Sales Analytics

Uncover Sales Insights and Accelerate Revenue with AI-powered Sales Analytics Software
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Analyze your sales conversations in real-time, identify trends, assess sales reps’ performance with AI, and add high-quality leads to your pipeline with Convin.

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Customer behavior is rapidly evolving. Identifying what your customer wants and delivering an exceptional experience take precedence in every conversation your sales rep engages in. Customers have access to multiple brands for their wants. Technology also makes it easy for them to move fluidly across different channels to engage with multiple businesses.
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A study by Harvard Business Review found that 78% of new business goes to the first responder. That’s how high the bar is set when it comes to small and medium-sized businesses. And that means, when you have a new prospect on call, your sales rep should ensure that they address the prospect’s wants and open up more opportunities for engagement. 
Sales today is much more than selling, it relies on outstanding execution that’s driven by highly targeted sales training. So how do you bridge the gap between sales training and sales performance? Through data, otherwise called sales analytics.

What is Sales Analytics?

Simply put, sales analytics is the process of using data to identify sales trends, understand existing patterns, forecast customer behavior, and model your sales strategy to win more customers. 
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90% of the world’s data has been created in the last two years and businesses are spending more than $180 billion a year on big data analysis.
Today, every engagement your sales rep has left behind a trail of data. And all these data from a myriad of sources for leaders to leverage. This data, when pieced together, helps your sales team create an immersive customer experience.
Sales analytics plays an instrumental role in every facet of your sales operations. It helps you make data-backed decisions, create powerful training experiences, and also gives you visibility into what’s working and what’s causing leads to slip away.

How sales analytics helped a leading financial institution increase its revenue

A Harvard Business Review study highlights how effective sales analytics is with a real case study. It goes on to discuss how incorporating sales analytics data to make reformed decisions can help businesses acquire customers and accelerate revenue. The study follows how a financial service company leveraged analytics to help its sales team sell credit and lending products to small businesses. The company examined millions of phone records and analyzed calls. The insights helped the company focus on seven of the 14 industries. This helped their sales team sell better and the profits? The company saw its profits grow by 16%. The story doesn’t stop there, the company went on to shift the time when the sales reps called prospects. This move not only increased profits by 20% but also tripled the possibility of converting prospects into customers.

Why does sales analytics matter?

Your business relies on a sales team to connect with prospects and turn them into customers. Your sales team forms the crux of your entire sales operation and when they get on a call with the prospect, you need to ensure that they:

  • Interact with the right prospect
  • Position your product/services as a game-changer
  • Build a relationship with the prospect
  • Tailor a delightful on-call experience

When you have a way to drill deeper into past sales call performance, you weave the experience into hiring the right sales reps, enhancing their skills via effective training, and setting them up to close more deals easily.

Role of sales analytics in different sales operations

A study by McKinsey notes that many fast-growing companies tapped into digital analytics to empower salespeople to work more effectively and efficiently. The study also reports that 53% of the fast-growing companies rated themselves effectively while making decisions driven by data analytics. With such transformational capabilities, sales analytics assumes a pivotal role in different sales operations

1. Improved sales prospecting

Sales analytics help you build an ideal customer profile for your salespeople. This not only helps you qualify prospects but identify the target industry which gives prospects that are most likely to convert. Your sales representatives can prioritize prospects who fit the ideal customer profile and maximize their selling efforts on them.

2. Create better resources

When you have complete visibility into the conversations your sales reps are having, you identify recurring trends, gaps that result in leads slipping away, and more. Your analytical data becomes the missing piece to the jigsaw puzzle. It helps you bridge the gap in your sales pitches, the content decks your salespeople access. Aid your sales team to sell better by having a robust information repository, one that lists accurate information.

3. Accurate forecasting

A winning sales team spends its effort wisely. Sales analytics gives you insights into what’s working and what is not. This helps your business focus its time and effort effectively. By applying the findings of sales analytics, you can predict the type of leads that are likely to convert, the channel that works better for a specific funnel, and the best time that prospects will be open to engaging with your sales reps.

4. Spot upselling opportunities

Sales analytics today analyzes a vast repository of information and derives actionable insights from it. When you include sales analytics into your sales operations, you identify how to retain the relationship you built with customers even after they purchased your business. It helps your sales team retain customers by identifying opportunities to upsell and turn existing customers into repeat buyers.

Examples of sales analytics for your sales teams

Data pretty much has evolved to become the front and center of core business operations. It wields an influence like never before. When sales initiatives open up the floor to a wealth of information, sales analytics helps hold the data together. It further is key to translating data into sustainable business revenue.

1. Conversational intelligence

On average, sales reps make around 52 calls per day and the average length of a sales call is around 5.97 minutes. While it is impossible to follow these calls word-by-word, sales analytics help you segment these sales conversations, identify the call categories, and break them down for easy reviews. This helps you identify frequently asked questions and other insights to drive better sales campaigns and outreach strategies.

2. Performance analytics

In addition to identifying trends, it is important to gauge the performance of your sales reps on a sales call. This is where sales analytics can be used to identify the number of calls answered, the predicted revenue associated with the accounts, and how your salespeople have been performing. Performance-based analytics help you decipher the strengths and weaknesses of your sales reps. This will help you devise a personalized training plan that they will benefit from.

3. Feedback and suggestions

What business lacks sometimes is the first-hand data into a customer’s experience while using your product/service. That is where sales analytics help takes leaders straight to the minds of the customers. By skimming through calls, you identify feedback from your users, areas of improvement and use it to revise your strategy, pricing, or target audience. With powerful feedback, you can comfortably rely on data-powered decisions to reach more prospects and get more customers easily.

Different sales metrics that you should be tracking

Sales analytics is as good as the data you track. While today’s digital-first world gives you a surplus of data for every interaction, it is vital to piece data that matters. Otherwise, you’ll end up overwhelming your team with a data dump that requires more time to understand and more tools to process.

1. Successful sales

One of the important performance indicators for any sales team, sales made tells you how successful your team has been when it comes to turning prospects into customers.

2. Time on call

This metric helps you analyze the time each sales rep spends talking to a prospect or nurturing them.

3. Predicted Revenue

This key metric tells you the region from which the prospect is from. It helps you identify regions you should focus on and helps you schedule your sales reps accordingly.

4.Quarter on Quarter growth

A key metric that helps you identify if your sales team is delivering. This metric also helps you tie the performance of your sales team with their incentives and appraisals.

5. Deals Lost

The key to the success of your sales team is to identify weaknesses and improve. Deals lost will help your team assess what went wrong and work on ways to rectify gaps in their selling.

Delight more customers with a sales call analytics software

The difference between a sales team that wins and one that lets its leads slip away is smartness. Winning sales teams harness the power of technology to discover more time to engage with more prospects and delight them. That’s where Convin, an AI-powered sales call analytics tool comes into the picture.
Convin helps you sift through all your sales calls and surface actionable insights in minutes. Discover how conversational intelligence can help your team upskill their selling and bring more customers your way.

1. Transcribe your hour-long sales calls in minutes

Reduce the tools you use to derive sales call analytics. Our state-of-the-art technology goes through calls word-by-word and generates transcription for your team to review. Convin doesn’t stop with that, it automatically tags the conversation to the transcription to make call review simple. Skim through your sales calls and go right to the core of the discussion easily.

2. Access a powerful sales dashboard

Get a complete view of all your sales reps in one centralized dashboard. Identify the calls they make, the talk ratio, gauge the mood of the calls, and more. Compare the performance of your top sales reps with the low performers to help plan sales training and mentoring opportunities.

3. Segment what your prospects are talking about

With conversational intelligence by your side, segment your sales calls into themes and find out frequently asked questions and most discussed features. Convin also lists the time spent by each rep discussing the theme. Collate widely requested information into a powerful content deck for your sales team to use at the right time. Identify action items that were proposed on calls for sales reps to execute and help your team tailor a personalized experience for your prospects easily.

4. Prevent leads from slipping away

Sales is a high-velocity operation. It is sometimes difficult for reps to catch the nuances on call. That’s where Convin helps reduce the time taken for review and feedback. Offer spot feedback after listening to a call. Coach your sales reps based on data and not assumptions. Help them identify what went wrong and offer them help in rectifying their course of action. With timely help, reduce the number of leads that slip away and go to your competitors.

5. Strengthen sales training

Convin lets you create a sales call playbook of your best wins for your team to learn from. Share your winning strategies for your entire team to learn from. Help turn sales into an immersive experience for all your sales reps where best approaches are no longer restricted to just your top sales reps anymore.  
Sales analytics not only helps the sales team but also guides businesses on where to invest, the verticals to focus on, and gain insights to manage their budget effectively. The data that forms the basis of these analyses usually is segmented. With a tool that simultaneously processes your conversation and generates analytical insight, sales analytics becomes simple. It helps you gather the right kind of data your team requires and helps you leverage the data and improve the performance of your sales team.

Empower your sales team to sell better and win more customers

Identify trends, eliminate bottlenecks and help your sales reps reach the right prospect at the right time.

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