Top 5 Marketing and Sales Analytics that Managers Must Consider
Having a marketing and sales analytics metrics provides companies with relevant insights which enable companies to increase revenue and profitability, and consequently improve their brand perception. Ideal sales analytics tools also help managers uncover new markets, new audience niches, areas for future development and much more. However, the challenge here is to identify the best and most important sales analytics metrics for business:
Market size analytics
Having a fair idea about the market size and potential is integral to business. It involves identifying how large the market is for your products and services, and whether there is sufficient growth potential. The size of the market is measured in terms of volume (how many units sold), value (money spent in that market) or frequency (how often a product or service is sold). Data can be collected from government data sources, trade association data, financial data from competitors, and customer surveys. Using the right sales analytics tools help businesses estimate their market size accurately and the sales volume generated from this market.
Unmet needs analytics
The primary aim of any business is to effectively meet the needs of their target customers. Using sales analytic metrics helps businesses to uncover if there are any unmet needs around your product or service or within your market which you could meet to increase customer satisfaction and revenue. Using various sales analytics tools and other sources including product reviews, qualitative surveys, focus groups, and interviews, companies can easily identify the unmet needs of their customers.