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You may not immediately think of data and analysis when you think about sales. Maybe you think about client lunches or promising phone calls. However, data and analytics have come a long way, and it’s changing the way that salespeople work.
It may be hard to determine exactly what data can help with what aspect of work, though, especially when just starting the process. We have a few tips on how you can improve sales using data which we’d like to share below.
- Consider integrating a chatbot into some of your growing channels. This is becoming more and more common and helps align your customer service team with machine learning to offer a tailored experience. This type of communication even offers increased engagement.
- There are many tools that can be used on social media to learn more about customers. You can collect data and then use the same data to increase customer loyalty. Doing this just six hours a week can increase lead generation.
- Analyzing the cycle length of sales by phases can give you important data-driven insights. You will be better able to understand where deals slow or drop off. This can allow you to target training in these areas.
- Consider narrowing your offerings to the things that people actively want from your business. This can be done by customer interviews or surveys. It can also be done by analyzing historical data.
- Spend some time focusing on sales from low-volume accounts. Consider having sales reps who do structured interviews to determine why these customers are low-volume buyers. Then use sales data to figure out what you can add on for cross or up-selling opportunities.
- Assess all advertisements to see what is most effective. You may find that some products do better in specific areas on your website. Advertising can be expensive, so determine how to do it to get the best return.
- Consider how you can implement better service level performance. This might mean same or two-day delivery; it might mean having more distribution centers. Consider your customer analytics to determine customer demand.
- Use artificial intelligence to analyze and learn from all the data you have. AI can make this quick and easy. Many customer experiences are now run by AI data to connect with the customer better.
- Restructure your current sales incentive plan using data analysis. Determine your goals and the metrics behind those goals, and promote reaching needed goals. This can be time-consuming but can make life a lot easier in the long run.
- Enhance the management of your pipeline. Research on profiles can go a long way. Segment those prospects into groups and prioritize to have the best results.
These are only a few ways in which you can take all that data that you already have and make it work for you. We’re sure there are plenty more you can incorporate into your business once you have these down. Data analytics is a big deal nowadays, and every good business should utilize it.