is what leads potential clients toward your goods and services. One big issue that can stand in the way of this is if the salesperson doesn’t have answers.
This doesn’t mean the salesperson just wasn’t convincing enough, or didn’t have a good attitude. It simply implies they didn’t have enough information available to satisfy the customer. Sales analytics has the power to solve this in a few ways.
Organizations that use sales analytics from providers such as ThoughtSpot can enjoy the fact that data democratization is supported through search-based analytics. This means even individuals without extensive data analytics expertise can generate insights and visualizations with minimal effort. In fact, it works almost the same as looking something up via a search engine. Users input queries and the system responds with immediate readouts and charts, as well as artificial intelligence-generated follow-up queries.
It should be clear how this technology can massively improve the performance of salespeople within an organization. Within minutes, it’s possible for a sales rep to pull up relevant, real-time data. Clients be happy with better results and it will reflect well on your sales team when they can provide such useful information.
About 12 percent of professionals stated creating targeted strategies is their greatest challenge. Sales analytics helps individuals and enterprises do a far better job of identifying and reaching potential clients through data.