3 Benefits of a Sales Analysis Report That Every Sales Manager Should Know
Importance of Sales Analysis
How big a role does sales play in your present company? Most think of upbeat telephonic conversations, long lunches, and game-time when it comes to sales. But with the rise of analytics, the notion of sales analysis is witnessing a paradigm shift. In fact, studies have shown that the companies who invest in sales analysis report can boost their returns by more than 15-20%.
Unfortunately, the sales team in any company will always have too much data to analyze and they often struggle when it comes to developing strategies to boost sales and profits. It is in this context that the importance of sales analysis report can be realized.
In its most basic form, a sales analytics report showcases trends that occur in a company’s sales volume over time. It also shows sales managers whether sales are increasing or declining so that they can determine the best course of action to mitigate losses. A sales analytics report can also give managers insights to identify potential market opportunities and areas that need more sales.
Benefits of Sales Analysis Report
Benefit 1: Product mix analysis
The real importance of sales analysis report can be realized while doing a comprehensive product mix analysis. A product mix is a collection of solutions offered in a particular line. Developing a sales analysis report for a product mix helps sales managers make better-informed marketing and sales decisions.
Benefit 2: Customer analysis
Acquiring customers is an expensive affair, especially for new companies since it involves spending on marketing initiatives and sales consultations. By utilizing a sales analysis report, companies can identify the distinct needs of customers and address them with targeted solutions. The data generated from a sales analysis report will help sales managers to segregate customers into particular tiers and analyze purchasing behavior at an individual level.
Benefit 3: Implementing new sales strategies
Apart from the benefits mentioned above, a sales analysis report can also help companies to identify and implement strategies for optimal performance. In certain cases, sales analysis can reveal that a particular product’s demand and performance is declining. This would give the scope to offer discounts and clear inventory. A sales analysis report can also help track whether the results are on par to achieve the organizational objectives. The insights gleaned from such reports can also help salespeople to recommend add-ons or upgrades based on the customer profile.
To know more about Quantzig’s portfolio of analytics solutions for sales teams and how our BI analytics dashboards can help you track and visualize company performance in real-time