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sales analysis and forecasting

How Can Sales Data Analysis Boost Your Company’s Growth?

Sales data is one of the valuable assets any company has as it provides useful insights on  the internal business functions. Companies use their sales data to make informed decisions like when to raise or lower prices of their products or services. These decisions should not be driven by “gut feeling” rather companies should perform detailed sales data analysis to identify trends and patterns in their sales data. This can, further, help in determining both opportunities and potential threats. Also, with the help of sales data analysis, businesses can track the performance of individual product or service in real-time. Such insights can help businesses to make timely decisions in case of decrease or increase in sales of any particular product or service. Sales data analysis can also help companies to determine if they are meeting their sales goals by providing them with an easy, measurable way to track their performance. In this article, our sales analytics experts have highlighted a few important ways in which sales data analysis can help businesses to improve revenue growth and profitability.

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SALES ANALYTICSHow to use sales data to boost revenue growth?

Centralized database to view data

To utilize sales data optimally, businesses need to have a unified view of sales data that includes all orders and inventory by product and category. If there is a lack of centralized location of such data, businesses might fail at defining the impact of one of their sales channels or product lines on their entire business. Also, a unified location of data allows companies to perform proper sales data analysis that can further facilitate accurate and timely decisions like when to move inventory from one location to another or markdown products.

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Utilize real-time sales updates

To uncover potential opportunities and threats, businesses need to track their sales every day even down to the minute. This is the reason why sales data needs to be updated in real-time. Sales data analysis in real-time can help businesses to analyze how price changes can impact  the customer’s decision. Data visualization tools like sales dashboards can help in analyzing information quickly and respond to changing sales trends in real-time.

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Drill down sales data by location, product type or channel

To derive the desired result out of sales data, businesses must gauge their sales data by specific locations, product lines, or sales channels. Such granular insights can help businesses to understand what’s contributing the most to their revenue growth or causing the loss of revenue. Also, this helps to understand more precisely every aspect of sales and analyze sales trends over a period. Furthermore, this can aid in managing inventory, marketing, and finance functions efficiently.

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sales analysis and forecasting

3 Essential Sales Forecasting Methods That Can Accelerate Your Sales Process

Sales forecasting is one of the important processes that help businesses in better decision making and in predicting long term and short-term business performances. Sales forecasting affects several business areas such as sales operations, marketing strategies and budget allocations. But many sales leaders struggle when it comes to the implementation of effective sales techniques. Inaccurate sales forecasting fails to guide business pipeline management and has dire consequences on different levels of business operations. Overestimating sales may lead to overspend and underestimating sales might result in inefficient order management. Therefore, it is crucial for businesses to get their sales forecasting techniques correct. Here we have discussed in detail some of the essential sales forecasting methods that can help companies accelerate their sales processes.

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Sales Forecasting Methods

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Technique #1: Opportunity forecasting

This sales forecasting method helps companies to estimate the probabilities of a deal getting close to conversion. Opportunity forecasting can help best when a company is trying to gain an objective understanding of its pipeline stages. Also, this sales forecasting method is helpful when you want to gauge your sales team performance and analyze areas where improvement is needed to move a prospect down the pipeline. To adopt this sales forecasting technique, it is important for companies to understand and analyze their sales history. Understanding the rates of success at every stage of the sales cycle is required to derive an accurate estimate of future results.

Technique #2: Length of the sales cycle

This approach of sales forecasting helps to make assessments based on the age of the deal rather than analyzing success rates at every stage It is very helpful in predicting when a deal is likely to close. Companies can use this technique to learn in detail about different types of deals in their sales pipeline. The length of the sales cycle is not strictly tied to defined categories. So, it can help in creating algorithms based on different types of deals efficiently. Additionally, it can help to estimate numbers for the average repeat customers or leads.

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Technique #3: Regression analysis

Regression analysis is one of the most preferred and smart choices for sales forecasting. This technique can help companies to perform in-depth quantitative analysis of factors that might be affecting their sales processes. This method can lead to success only if you have the necessary capabilities and domain knowledge to understand the factors that impact the sales performance of your company.

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IR40

Top 5 Marketing and Sales Analytics that Managers Must Consider

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.Contact US

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.