In today's economic environment, the total number of closed sales is not the only element to measure the success of your sales team. In order to get the best picture of your sales team's achievement so you can come up with a better plan to improve their performance, there are a lot of components should be involved in the equation, and these are the components that you can find in a comprehensive marketing analytics.
marketing analytics is a comprehensive method to understand the current sales trends and sales results while at the same time predicting those trends and results for the future. The main objective ofmarketing analytics is to provide a thorough evaluation and predictions of sales, so you can make some necessary improvements to cope with the trends so you can expect better results.
Sales analytics is involving various data sources, including internal applications, surveys, application transactions, revenue reports, and pretty much just about all kinds of business transactions. Ideally these data should be collected continually so you can always make a marketing analytics whenever needed.
Sales analytics could help you discover some hidden relationships and hidden trends within the collected data, this won't be possible to achieved without using the proper method. A good marketing analytics can help you find out the needs and desires of your consumers so you can act accordingly in order to answer those demands.
The main benefit of marketing analytics is obviously to provide accurate sales forecast by examining sales trends and data. Armed with this calculation, your company will have a greater chance of achieving its goals in the future. Marketing analytics provide more certainties and actual data rather than just speculations when it comes to planning your sales strategies, so you can have more predictable outcomes.
Marketing analytics will also provide great benefits for everyone in the company at all levels, especially those who are in charge for the success of the company's sales campaign.
Sales Rep Control - In order to come up with sales forecasts, companies usually rely on the data and prediction from their sales reps, who get their data from each sales in their pipelines. Unfortunately, these sales reps are usually using their best guesses in forecasting the closing of these sales and when it will happen. This guessing game will affect greatly on the sales forecast and if they guess wrong, the sales forecast could be worthless because it won't provide much help for the company's future success in sales. Marketing analytics can avoid this guessing game and provide more accurate forecasts that are far more accountable.
Marketing analytics Managers -Marketing analytics will help Marketing analytics managers to get sales forecasts that they can rely on. This will increase confidence in these managers so they can come up with great sales plans that will work with more predictable outcomes. Furthermore, if the sales reps can provide such accurate sales predictions, that means less work and more time for sales managers to do other important things, coaching salespeople so they can sell better for example.
Financial and Senior Executives - These people may not have direct connections with the sales process, but they are the ones who will be responsible to the stakeholders. Sales forecasts provided by the Marketing analytics will allow them to create more accountable revenue forecasts that they can present to the stakeholders.