Incentra Insights

So Who’s Afraid of Sales Analytics?

Posted by David Chittock on Jul 3, 2014 3:16:46 PM

Honestly…Most of Us

Let’s face it.  Implementing sales analytics can be overwhelming for the most stalwart sales managers. The amount of data to be managed and analyzed can be mind- numbing.  It’s not unusual for managers to feel snowed under by the tsunami of sales data engulfing them.

It’s Really Not That Scary

This isn’t mission impossible.  It all comes down to this; decide what questions you need answered on a regular basis.  Then choose a technology platform that is customizable to your specific reporting needs with the flexibility to change as your business changes. The key here is todetermine the precise questions to ask to get you the precise data you need for your particular sales environment.

This Will Take Some Serious Thought

No one ever said this was easy, it’s going to take some deep thinking on your part. With today’s powerful analytics and easily accessible dashboards, managers have some formidable tools to work with.  The fundamental question is how best to harness the power of these tools for your particular sales milieu. You’ll have to take a deep dive into all the factors that impact your marketplace, your sales people and your customers

Some Guidelines to Get You Started

  • Decide what Key Performance Indicators (KPI) you will need to track. These will include factors such as sales history, sales cycles, pipeline analysis, historical trends, closed sales and customer feedback. 

  • Carefully select the indicators that will give you the best insights into your past, current and future sales performance.

  • Determine what sales activities and behaviors of your sales team has produced the most successful outcomes.  Make sure you have the ability to track those activities and recognize and reward them in a timely fashion.

  • You’ll need the capability to perform in-depth pipeline analyses to effectively forecast sales and bookings.  A careful analysis of your pipeline status will help you prioritize activities, apply key resources, mount more rigorous tactics, and more accurately evaluate opportunities.

  • Make certain you have the right tools to track lead generation and marketing initiatives.  This will help you understand what marketing initiatives generate the most and best leads and be able to adjust your program accordingly.

  • If feasible, integrate your Customer Relationship Management (CRM) System with your sales force analytics. Sales reps should be taught to track customer interactions as part of their efforts to build relationship and earn customer trust.

  • Ensure you can track your recognition and rewards program by product, promotion, sales person; sales region; i.e., all the criteria that impact your team’s sale performance.  This will help you keep your incentive program fresh, exciting, and producing the results you are hoping for.

The Rest is Easy

Once you determine the critical data you need to successfully manage your sales force, the rest of the process is a piece of cake.  But, only if you adopt a technology platform that is fast, easy to implement, totally customizable, flexible, and scalable. No more fears – you’ll be golden!

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Categories: Sales Incentives