If you’re struggling to find the right decisions that will help your team make more sales, analytics might be the answer.
A 2016 McKinsey survey found that 53% of high-performing sales organizations considered themselves effective users of analytics. From lead generation to resource management to churn reduction, the power of data can’t be overstated.
Here are four things you should be doing with sales analytics that will help you close more deals.
#1. Analyze Your Performance
The simplest way to use sales analytics to close more deals is to examine your own performance. How many deals is your team closing per quarter? Which individual sales rep has been the most successful? Are your current customers canceling and moving on? Using data to answer these questions will give you the information you need to tweak things moving forward.
What metrics should you use to measure sales performance? The best metrics for sales teams to track include:
- Total revenue
- Market penetration
- Win rate
- Year-over-year growth
- Average revenue per account
- Customer lifetime value
- Quota attainment
- Conversion rate
- Churn rate
- Average profit margin
When you know these performance metrics, you’ll be able to see where you’re falling short — allowing you to then implement the training, skills, or software you might need to improve.
#2. Understand Audience Preferences
Any sales team worth their salt has a good buyer persona (or multiple personas) worked out. After all, you can’t sell to somebody unless you know who they are, what they want, and why they want it.
If your buyer persona could use some supporting detail, use analytics to fill in the gaps. AirDeck provides valuable tracking and data analytics that allow you to identify who views your document or presentation. You’ll be able to see:
- Where they are in the world (when they view the document)
- Which pages or slides they view the most
- Who they share your document with
- How they’re using your document within their own organization
These insights are incredibly valuable details to learn about your customers. You’ll be able to leverage this customer data to understand more about your audience and to create sales presentations that more effectively cater to their wants and needs.
#3. Consider Behavior Insights
If you know how your customers or buyers like to shop, you can provide them with the experience they want, making them more likely to convert.
Consumer behavior insights offer the visibility you need into your customers’ habits. To access this data, conduct market research to discover how your customers prefer to shop and buy. You might do this via:
- Competitor analysis
- Focus groups
This research can help you learn about what makes or breaks a purchase decision for a customer in your target audience.
It’s also helpful to know where and how your customers want to shop. McKinsey & Company discovered in 2020 that top sales reps spend 22% more time interacting with customers, and since COVID-19, interacting remotely is the preferred method for 70-80% of B2B customers.
#4. Incorporate Resource Management
Good resource management can help you close more deals — and the easiest way to allocate and schedule your resources is to rely on analytics.
Resource management refers to the process of assigning the right resources to the right tasks. Examples of resources include people (and their skills and expertise), time, and budget.
When you match up your projects with the best resources available, you’re maximizing your resources so the project will be completed as efficiently and well as possible.
For example, maybe you decide to use a software to track your employees’ time (which is one of your resources). A 2017 study from InsideSales.com indicated that sales reps spend most of their time on non-sales tasks, such as data entry or lead generation. If you find that your sales reps are spending the majority of their time feeding data into a spreadsheet, this is not the most efficient use of your resources.
Try finding an automated solution for data entry so you can put your sales reps where they belong — actually making sales. This will use your resources more efficiently and help your company close more deals.
Gathering all of the data you need to analyze your team’s performance and your customers’ behavior might sound like a lot of work. Luckily, that’s where AirDeck comes in.
AirDeck’s tracking and data analytics capabilities provide the insight you need and help you leverage that data to improve your bottom line (in other words: more sales).
Your AirDeck dashboard includes every piece of customer data you’ve collected. You can compare the data with a few clicks and make informed decisions to move you toward your goals.
Analytics are hugely valuable to help your team close more sales. And with AirDeck, you’ll have insight into all of the customer data you need.