Each and every sales activity is measurable, and your challenge is often knowing what to track.
With the proliferation of sales software tools like BluWave CRM, you now have more data at your disposal than ever before.
In this article, we’ll help you unlock the power of your sales metrics using sales analytics. What is sales analytics?
Sales analytics is the practice of generating insights from sales data, trends, and metrics to set targets and forecast future sales performance. The best practice for sales analytics is to closely tie all activities to determine revenue outcomes and set objectives for your sales team. Why monitor sales analytics?
Monitoring sales analytics in the form of sales metrics helps increase your performance, optimize sales activities, and improve accountability. Your sales team has a wide range of activities to focus on and operate in a fast-paced environment. A well-defined sales analytics strategy provides your team with focus and clarity so they can concentrate on doing what they do best. Here are some important sales analytics metrics to monitor:
- Sales Growth - Sales analysis revolves around your ability to grow revenue. This KPI measures your sales teams performance for the current period compared to the previous period.
- Sales Target - This KPI tracks current performance against a business objective. Sales may be represented as revenue, the number of accounts, units sold, or any other measure that is relevant for your team.
- Opportunities - In a perfect world, you’d be able to prioritize your sales efforts based on the likelihood to close. Barring the sudden appearance of a crystal ball, your current opportunities is the best way to track and measure that.
- Sales to Date - Perform rapid analysis by comparing your current sales against the previous period, the same period the previous year, and get a sense of historical trends.
- Product Performance - For teams selling multiple products and with targets for each product, it’s important to track sales for each line.
- Lead conversion Rate - Insights like lead conversion rates help keep sales and marketing teams aligned throughout the customer journey. Conversion analytics allows for teams to continuously optimize performance to steadily improve customer experience.
- Sales per Rep - The composition of your sales team is an important factor when developing sales analytics. Experienced reps and account managers are more likely to outperform junior reps, and forecasting this into future analysis is one example of how this metric can be used.
- Average Purchase Value - One of the most effective ways to increase sales revenue is to increase the average purchase value of each sale. Incorporating this metric into your analysis and to track historical trends is a smart strategy.
- Sales by Region - Even global businesses will find they have regional differences in sales and revenue. Tracking this metric will give visibility into the territories in which you are competitive and profitable.
- Quote-to-Close - Quote-to-close is an excellent sales productivity metric because it demonstrates how effective your team is at closing a deal. This metric gives analysis into the quality of leads and the quality of your sales process.
BluWave BI takes your raw data from BluWave CRM and transform that data into rich visualisations and interactive dashboards. – Giving you the opportunity to answer your organisations most important questions. BluWave BI can be used to track the metrics above.
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