Suppose you could increase your sales force by 20%? Or 30%? Or 50%? And do this at no extra cost, with no extra salaries to pay? It’s an attractive proposition, to be sure. But not a fantastical one—instead, it’s firmly grounded in reality. And how to achieve this seemingly magical feat? Sales analytics, in short.
Yes, sales analytics. Because by using sales analytics to enable their sales people to work more effectively, they’re getting more sales—and more profitable sales—from the same number of sales people. It’s like taking on extra staff, but without hiring a single new employee.
In other words, just as manufacturers have been using clever scheduling software and lean manufacturing techniques to unlock their ‘hidden’ factories by freeing up wasted capacity, businesses can now use sales analytics to unlock their hidden sales force.
Sales analytics: sales people working smarter
How does it work? Simple. As with manufacturers and their factories, think of your sales people as resources, each with a finite amount of capacity available for selling.
And now imagine being able to use that resource far more efficiently, and far more effectively. That’s exactly what sales analytics permits you to do.
Which sales prospects are most likely to buy, allowing you to make a sale with the least effect? Sales analytics can tell you.
Where are the ‘low-hanging fruit’, in terms of additional products and services that these prospects might buy? The sort of ‘customers who bought this also bought that’ type of analysis that Amazon performs so well? Sales analytics can tell you.
And who are your best, most productive sales people—the people who should be chasing the juiciest-looking deals and prospects? Again, sales analytics can tell you.
Sales analytics: rising sales, fatter margins
Sales analytics can tell you much more, though. And each additional insight and nugget of information delivered by sales analytics helps to make your sales people more effective, increasing their capacity to deliver additional revenues and drive extra profit to the bottom line.
Who are your most profitable customers? Who are your least profitable customers? And how are decisions about prices, discounts and selling margins impacting customer profitability? In each case, sales analytics helps you to identify where to focus your sales force’s attention.
Moreover, sales analytics can also highlight instances where customers are less profitable due to concessions made on packaging or shipping charges, or special deals in terms of delivery frequency, or minimum order size.
And don’t forget the insights that sales analytics can also provide into your most profitable customers. Often, these are those ordinary repeat purchasers who don’t get offered special terms, or don’t stand out due to their volume of business, but simply keep coming back and buying more. But what are you doing to retain them?
Sales analytics: turnkey from the Cloud
Having sales analytics operating in your business is a very straightforward affair. A Cloud Business Intelligence solution, such as the one that we at Matillion offer, can be up and running in eight to ten weeks, from signed purchase order to getting your first reports.
There’s no software to buy and install, and no additional hardware to acquire. Everything you need is delivered as a subscription-based service, direct from the Cloud, where reports and queries are run against your own Cloud-based data warehouse.
To learn more, check out our case studies, or download one of our free e-books.
To find out more about improving Sales Analytics in your business, download our free eBook below.