In the start of our analytics series last week, we looked at how analytics can help you understand your customer journey and better target your customers. We also uncover that retaining of customers was in fact cheaper than gaining new ones. Thus, understanding the customer journey should be a constant loop and focus on developing a relationship with them and should not stop after the customer purchasing an item.
Sales Analytics helps with customer retention and understanding the customer journey. Salesforce, a well-established leader in this field, builds an understanding of customer journeys on a unified platform. We will explore in this article, the effects of utilizing sales analytics on first-time sales and the importance of repeat sales.
What is Sales Analytics and Why is it Important to you?
Sales analytics is the process of understanding your customers through the amalgamation of information from every aspect of your customer’s journey, from how they find your product and their interaction with your brand, to the ease and usefulness of the purchase, as well as their desire to return and purchase your products again.
This information can then be applied to prospective customers on how they previously interacted with your company and if they were put off by various aspects within that journey which led to them not making a purchase. Processing this data aids in revealing of relationships, patterns and trends that can be used in the future to predict sales outcomes. You can then use this information to understand how to better attract and retain customers in the future. Sales analytics is essentially your compass towards reaching a large, consistent consumer base.
Without sales analytics, your company is blind with regards to why customers value your brand or not, and why this is so. Sales analytics can help your business identify a simple problem or show you where customers lose interest. For instance, if you realise that your website is receiving fewer visitors each month, this could point to a problem with your communication method. Your customers may not be interested in your content or see the value in your product ot service. Upon gathering this data, your business will then have to change your sales and marketing tactics or in some cases, the overall strategy.
Sales analytics also gives you the confidence to test and release new products as it gives you the information about how successful your projects are predicted to be and how your customers are likely to interact with them before you release them. This confidence can significantly aid in the growth of your company from local to global. It will provide your business with better knowledge of the potential success and how investment decisions should be made.
Thus, sales analytics aids you in being able to accurately predict the movements your company should make, and is proven to have better results than your competitors who do not adopt this valuable tool. The figure below from the Aberdeen Group shows that forecasting accuracy and confidence levels are higher and more accurate than those who didn't adopt. Thus, not utilising sales analytics can be a huge oversight by your business.
Incorporating Sales Analytics with Other Data
With A7 IoB®, a comprehensive analytics platform that allows you to connect data from various business applications and measure performance across functions, businesses can incorporate sales analytics data and better understand their performance. Analytics gives you the confidence and understanding of your business, and with A7 IoB®, your business can get real-time market and performance insights. All this crucial information regarding your business is amalgamated onto one easy to use platform, allowing you to fully visualise your customer journey.
The A7 IoB® dashboard gives you all the needed insights into your company and its performance, which your business can then use to drive improved decisions such as whether to release a new product and what type of product based on market insights.
FICO believes that “In order to create a truly powerful analytics system, all of a [companies marketing, operations and sales] analytics need to live in one place, and they need to talk to each other.” Thus, for your company to be successful it needs a unified platform such as A7 IoB® to manipulate and visualise the large amount of data you have.
Our previous article on using analytics to explore the customer journey and this article has applied a framework and a justification for why sales analytics are so important.
With real-time insights on your customer behaviour, A7 IoB® aids your business in understanding your customer base and how they would like to be reached. Better understand, reach and maintain your customers throughout their entire journey with A7 IoB® now!
All features can be enjoyed for free now so don't hesitate to simply sign up and begin transforming your business with analytics capabilities.