Sales data analysis is incredibly important for every organisation. From sales forecasting to analysing how much the organisation will grow, this data plays a major role in making important business decisions.
All the measurable characteristics of sales can be defined as sales data. It includes numerous elements, each having a significant role.
With the advancement of technology, team leaders do not have to collect data from different places. They can depend upon software like CRM for the Sales team to do it for them. It allows them to focus on productivity as the depth analysis of the data is also done by the CRM. They can focus more on selling rather than administrative tasks and grow bigger.
Spreadsheet Vs. CRM
Gathering the sales data can be accomplished through the means of spreadsheets. It is the most affordable solution for many small businesses that are not planning to extend to CRM. However, it is extremely time-consuming. It lacks automation tools and a specialised structure that will allow it to tailor to your business's individual needs. Since spreadsheets are free, their biggest limitation is that the sales team will manually enter the data. It is one of the most time-consuming activities that will take up to 50 per cent of the selling time. While certain functions like calculations can be automated, specialists will be wasting their precious time away on administrative tasks instead.
What can a CRM do for the Sales Team?
A CRM is suggested to businesses to manage data and conduct sales activities. Given several CRM in the industry, one can easily find the one that suits their budget and fulfils demands of business operations. Ensure that your staff is trained before implementation; otherwise, it will consume more time than it will save.
One excellent example is the Optimiser CRM that is one of the best CRM for sales management. It captures data automatically and saves the relevant information, and no information has to be added manually. It is all stored in a single platform, allowing you to navigate through the system flexibly and reduce the chances of human error.
Once a CRM system has detected a sales pattern that is effective and efficient, it will inform you about it. The sales team can use this pattern to enhance their sales strategy and earn more. The more information captured within the CRM, the more precise and accurate your sales forecast data will be.
Processing the Collected Data
Once you have the collection of data underway, how will you analyse it?
To estimate the overall revenue potential, the sales team can assess the chance of closing a deal. At the same time, it goes through the sales pipeline.
Drawing out a comparison with previous failed and successful deals, it can be inferred why and when they have lost deals and what can be done to plug this. You can draw an estimate to close the new deal in every section of your pipeline based on the collected data.
The manager will have an estimated deal price for every lead. It allows them to estimate the revenue that can be expected as well as the customer acquisition cost. Accordingly, they can predict the chances of every lead's movement through the pipeline. Optimiser CRM provides a B2b Sales Toolkit for the collection of information and analysis. One can automate these tedious tasks and focus on collating high-value prospects.
Sales data analysis is also used for deciding targets for the next financial cycle. This data is never stagnant as it gives a deep insight into what was and what can be expected.
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