HOW ANALYTICS CAN HELP VP SALES
When it comes to increasing sales, different companies use a variety of tactics and systems. But, if you’re wondering how analytics can help VP sales, continue reading!
The sales cycle consists of massive volumes of data. Right from getting a lead to closing the deal, the customer’s journey might hit many roadblocks. For example, the customer might abandon the shopping cart due to some reason. Then you will have to follow-up through a promotional offer on email. Each of these steps leads to data accumulation in your CRM system.
One of the best ways to help increase your sales is by analyzing the swathes of data you already possess. While lots of firms already have multiple systems in place – many of them aren’t using them effectively. Indeed, research from Monetate, show some 95% of company data remains untapped.
Companies need an analytics product that does all the hard work for you. A product that gives you the data you need, to improve sales. When it comes to the products, the perfect analytics product would:
- Easy to configure and use
- Understand the kind of data your business produces
- Integrate multiple systems
- Easy to configure and use
- Give you actionable insights you need to work from
- Provide you with analysis to help boost sales and improve margins!
There’s so much more manufacturing businesses can get from the data they produce. By using the right solution that takes care all the way from “Data to Discovery”, a solution that integrates all the data, does all the mapping and calculations and then creates an easy-to-understand report or dashboard with all the insights you need, you’ll save time and add growth and value. That’s how analytics can help increase your VP sales.
The Perfect Service Solution!
Most firms are time and resource-poor and want a simple solution that delivers the end figures they need. And, they want those results without making any calculations or even checking and unchecking endless boxes.
By analyzing all your data, the right way, it’s easy to identify:
- The right customers.
- Understand which sales tactics are working best – and which aren’t.
- Know which products are worth a bit more sales effort from your team.
No one wants to spend hours filling in forms, copying and pasting then hitting calculate every so often. But, with the right software, manufacturing firms – from VP sales all the way through to CEO level – can get all the data they need in minutes.
Usable, Helpful Analytics Results
In the world of manufacturing, there are so many details to manage. From being aware of any problems with sourcing materials to knowing when and why there are problems with a supply chain to ensuring your sales team know all this and more. It’s a tall order, leaving little time for time-consuming systems and data projects.
A report from the McKinsey Institute detailed how data could help the manufacturing sector. Everything they said then, still rings true today.
From manufacturing processing data, through to the entire customer journey, the right marketing analytics can give you all the figures you need. Understanding what your return on investment (ROI) is from different manufacturing processes, marketing styles and campaigns, is a useful sales tool. It can help a business, individual VP sales or entire sales team, focus their efforts on the things that work and ditch, or modify, those that don’t.
By analyzing the historic customer and sales data in your systems, trends will appear. And, with the right data analytics, you can easily begin to pinpoint which sales techniques work best with your target audience.
The analytics data that can best help increase VP sales are:
- How much each sale costs.
- Which manufacturing process is the most cost-effective?
- Which sales campaign is the most successful?
- Pinpoint if more costly and time-consuming sales processes deliver worthwhile results.
- Which sales style or campaigns lose your company money?
By harvesting all the data your manufacturing business produces, the right software can show which salespeople or teams aren’t delivering. It could also give you a clearer idea of which customers are shrinking. This detailed information – which is all there in your data waiting to be uncovered – means you can give your sales team the help they need to improve in the future and exceed their quota.
It’s even possible to identify who’s more likely to become a regular, long-term customer and those who won’t. That would allow you to personalize a pitch and sales plan to suit the individual client’s needs.
Where in the Customer Journey, Sales are Lost
Sometimes, it’s not just a particular salesperson or team that’s not delivering enough sales – it can be a company-wide problem. By analyzing all your company data, it’s possible to discover exactly where in the customer journey a sale is lost. It could be a niggle with the product, a problem with your website or that something isn’t explained well. Whatever the problem, the right analytics can highlight any specific trouble spot, which would prove very useful.
Right from catching their interest, all the way through to your successful sales and unsuccessful ones, data analytics can give you a real insight into that end-to-end process.
New Opportunities in your VP of sales can identify, using the right solution include:
- Save time consolidating data and generating reports
- Identify cross-sell and up-sell opportunities
- Identify and address unprofitable customers
- Flag customer buying patterns that can indicate issues with products, competitors or sales teams
- Understand the total cost for each product family. SKU, customer segment and individual customer
- Correlate with third party data to and use them as leading indicators
All of the problems listed above can be solved pretty easily – once you know about them. If you can make the customer journey as smooth, intuitive and easy-to-follow as possible, you’re much more likely to increase your sales rate. And that’s just another way in how analytics can help VP sales.
Predict Sales with the Right Analytics Software
Once you’re happy you can adequately predict sales, you can spend more time and money on honing your sales process. And, by reaching more of the right potential customers, you’ll also be increasing your sales. All through the use of the right analytics.
Analytics Has a Lot to Offer VP Sales!
As you can see, analytics really does have a lot to offer and the potential for VP sales to grow their customers and win more business is much bigger than many of you might have thought. Use of manufacturing data analytics is growing because it can help all elements of the business.
Because we understand the importance of analytics to grow sales, we created EZlytix. It produces the right reports for your business, at the touch of a button. We can help you use all the data your customers and company generate, to achieve all the goals listed above – and much more.
The right analytics can unlock your company’s true potential, help you reach your entire target audience and grow sales – year-on-year. If you want to find out more about how EZlytix can boost your sales, then get in touch with us today.