Impact of Data Analytics on Sales Performance in your Company
Analytics can be a game-changer for your business!
Analytics plays a major role in every aspect of any business, including sales performance. It will give you information that allows you to make better decisions — especially in the sales department.
By embracing data analytics, you can refine, streamline, and improve every area of your business.
Through data analytics, you’d be able to do the following:
PREDICT YOUR CUSTOMERS BUYING BEHAVIOR.
Your customers will buy products from you, run out of stock, then buy more from you.
The key is knowing when they buy, how much they buy and what they buy.
Knowing this information, you can predict their future sales which will lead to better time management, prioritization of key accounts and a realistic sales forecast.
IDENTIFY STRONG AND WEAK PRODUCTS.
Analyzing product sales trends from previous transactions is a great way to spot when a product is on the up or quickly declining.
Maybe you’ll find that, due to competition, a product’s profit margin is inconsistent or the quantities you’re selling is changing. Knowing this information will allow you to adjust your sales strategy.
SPOT SLIPPING CUSTOMERS.
You can track your product trends but more importantly, using analytics you can monitor your customers too.
For example you can detect which customer hasn’t bought from you for the last 2 months but were buying per month previously.
They may not need the anymore, but realistically, they’re probably buying them from your competitor. With this information you can check up such customer.
MONITOR CUSTOMER ENGAGEMENT WITH YOUR COMPANY
Knowing when a customer was last called, when they visited your shop, when they last bought any products or when they last contacted your support team is all vital to ensuring customer retention.
Through analytics you can segment your customers by engagement and prioritize any that haven’t been contacted for a while or any that are at risk of leaving.
OPTIMIZE YOUR PRICING STRUCTURE.
Pricing your products competitively is an important part of sales, but can be tricky. Through data analysis you’ll be able to see key financials for each product line from costs, revenue and quantities, meaning you can define the best value price for both you and your customers.
Analyzing your data to improve your sales can be easy, if you hire us at Emmviron to be your data analyst.
We are still running a discount on our data analytics services.
For as low as 100k, we can help you create a storytelling dashboard, Data visualization and Data interpretation.
If you don’t have a system to store and keep data, we can also help you set-up a data driven organization for as low as 150k.
We can also develop a database web application for as low as 300k only.
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