Cash flow needs to be addressed by small and medium businesses (SMBs) at times. One of the important factors that can keep the flow in is sales. Be it small, medium, or large transactions, sales must continue. Sales data analytics can help in this case.
Sales analytics is important for all businesses. It helps SMBs to focus on sellable products, how to select the target audience, who to reach, and improve ROI at the same time. Advanced sales analytics platforms today can increase the efficiency of business and provide actionable insights into sales.
Sales Metrics to Monitor
Every business needs to keep the following sales metrics in mind for business.
Sales growth
Sales data at the end of the month or each quarter should show growth ideally. Sales growth analysis gives you an idea of how the sales are performing over a period. SMBs can monitor, analyze, modify, or implement strategies with these metrics.
Sales target
Finding the right target audience is important for sales. This data can be acquired from various analytics reports and historical data of customers.
Opportunities
Finding the right opportunity to put a sale through can bring wonderful results. Constant monitoring of the target audience or changes in the market can get you this data.
Product performance
Assess the performance of each product that is sold. Compare and analyze the data with each product with the customers’ choices and preferences. Modify products or marketing strategies to find the best products to be sold – and promote them.
Lead conversion rates
Finding how many leads were converted can be useful for a successful sales campaign. It enables the sales team to reassess the sales and marketing strategies, to come up with better results.
Leverage Sales Analytics
Small and medium businesses can leverage sales analytics for the following reasons.
Identify Issues
Sales analytics data can predict future sales projections based on the current scenarios. It can reveal patterns in sales, where you are losing money, where you are gaining, why your competitor is gaining on you, and much more. Advanced sales analytics platforms can help you in this analysis.
Improve ROI
Organizations that can analyze sales data can gain more ROI in time. Integrating finance and sales-related data like marketing, sales, operations, supply, tax, etc. into the analytics platforms enables the team to forecast revenue generation and future demands.
Real-time Visibility
The addition of cloud-based sales analytics solutions gives the business real-time visibility into its sales. The sales team can respond immediately to specific changes in the market while making smarter decisions.
Sales Analytics Applications
Here is a list of sales analytics applications and platforms that we think can help your small and medium businesses.
- Freshsales
- Outreach
- InsideSales
- BoostUp.ai
- InsightSquared
- People.ai
- Salesken
- Looker
- Chorus.ai
- SharpSpring
- Groove
- ActiveCampaign
- Clari
- Gong
- Salesforce Sales Cloud
- Hubspot Sales Hub