Marketing is all about meeting customer needs profitably. However, sales function leads to revenue for a business. Sales data needs to be tracked with respect to variables like – time, brands, representatives’ targets and customer type etc. These variables are commonly called as metrics and they’re indicators of performance. They can be grouped under certain categories called as KPIs (Key Performance Indicators) and hence, made a part of goal sheets for periodic review. Sales data analysis can have significant improvement for your business like:
Sales review reports can help business owners or managers to evaluate the opportunities to acquire new customers, improve sales & prevent attrition.
Discovering strengths and weakness of their outreach campaigns
Track unit or department wise performance up to each sales reps data in predefined metrics.
At Arslok, we enable businesses with widely adopted and best-in-class industry sales analysis metrics you need to track for a strategic outlook on their business’ growth.
1. Curated Goal Sheet for Sales Personnel
A goal sheet can simply be a tracker of metrics like lead volume, lead source, lead to sales ratio, close rate, days to close and performance per rep etc. These metrics can be tracked against time – monthly, quarterly and annually for effective outcomes or insights from raw sales data. But the goals must be clearly defined for benchmarking and performance reviews later.
2. Forecasted vs Actual State Performance Analysis
Target sales can be forecasted based on past sales data, competition’s market performance and market share etc. It is evident that sales reps must be incentivized to meet and exceed these goals. Every personnel must go through the review cycle periodically to imbibe a sense of consistency, better results and peer performance reports.
3. Sales KPI Diagnostic Analysis
A diagnostics analysis can help discover causal relationships between the variables in the system. How an increase of touchpoints impacts the days to close the deal? Such analysis can help uncover to answer these questions and provide clarity to managers on a strategic initiative.
4. Predictive Sales Analysis
This data analysis is crucial for benchmarking as it takes into account historical data. It can help you define goals like Cross-sell & up-sell rate, Customer retention rate, Product demand forecast and lead source etc. It really aids in improving sales as they get a blended mix of quantitative and qualitative feedback on the basis of these metrics. It can be elementary or advanced depending upon the size and scale of your business.
5. Sophisticated Sales Analysis
This is rather an expensive proposition with the use of SaaS solutions from the likes of Salesforce, ZoHo or other CRM providers. A SMB can deploy it at scale only as it provides really sophisticated and high-level automated reports on micro-level sales metrics from the system. A good sales analysis must be comprehensive, accurate as it must lead to actionable insights and ideas for the owner. It is really crucial for managerial decision making as it saves time, effort and resources for the business deploying these solutions.
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