The Power of Sales Analytics

sales analytics with AlteryxThe Power of Sales Analytics is something every serious sales professional must understand. Sales Analytics is the lifeblood of every sales team, big or small.  The data-driven marketplace means teams must leverage their own data, 3rd party data, and do the digital due diligence to succeed.

The Power of Sales Analytics

There many ways which analytics drives success on the sales team:

  • Team Performance
    • well timed performance reports and scorecards across the sales hierarchy is a must
  • Productivity Insights
    • find out how many prospect touches it take on average to develop an opportunity
  • Account and Prospect Insights
    • who are you selling to, what solutions do they need, and where can you reach them
  • Correlation
    • find out the messaging and market relationships which drive your prospects
  • Marketing ROI and Messaging
    • what role does marketing play in leads, opportunities and revenue generation
  • Compensation Design
    • are you reps fairly compensated for the behavior which drives revenue
  • Territory Configuration
    • have you optimized your territories and set appropriate quota

Enabling Sales Analytics

Even before you can take advantage of the above, there are a few steps which the team must beholden before a true analytics program can succeed. These include:

  • Best practice data capture with your CRM (Salesforce.com, Miscrosoft CRM, vTiger)
  • Understanding your sales journey and converting into stages and sales milestones
  • Establish a data-driven culture – reps, managers, and senior leadership must trust the data
  • Use the data to define compensation plans and territory configurations
  • Establish a regular pattern of data cleansing – your reports are only as good as the data you put in

With these concepts in mind, you can leverage the power of sales analytics.  We capture data everywhere. Not leveraging the data is a big mistake which is easy to make.  Whether you bring a team on-board internally, or outsource to a consulting like Spiral Analytics, there is no excuse for missing the power of sales analytics.

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