With the increasing pool of business data, there is a need for more effective, efficient business processes. The flood of big data into business has uncovered new ways for sales and marketing teams to collaborate and add value to each other’s work. Predictive sales analytics helps businesses across industries to forecast and develop campaign designs intended to generate higher-quality leads. Sales analytics has helped in identifying new avenues for marketing to derive desired results from sales efforts.
Predictive sales analytics offers detailed insights into the salesforce of an organization. Not only does it provide insights into which prospects to target, but it can also help sales teams to determine which marketing campaigns will be most successful based on buyers’ personas. In this article, our analytics experts have highlighted important ways in which predictive sales analytics can help businesses boost profitability and uncover new sales opportunities.
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Benefits of Predictive Sales Analytics
Streamlined Lead Scoring
Predictive sales analytics can help in determining lead scoring. Marketers can use predictive analytics to accurately forecast the potential customer’s likelihood to convert over time based on their previous activity and buying behavior. Predictive analytics tools can help businesses to measure customer’s demographic and behavioral data and find out whether or not the lead truly needs their product or service. Also, it can help in analyzing the timeline of the buyer’s journey and the way they respond to particular offerings.
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Faster Sales Cycle
Predictive sales analytics can help in triggering the right content based on a lead’s behavioral and psychological data. This can further help in answering questions, managing objections, and moving the lead through the sales process more efficiently. Predictive analytics tools can help sales teams to move the lead down the sales funnel faster by analyzing their content consumption and behavior at each touchpoint throughout the journey.
Better Upselling Opportunities
Predictive sales analytics can help marketers and account managers to maximize their existing and potential customer’s value. With the help of sales data analysis, marketers can easily understand and analyze the factors responsible for buying decisions of a particular lead. This can also help in improving upselling opportunities resulting in better business outcomes.
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Improved Customer Retention Capability
Predictive sales analytics can help businesses to track the activity of customers who have opted out of business. This insight can help marketers to forecast potential churn risks. Also, predictive analytics platforms can help sales teams across industries to understand factors of potential churn such as inactivity, substandard performance metrics, or even mentions on social media. This can, further, help in taking immediate action against the same.