Market Size Analytics
Having a fair idea about the market size and potential is integral to a 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.
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Unmet Needs Analytics
The primary aim of any business is to effectively meet the needs of its 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.
Market Trend Analytics
It is critical for brands to keep a track of where they are headed and what’s new in the market. Market trend analytics is a technique of examining whether a market is growing, stagnant or in decline and how fast that movement is occurring. Understanding market size is important but knowing whether that market is trending up or down is also a vital element of marketing and sales analytics for business. This can be done by running business experiments or scenario analysis to see what the market would look like and how it would impact your business in either a growing, stagnating or growth market. Using customer surveys and focus groups will also prove to be useful.
Keeping track of the competitor strategies is a great way for companies to stay relevant in the market. By evaluating the strengths and weaknesses of the competitors, businesses can identify opportunities to exploit and threats to navigate. Competitor data can be gathered from business journals and newspapers, annual reports, product brochures, and marketing activity. Taking customer feedback is also a great way to understand what the customers like or dislike in the competitors’ products or services and compare the same with your offerings.
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Marketing and Sales Channel Analytics
When it comes to channels through which businesses can market and sell their product, they have ample options at hand. Marketing and sales channel analytics allow us to assess the different channels available for business and establish the most effective ones. This will help reach different segments of the market, but it is vital to continuously assess which ones are working and which are less effective. For each of these channels, businesses will need to set some conversion rate goals, so you know what you want that channel to deliver.