Tag: sales analytics solutions

procurement analytics

Top 5 Marketing and Sales Analytics that Managers Must Consider

sales analyticsHaving 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.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.

sales analysis report

3 Benefits of a Sales Analysis Report That Every Sales Manager Should Know

Importance of Sales Analysis

How big a role does sales play in your present company? Most think of upbeat telephonic conversations, long lunches, and game-time when it comes to sales. But with the rise of analytics, the notion of sales analysis is witnessing a paradigm shift. In fact, studies have shown that the companies who invest in sales analysis report can boost their returns by more than 15-20%.

Unfortunately, the sales team in any company will always have too much data to analyze and they often struggle when it comes to developing strategies to boost sales and profits. It is in this context that the importance of sales analysis report can be realized. (more…)

sales analytics

5 Metrics That Will Help You Pump-up Your Sales Analytics

Marketing and sales analytics play a major role in unlocking commercially relevant insights, improve brand perception, and increase revenue and profitability for your company. That’s not all, having the right analytics and sales metric in place will also help you uncover new markets, new audience niches, and areas of development for the future. So, what exactly is sales analytics? In simple terms, sales analytics is the practice of generating insights from sales data, trends, and sales metrics to set targets and forecast future sales performance. In today’s fast-paced environment, the sales team has a wide range of activities to operate and focus on. A well-defined sales analytics strategy provides your team with focus and clarity. Monitoring sales analytics in the form of KPI metrics helps increase your performance, optimize sales activities, and improve accountability. In order to establish a successful analytics program, companies must decide which sales metrics will inspire action and equip tRequest Solution Demoheir team with focus. Here are some of the top sales metrics that you must consider tracking:

Sell through rate

Sell through rate measures the number of goods that have been sold in a month against the amount of inventory that has been shipped to you by the manufacturer. This is an important retail sales metrics as it is a great way to determine the efficiency of your supply chain. Companies must always ensure that they have a high sell-through rate, and failing to do that could cost them more for the shelf-space occupied by the products. Keeping a track of the sell-through metrics is an important way for companies to determine which products are fast-movers and which ones are unpopular and need to be revamped or discarded.

Cannibalization rate

This sales metrics measures the impact of a new product on the sales revenue of existing products. If you undertake a keen observation of your sales analytics, it often shows that as your business releases new products, attention and demand for existing products tend to decrease. One of the main aims of most organizations is to constantly innovate themselves and provide new offerings to their customers. However, new launches aren’t always risk-free. This can be particularly in cases where new and existing products have different, or even competing value propositions.

Sales target

Sales target is one of the key metrics used in sales analytics. This KPI measures current sales revenue and compares that to a target or past performance. Measuring sales performance against the targets is a core tenet of any sales management strategy and is instrumental in creating a data-driven culture. Companies must ensure that the sales target is visible to the entire team. This will help the team easily identify gaps in the current performance compared to the target.

Lead conversion rate

This metric measures the efficiency of your sales team at converting leads into new customers. Lead conversion metrics play a vital role in aligning the sales and marketing teams. This is because both these teams will use these metrics to determine the quality of the leads. The process for generating leads is the responsibility of the marketing team. Once marketing qualifies those leads, it’s the responsibility of sales to convert those leads into paying customers.

Quote to close

Quote to close is an excellent metric for sales analytics as it depicts how effective your team is at closing a deal. This sales metrics measures the number of prospects engaged by your sales team compared to the number of deals closed. This conversion ratio determines the effectiveness of the company’s sales funnel.


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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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Why Use Data Analytics to Improve Sales?

Sales can be considered to be one of the most important channels for profit in an organization. Some of the organizations exhibit such a high level of dependence on sales that a majority of their revenues are generated from sales itself. Traditionally, sales organizations used to look out for the best salesman and motivate them with the best incentive programs to boost sales. However, once organizations reach the saturation point, there’s not much they can do. But that is no longer the case now, as organizations are using data analytics to generate in-depth insights that can help them improve sales. Sales analytics provides a segregated view into sales figures, which allows the sales team to examine what initiatives work and point out areas of improvement. Using a sales analytics software can assist the sales team in the following ways:Free demo

Ease of access

Today, many ERP providers offer cloud solutions to their clients, which can be accessed through any devices. It enables the sales team to attend a meeting with their tablet with accessibility to all sales reports at any time of the day. It allows sales professionals to quickly glance at a data and communicate recent updates to subordinates. With such ease of access, it hastens the communication process and allows for quick decisions to be taken.

Automatic updates

Since ERP vendors are providing data analytics solutions over the cloud, every information and data points are constantly updated. This enables the sales team to view the reports and insights with real-time data. Recent sales analytics software can automatically update and incorporate new features. It allows the sales organization to gather an accurate picture of the current scenario at the time of reporting. It is very common for businessmen to waste long hours in preparing reports a day in advance. Data analytics software eliminates all such problems with automatic data updates without any errors in a presentable format.

Improved visibility

ERP systems can be set up to provide various levels of authority to different persons. For instance, it can give full access to CEOs and CPOs, whereas limit only specific client figures to the individual salesman. Additionally, the software will provide data and insights on a dashboard with a visual representation of the company’s sales performance. Such visual representation tools allow stakeholders to make quick and accurate business decisions.

Sales force transparency

Data analytics and ERP systems give sales professionals a competitive edge in achieving their targets. Sales analytics software can put information on individual customers in hand, so they can be adaptive to identify cross-selling and upselling opportunities. Also, it gives information on the performance of each salesperson to identify their strengths and weaknesses to help them develop their abilities. 


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Telco Company

Sales Forecasting Enables a Telco Company to increase Their Customer Intimacy By 15%

At present, telco companies across the globe are witnessing increasing pressures to spur competence in their business processes and explore new opportunities. Additionally, due to the radical shift toward innovations, notable telco companies have become more concerned about delivering efficient communication services to the customers. To proficiently meet the needs and demands of the data-driven customers, telecommunications industry players are facing the need for robust sales forecast solutions to expand their service portfolios and upgrade their current networking capabilities. Sales forecast solutions help telco companies to retain the potential customers and evaluate the capability of salespersons to acquire new customers. QZ- request a demoFurthermore, telecom industry players can leverage the use of sales forecast solutions to manually record sales data and increase their focus on marketing efforts.

With years of expertise in offering a plethora of solutions, Quantzig’s sales forecast solutions help firms address issues pertaining to fraud and churn reduction.

The Business Challenge

A notable telco company with business units spread across the globe was facing predicaments in identifying opportunities to optimize costs in the telecommunications industry. The client was also facing challenges in maximizing their revenue potential. As a result, the telco company wanted to leverage the use of Quantzig’s sales forecast solutions. Additionally, the telco company wanted to deliver better services to the customers and improve the quality of the service offerings. Furthermore, they also wanted to implement robust predictive models to evaluate customer attrition levels.

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Sales Forecast Solutions Benefits for the Telco Company

The notable telecom company was able to improve customer retention and promote brand loyalty with the help of Quantzig’s sales forecast solutions. Additionally, the client was able to boost customer loyalty and spend and improve network quality owing to the rising consumer centricity. Furthermore, the client was able to diversify their revenue streams and ensure better services to the customers by conducting model refinements and shorter time-to-market for the services.

Sales Forecast Solutions Predictive Insights:

  • Identified opportunities and designed new service offerings
  • Helped operators optimize their service capabilities
  • Improved performance of existing infrastructure and supported different network standards
  • Enhanced M2M connections by 20% and offered new value-added services to the customers
  • 15% increase in customer intimacy and individual customer service
  • Personalized customer journeys and provided better experience for the customers

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Sales Data Analysis

Sales Data Analysis – The Revenue Booster Pack Every Organization Needs

Sales data analysis may sound like a very complex and time-consuming process; however, in reality it isn’t. Organizations must invest in advanced analytical capabilities that facilitate data collection and analysis; thereby, offering actionable insights that the sales representatives can use to ameliorate salesFree demo and the overall revenue. Prior to big data and advanced analytics, marketers and sales leaders based their business decisions on intuition and trial and error methods. But today, sales heads have realized the importance of making decisions based on insights gained from predictive analytics tools and other advanced data analytics solutions.

Past Imperfect – The Trial and Error Method of Decision Making

Traditionally, organizations made use of intuitive analytics to develop strategies with uncertain outcomes, usually known as the trial and error method. If these strategies worked, they applied it everywhere. If not, they would tweak it and make changes until it delivered favorable outcomes. With the intuitive analytics method, the salesforce was unable to monitor their customer’s activities and identify the growth drivers. The sales teams are often baffled with the mammoth amounts of data at their disposal and often struggle to build effective strategies that drive sales and revenue. The trial and error method for strategy development to boost sales and revenue might prove beneficial for the short term but may have adverse effects on the organizations revenue in the long run.

Sales Data Analysis Boosts Revenue – How?

Sales teams accumulate an overwhelming volume of data from various sources; thereby, making it essential for organizations to adopt sales analytics and predictive analytics tools to gain actionable insights. Technology and data analytics allow teams to track their market performance, measure the outcomes, monitor customer activities and behavior, identify growth drivers, and pinpoint successful sales efforts. Sales data analysis is all about, data mining and collection, organizing the data, and extracting meaningful insights that facilitate strategic decision making and boost sales revenue. How can we leverage sales data analysis to boost sales revenue, you ask? Here’s how:

  • First step in conducting a sales data analysis is to narrow your product and service offerings. Usually, organizations must gain an in-depth understanding of their consumer’s needs and expectations from the business, analyze past transaction information, and use the insights to build custom deals that are aligned to customers’ needs and cater to the target market
  • Next, put in place an efficient pipeline management system to segment your potential customer base, prioritize them based on their level of profitability, and identify the product that will cater to their needs. An efficient pipeline management reduces wastage of time and resources on incorrect leads and creates a stringent lead qualification and ranking process that drive sales quickly
  • Finally, sales heads must develop a robust and dynamic sales incentive plan for their team by using the sales data analysis and developing yardsticks or milestones to measure their performance

 

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Pricing Analytics

Increasing Product Sales for Automotive Components Manufacturer Through an Effective Sales Forecast Solution

In this rapidly changing business environment, sales forecast becomes an integral part of business management. Especially in the automotive landscape, sales forecast helps companies effectively manage the inventory, cash flow, and implement a strategic plan for sustenance of the market. Moreover, through a robust sales forecast solution, organizations can further estimate the quantity of goods and services and the profits associated with their sales. Furthermore, organizations can also leverage the use of sales forecast to systematically devise business plans; thereby, reducing the risks and wastage of allocated resources. Moreover, in this competitive-centric environment, sales forecast helps leading automotive businesses to prepare a budget for the future and determine the required production capacity. Based on the market performance, sales forecast can also help businesses to include products to the existing portfolio and subsequently drop the non-performing products and services. Accurately forecasting sales can further reduce the problems associated with cash flow and production and act in accordance to effectively retain staff and financing needs.

Quantzig’s sales forecast solution assists the client to implement an effective tool in monitoring and managing businesses. The client can further identify problems and opportunities in the automotive space and further analyze churn rates of the customers. Quantzig’s sales forecast solution also helps organizations to attract new customers and make better-informed decisions.QZ_DEMO

The Business Challenge

Like all other manufacturing companies, a leading automotive components manufacturer wanted to understand their sales performance. In the initial days, the client saw significant growth in their market shares. However, with the entry of a considerable number of competitors, the automotive components manufacturer started facing challenges retaining their market shares. The client wanted to devise effective strategies to improve product sales and enhance their offerings across the niche market segments. The client also wanted to forecast sales to effectively plan production processes and achieve its goals in terms of sales revenue, efficiency improvement, and customer care.

The primary objective of the engagement was to revamp the existing sales architecture and devise more effective sales plan.

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Sales Forecast Solution Benefits

After gaining a detailed information, the client was able improve marketing performance, gain more profit, and plan policies. This helped the client effectively monitor competitive product or segment trends. Additionally, the client was able to analyze customer growth and track the latest technology development in the automotive space. Quantzig also helped the client forecast past sales data, industry-wide comparisons, and economic trends. This helped them predict short-term and long-term performance and make informed business decisions.

Sales Forecast Solutions Predictive Insights:

  • Efficiently allocate resources to meet the demands
  • Predict and forecast the sales revenue
  • Effectively plan the future growth of the company
  • Manage workforce, cash flow, and resources
  • Acquire investment capital and maximize the ROI

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Sales Analytics Solutions – Sampling Optimization for a Leading Pharmaceutical Developer

Though the adoption of sales analytics services is still in its infancy, growing awareness about its capabilities and the availability of data and analytical tools are driving its adoption among organizations across the world. Through the effective adoption of sales analytics solutions, global conglomerates can easily identify key areas across their sales processes and augment the effectiveness of their sales force.  Additionally, the adoption of sales analytics services will also allow organizations to make better business decisions and develop strategic initiatives to improve revenue.

With the emergence of several channels for sales, organizations are finding it difficult to manage multiple sales channels and track their effectiveness. Though organizations currently prefer customer relationship management (CRM) to manage customer interactions and drive sales, they will soon realize Capturethe need for sales analytics services that can accurately predict sales trends and customer buying behavior, augment the productivity of the sales force, and make precise forecasts on the demand and sales. This will help businesses better understand the requirements of their clients and improve sales and revenue.

By realizing the need to understand the constantly changing customer preferences that drive sales, Quantzig offers sales analytics services that assist organizations in enhancing the effectiveness of their sales force and track their performance. Additionally, our sales analytics solutions also offer insights that will help businesses forecast sales in different regions and also make better pricing decisions and business strategies to improve their profit margins.

The Business Challenge and Quantzig’s Approach

With a keen eye on exploring future growth opportunities, the client – a renowned pharmaceutical developer and manufacturer in the US with more than USD 500 million in revenues – collaborated with Quantzig to develop an effective sampling distribution strategy across various states and physicians, which would help them gain a better understanding of the impact of sample allocation in different scenarios. Though the main delivery method was through agreements with third parties, intense competition from the other strong market players played a significant role in hampering their growth prospects. As a result, the client wanted to implement a more targeted approach, based on the insights from the physician prescription behavior, which would help them improve their reach and marketing strategy to ensure that the physicians prescribe their brand.

The primary objective of this sales analytics assessment was to analyze the short- and long-term impact of marketing, understand the underlying behavior for non-prescription and channelizing the spending to physicians who were prescribing their brand. The analysts Capturedeveloped solutions for targeting physicians based on their prescription propensity and optimize the sample allocation strategy.

To meet the specific requirements of the leading pharma company, our sales analytics team developed a solution based on the analysis of TRx and NRx trends and collected data from various sources and achieve the business objectives.

An overview of the data used and models applied are given below

 

QZ Sales

Source: Quantzig

Business Benefits and Insights

With the objective of helping the leading pharmaceutical manufacturer develop an effective sampling distribution strategy across various states and physicians, a dedicated sales analytics team with hands-on experience in sampling optimization and various sales analytics assignments offered a completeQZ Sales 2 end-to-end solution for physician sampling. Additionally, the solution offered to the pharmaceutical client also helped them develop a sample allocation strategy to generate incremental sales and higher returns on investment. Furthermore, the dashboard based solution offered real-time updates and insights on brand, representative, and physician performances and also gain a clear understanding of the impact of sample allocation in different scenarios.

With the help of our sales analytics solutions, the leading pharmaceutical developer and manufacturer was able to identify extreme scenarios reflecting over-sampling and under sampling situations for better sampling allocation. The team noted that the inappropriate sample distribution across the states was due to the concentration of sales representatives in the Southern and Eastern regions. Furthermore, our analysts also executed a deep-dive analysis of each physician decile and helped identify the exact number of samples to be allocated to each physician.

In a span of eight weeks, the client could gain insights on the focused targeting of physicians with optimum samples and marketing activities to maximize the sales and return on sampling activities. Quantzig’s sales analytics solution improved the effectiveness of their sales representatives and create marketing strategies that enhanced the satisfaction levels of physicians. The solution also offered insights on how to retain frequent prescribers and migrating infrequent prescribers to frequent prescribers.

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