Are you someone whose company is wasting opportunities and blowing deals without any apparent reason? Is your sales team seeking more clarity and visibility on what could have gone wrong?
Sales Data analytics could be the perfect solution for you.
Without implementing analytics, it’s pretty tricky to track hygiene metrics such as lead response time, talk ratio, conversion/win rate, etc. But analytics is more successful in identifying unheard and hidden opportunities which easily get overlooked.
One such example could be, analytics showed:
- 70 to 80 percent of B2B customers prefer remote interaction since COVID-19.
- Closed deals in North America witnessed 2x the number of phone calls and 40 percent more email communication than in Europe.
Genuinely, it's easy to overlook observations like these unless a tool provides a definite indication.
Data analytics has revolutionized sales success stories for many, and consequently, organizations are considering spending more time on data-driven strategies rather than intuition. And success stories are making analytics software solutions even more conspicuous for sales organizations.
Hence, staying aware of your sale numbers and possible opportunities is a bright idea.
If you wonder how the analytics tool will help your sales team, then here’s some more evidence for you.
But before that, let's briefly define sales analytics and then move on to the benefits.
What is sales analytics?
Sales analytics is a platform offering indicators and reports on different aspects of sales.
Data generated by sales teams and gathered from external sources or research are combined to generate insights that enable better sales decisions. Sales analytics tools process the sales data to present valuable insights. These insights are helpful in better understanding customers, their needs, and the root cause behind a specific requirement.
Many sales teams have received help in the timely identification of bad-fit customers and poor-performing products.
Another area where analytics has been most instrumental is identifying new opportunities that sales teams wouldn’t detect otherwise.
So let’s understand the top 5 benefits to reap from sales analytics software.
5 data analytics helps sales reps win more deals
1. Improves customer interactions
Data is instrumental in making sales conversations and meetings more productive and customer-centric. With analytics in place, reps are well-prepared and knowledgeable about the customer.
In B2B prospecting strategies, learning about the customer is the foremost step to close the deal. However, which customer to focus on and what are the concern areas are generally triggered by analytics.
Few sale analytics tools can help prioritize the target market, cater to the right customer segment, and eventually recommend which industries to track.
Even call conversation data is a great friend in highlighting the next steps and nail follow-up communication.
The sales script you prepare using the sales analytics data will ensure your expectations are clear for the call. You can see measurable changes in your analytics metrics.
By conducting data-driven audience research, you'll be better equipped to have a fruitful conversation and develop a deep rapport with your audience right away.
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2. Enhances conversation quality
Access to and visibility into sales conversation analytics; supports managers in identifying conversation gaps. Often, call performance evaluation is neglected because of no or poor analytical data.
With conversation data, sales managers strive to build the gap in call performance and keep a closer tab on new opportunities. For sales leaders, call recordings serve as a valuable reference point. Insights from the software give a good idea of how account executives and sales representatives are performing.
To assess calls, Convin’s analytics platform offers out of the box simple call statistics:
- Talk ratio,
- Longest rep monologue,
- Longest customer monologue,
- And question rate.
Are automatically presented by the software.
Conversation analytics can perform even better when the tool allows configuring a tailored analysis on each call as per the ideal script. The sales coach or manager generally answers customized performance review questions; the outcome is utilized to report on the call performance of the rep.
3. Identify risks and threats
Another critical benefit of sales analytics is tracking risks, non-compliance, and quality. Any fraudulent activity or false commitment can make the company pay a hefty price. The converse is also true. Often, prospects request unauthorized favors and unreasonable discounts.
Deal intelligence applies analytics to capture an overall view of the deal. It summarizes all corners of the deal—from pipeline to present association—anything that impacts sales decisions.
Deal intelligence excels in presenting risk indicators. You experience a single, uncensored view of what’s going on across your deals, making it easier to quickly understand and act upon the risks such as prospect pressing on free goodies, waver on service charges, sudden silence in a potential deal, etc.
Your company must be wary of these indicators and focus on genuine customers and healthy relations to grow your business.
4. Better controlled content management
Sales enablement software manages the content that aids in closing better deals. The software solution tracks the flow of content and its usage.
Efficient tracking of content usage offers sales guys reliable and repeatable content, ensuring iterations and improvements in the sales content.
Sales reps receive fresh and refined content due to continuous feedback and reporting on the content.
5. Focus on Proactive Selling
The sales department is an ever-green function of any organization. The company must focus on growing the team effectively without compromising on improvement areas.
One area of improvement that we’d like to focus on is the transition from reactive to proactive selling. Sales analytics tools encourage forecasting and predictive analysis, which offer goals and tasks for future sales.
As you develop budgets for capacity plans and hiring, you will see the impact of sales revenue forecasting. An essential contribution of forecasting is the reassignment of territories, pipeline management, quota planning, incentive programs, and channel strategy. Sales performance management strategies are genuinely grateful for sales forecasts.
Sales analytics helps emphasize leads that are likely to convert. Identifying the proper sales channels and partnerships in advance makes sales more productive.
What are the sales metrics that you should be tracking in your analytics software?
Tracking the right set of metrics is as important as the right sales analytics tool. Without the right metrics, the analytics tool is as good as an expensive showpiece.
Also, we wouldn’t want to see you overwhelmed with all the customer and sales staff data. Hence, to make the application of data analytics successful, here are some sales metrics that most winning sales teams are tracking.
1. Business-level Metrics
- Customer acquisition cost
- Market Share
- Total Revenue
- Average Profit Margin
- Year-over-Year (YOY) Growth
- Average Customer Lifetime Value (LTV)
2. Deal-level Metrics
- Revenue per Sale
- Sales by Lead Source
- Average deal size
- Average sales cycle length
- Win rate
- Deals Lost
3. Rep-level Metrics
- Time on call
- Response rate
- Quota attainment
- Predicted Revenue
- Annual Recurring Revenue.
- Talk ratio
- Longest rep monologue
- Sales coverage
Now that you are well-versed with how data analytics can help your organization win more deals, why not try one free version of sales analytics on Convin’s platform? Sign up today.