Though different sales functions at various stages of the sales pipeline have modular and scalable priorities and roles, nevertheless still they are all associated. Sales Analytics plays the consequential function of keeping them all together yoked.
Sales analytics, also known as sales metrics, is used to gauge the performance of your sales reps and the haleness of your sales process, procedures, and pipeline. It is used by the managers to effectively track and evaluate the performances and progress of the salespersons. It has the scope for analyzing the sales trends, and leeway for envisaging the outcome and insight for improvement.
Sales analytics is not a single procedure or a product, it is continuous collective efforts, procedures, and approaches of different methodologies and practices along with the constellation of certain sales tools. This foresight will help the management in studying and understanding the sales trends with suggestive improvements.
Sales analytics provides the management, meticulous and comprehensive view of the sales process, sales team, and their performances. The ostentation of campaigns – illustrate when they are at their best and when they require improvement.
Tracking stage conversion and pipeline health analytics have huge potential to boost your sales revenue and accelerate your business growth.
Sales Analytics Software and CRM:
In the era of big data, sales analytics have a vital role to play in every sales report. In its scope, it involves all stages of the sales process, even including those that do not seem to directly lead to sales conversions.
Data from different sources and platforms both internal and external is analyzed to seek and generate opportunities that can be converted by the salespersons.
There is no doctrine in selecting the software and solutions for sales analytics, it largely depends on the type of industry, company, and management discretion. Management normally goes for a combination of software applications, technologies, and mobile apps. Sales analytics systems are usually implemented on top of CRMs, and use algorithms based on existing data to reveal insights, though some serve as both the CRM system of record as well as the analytics tool itself.
Earlier only large firms took advantage of this type of technology. At present even small and medium-sized companies have adapted the sales analytic system and applications.
Advantages and Benefits of Sales Analytics:
It helps in keeping a close watch on the leads in your pipeline. It gives a clear picture of the lead, at which stage of the pipeline it is in, and its prospects of closing. It helps in maximizing sales. It monitors these metrics and taking action based on what you learn is key to maximizing your sales performance.
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