4 Tips on How You Can Use Sales Data as an Asset

As sales enablement technologies increase, one of the key assets businesses might need to leverage when making decisions that can improve sales performance is data. Businesses may own state-of-the-art technology, but without the right data that they can analyze and draw meaningful conclusions from, it’s hard to guarantee better outcomes. On the other hand, businesses that have adopted SPM solutions with predictive data analysis are able to gain a competitive advantage in the following areas:

1. Sales territory planning and optimization

One of the aspects of effective management of sales territories is the balancing of workload among sales reps. This ensures that all employees are fully engaged and working at their optimal levels. In order to know how much work is available in a particular territory, one will need to analyze past sales records of the area to ascertain which products are likely to sell.

Now, different products require varied efforts to sell. With the right data, you can gauge the demand for products in territories and allocate the right number of sales reps to match the respective workloads. This improves the efficiency of your teams and revenue growth.

2. Designing attractive sales plans

In the past, we’ve covered how the disparity in sales compensation among sales reps can affect the morale of employees. One way of avoiding huge gaps between the top and lowest-paid sales reps is by ensuring fair sharing of territories. This way, your staff feel they have a fair chance of earning a decent income. When employees feel that they are being treated fairly, they are motivated to work harder which translates to increased sales.

Unfortunately, it is hard to achieve this without the backing of hard facts about how various products perform in different regions. Companies that have this data and the right tools to analyze it are likely to combine the right product mix with territory allocation and offer attractive compensation plans to their employees. In the end, they’ll have motivated employees and even attract the best talents in the market.

3. Accelerate attainment of sales goals

According to the Entrepreneur, tracking and effectively analyzing sales related data such as consumer behavior and important touch points in the selling process can greatly boost your ability to compete in the market. While other data is important in analyzing performance, customer behaviors help you to determine what products you should sell in specific regions.

This information is also useful in determining which sales teams will handle clients and specific points of the selling process. With such a strategy, you are likely to meet your sales target and even exceed your expectations.

4. Improve client retention

One of the factors that influence the market share of any business is its ability to retain its clients. This is determined by the satisfaction level of the customers with respect to the services or products of the company. According to Profitable Channels, the right analysis of sales data that’s related to the selling processes can help companies predict consumer needs and offer quality solutions.

If a company is able to align its sales strategy with clients satisfaction, then chances of increasing its Net Promoter Score (NPS) go up. This means that more customers are able to recommend the company’s products to their friends. In the end, the firm’s brand(s) will become popular and wade off competition.

Conclusion

The importance of collecting the right sales data and using the right tools to analyze it cannot be overemphasized, especially in the modern marketplace. This is a sure way to increase your sales volume.