Sales drive business growth, so maximizing their effectiveness should be a top priority. Sales leaders must monitor various key performance indicators, from individual and team performance to product sales, inventory, and marketing campaigns. Business Intelligence (BI) software helps you manage all these data points from one system and keep your analytics current. You can approach every interaction with your sales team fully informed about their customers and territories. You can communicate progress and address concerns while empowering them with valuable data, scorecards, and comprehensive views of everything they should address with customers. The purpose of this article is to discuss what business intelligence can do to boost your sales.
1. Cross-sell and Up-sell
New customers cost more than keeping an old one. When you have BI, you can gain a better understanding of what your customers are buying, as well as what they aren't buying. Customer data tracking will reveal demand trends and cross-selling or up-selling opportunities. For example, if your customers purchase administrative HR software without payroll functionality, you can create marketing campaigns for that opportunity.
2. Strengthen Relationship
As you track customer sales and analyze buying habits, you can better understand their needs. When your BI provides actionable intelligence, your sales team can walk into customer meetings more prepared to answer questions, discuss potential cost savings, introduce new products that will increase sales, and review stock levels to avoid inventory issues. You can offer better service, strengthen relationships, and earn loyalty by learning more about your customers' needs.
3. Data-Driven Actions
Stay ahead of the market by gathering current information about your business and using it to drive actions. You can approach performance reviews with insights that help each Sale to achieve higher sales or mend broken customer relationships. BI can help you break down sales data by customers, Reps, or products, so you don't need to rely on intuition or emotional decisions, which are risky. By studying historical product sales across various industries, you can ensure your team is prepared to address spikes in demand. The ability to justify actions taken with your team and customers will be easier when you have accurate and timely data.
4. Collaboration between Teams
It is important to have actionable BI beyond your sales team to make other areas of your business more efficient by knowing what products are selling (and to whom). It will be easier for operations to plan and forecast product demand and for customer service to schedule production and staffing needs. Marketing dashboards can prove which campaigns drive sales and which ones need refinement. Sales dashboards will provide high-level information on sales activity, enabling you to justify future sales investments and make strategic decisions for the company's benefit. Having a single source of truth is imperative to drive value across departments and throughout the enterprise.
Final Thoughts
BI defines your target objectively
Finding the right audience is one of the biggest challenges for sales and marketing. Using BI to analyze demographics, you can better define your audiences and thus target them more effectively by identifying the right metrics. In addition to collecting information from disparate channels, BI provide a comprehensive view of a company's customers across all channels. More importantly, BI can organize this multi-channel stream and create more actionable data considering various factors.
We have an analytics tool to build your data analysis - check out our DSM 2.0+ BI and artificial intelligence - predictive analytics. When you've discovered what makes a product stand out from all the others, implement your findings as soon as possible to strengthen your business!
Get a better start with Zooloo. Our team is happy to assist you with your journey towards digital transformation. You will enjoy immense growth opportunities if you partner with the right service provider. Please contact us at sales@zooloo.asia.
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