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 mechanized 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.
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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 boost 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-Sales – Predictive 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.