Tag: Predictive Sales Analytics

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Financial Service Sector market analysis – How sales forecasting solutions helped a financial service firm to better manage their inventory and stock

QZ PR templateLONDON: Quantzig, a global analytics services provider, has recently completed their latest sales forecasting study for a financial service client. The financial services industry consists of several organizations including consumer finance firms, hedge funds, insurance companies, commercial and investment banks, and consumer finance firms. These firms help in managing money and another asset for corporations as well as individuals. Their services are primarily related to asset management, investments, accounting, and foreign exchange.

“The sales forecasting solution offered by Quantzig helped the financial service firm to bring about noticeable changes in accuracy by enhancing product development timing to improve sales.” says an industry expert from Quantzig.

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The sales forecasting solution offered by Quantzig helped the client to bridge the service delivery gaps. Furthermore, the solution also helped the company in better managing its inventory and avoid stock-outs and overstock situations. It also assisted the company to anticipate future sales and develop strategies to improve revenue.

Additional Benefits of the Sales Forecasting Solution

  • Enhance product development timing to improve sales
  • Gain relevant market knowledge to devise strategies that would improve the overall accuracy of operations
  • Explore possibilities to increase net income and revenue
  • To know more, request a proposal

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Pricing Analytics Helps a Renowned Retail Client Devise an Effective Pricing Strategy

In the recent years, the retail industry players have become more price sensitive and try to offer products at convenient prices to the customers. In the highly fragmented market, organizations in the retail industry are focusing on pricing and trade promotions to proactively boost sales. Also, leading organizations are implementing pricing analysis solutions to estimate the impact of pricing on sales volume. To build strong pricing capabilities and devise a robust pricing strategy, companies are advocating the need for robust price analysis solution. Effectively devising price analysis helps leading clients in the retail space keep track of the prices to develop relevant pricing models.

To accurately forecast the demand for products, leading businesses in the retail industry are approaching organizations such as Quantzig. With years of expertise in offering a plethora of solutions, Quantzig’s price analysis solution helps organizations devise a robust price optimization model to control inventory costs and further improve customer satisfaction. Also, the solution helps business organizations leverage the use of adequate tools and tactics to refine their existing pricing strategy.

The Business ChallengeQZ_DEMO

A renowned client in the retail industry with a considerable number of stores spread across the globe was facing a predicament in understanding the impact of price differentials on market share and devising an effective pricing strategy. The client further wanted to optimize the pricing of products and services based on the revenues and profitability. Furthermore, the client wanted to understand the competitors and position products efficiently.

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Price Analysis Solution Benefits:

After gaining complete information into the retail industry, the client was able to rationalize assortments by shifting toward a more customer-centric environment. Furthermore, the client was able to understand the customer’s demand by channel and identify opportunities to improve performance in the retail industry. Also, the client was able to leverage the use of the automated processes to predict sales and optimize inventory. Implementing robust price analysis solution also helped the client gain actionable insights into the historical data and meet the supply chain constraints and distribution costs.

Price Analysis Solution Predictive Insights:

  • Understand the customers and improve their overall customer experience
  • Evaluate price-change triggers based on customer behavior to maximize revenue and profitability
  • Effectively predict bid prices based on historical data
  • Position products effectively to enhance competition
  • Optimize pricing strategies and understand competitor pricing to meet the financial goals

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Transforming Customer Journey with Predictive Sales Analytics

Predictive sales analytics hold the potential to anticipate and understand consumer behavior and identify shopping patterns that help facilitate positive customer engagement. Earlier, organizations followed a transactional approach towards its customers, thanks to the automated software systems that Free demomechanized tasks, reduced costs, and streamlined operations. The old ways of managing customers by making use of intuition and guesswork instead of data are redundant in today’s competitive market. With the increase in consumer awareness levels, easy accessibility, and wide availability of similar products and services, consumer loyalty has decreased. Here’s where organizations can leverage predictive sales analytics to transform customer journey at every stage in the sales process.

Predictive Sales Analytics and Stages in The Sales Process

Fact: Application of predictive sales analytics proves beneficial at every stage in the sales funnel, right from pre-sales activities to post-sales services. Predictive and business analytics help develop a sales strategy based on insights that optimize the customer experience and journey through every stage. Data analytics tools enable the business to create a loyal consumer base and lower the customer churn rate. But how is this possible, you ask? Here’s how.

  • Pre sales and leads – Predictive sales analytics tools help in understanding the various traits and aspects of the current customer base and identify the potential customers who would be interested in the products and services offered by the business
  • Sales – Advanced data analytics tools help in developing cross-selling and up-selling sales strategies that enhance customer experience and boosts profits. Businesses can strategically implement these sales tactics by bundling their products and offering product purchase suggestions to provide value to customers by making informed yet personalized suggestions
  • Post salesPredictive sales analytics solutions help businesses to build consumer loyalty and lower customer retention rate by keeping in touch with various communication messages and loyalty programs. The advanced analytics tools help determine the best channel to communicate and engage with your customers to ensure success. Businesses usually interact with their existing customer base through feedback surveys, account upgrades, and discount offers that help in retaining them with the brand.

 

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Predictive Analytics – Making your Sales Game Stronger

The smartest way to build your sales and marketing strategy is to know beforehand what your target audience is looking forward to. And nothing can make your task easier than predictive analytics when it comes to forecasting future decisions and behavior. Designed to track and provide a clear picture on the dynamics of the buyer’s landscape, predictive analytics plays a rather critical role in giving power to your sales strategy.

Predictive Analytics Opening the Path for Predictive Sales

Rather than gut instinct and informed guess, those into sales strategy are now employing the available data sources to draw a correlation between customer behavior and buying patterns. With the help of AI and machine learning, insights can be gained on what to sell, how to sell it, and whom should it be sold to. This is how predictive analytics has opened the path for predictive sales. By using all the tools of predictive analytics, predictive sales cover all the probabilities which might arise in the future sales scenario.

Advantages of Predictive Selling

 

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How can Predictive Analytics Mobilize your Sales Strategy?

 

As already mentioned, predictive analytics analyses the buying signals of your target consumer group and builds models which determine the areas that need to be worked on, and those that demand higher priority. Thus, what the sales team gets, in the end, are inputs on realistic budget spend.

Similarly, it is often seen that untargeted tactics lead to immense waste of time as well as resources. Predictive analytics helps you bring down your sales spend by accurately identifying targets, which the sales team can connect with through CTAs and relevant messaging.

Another major way in which predictive analytics can boost your sales strategy is by taking the past performance of your organization into consideration. It has the capability to take the mathematical trends and patterns in your sales data into account, based on which future possibilities can be anticipated. Thus, it gives due importance to the implications of the historical data to arrive at most effective sales predictions. This way the sales team not only learns from the past but also gets clear-cut guidance on the future strategy building.

Predictive selling is a by-product of predictive analytics. Only recently have organizations realized its importance in empowering their sales strategy. Being one of the market leaders in predictive analytics, Quantzig can help you position the sales budget to your organization’s advantage.

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