10 Jul 2023

Maximizing Enterprise Profits with The Power of Sales Data Analytics

This blog has been updated on - March 14, 2024

Using sales data analytics can absolutely maximize your business revenue.

Along with the growing adoption of advanced BI and automation tools, most companies want to leverage big data analytics for sales and marketing benefits. And why not so?  A recent survey says that the global sales analytics software market is set to increase from US $4.1 bn in 2022 to US $12.3 bn in 2032, at a CAGR of 11.62%.

From sales professionals to marketing enthusiasts, data-driven sales analysis lets experts know more about their target audience, competitors, and upcoming market changes. Big data can help you refine your marketing strategy and decision-making if it is sales and profits that you are aiming for.

This blog will help you understand how sales analytics transform your business in so many ways.

What is Sales Data Analytics?

Have you ever wondered how only a few brands achieve overnight success while many fail to do so? What makes their marketing campaigns so precise while targeting the audience? How do their sales teams manage to generate revenues out of conversions?

Being a marketer or a sales executive, you must have a long list of similar questions while encountering the success stories of your competitors. Undoubtedly, sales and marketing analytics is the answer you're looking for.

Sales analytics involves big data implementation getting you valuable insights into your historical data so that experts can interpret trends influencing their sales and marketing metrics.

Moreover, companies leverage big data solutions and tools to know customers' behavior and devise a relevant strategy to fulfill their needs.

For example, businesses use mobile apps and big data sales and marketing to determine customer preferences, consumption patterns, and other actionable insights from various sources. It helps them run effective marketing campaigns and strengthen their brand value.

Latest statistics on sales data analytics market

Following are the ways data analytics boosts your sales and marketing benefits:

  • Better analysis of customer buying habits, likes, and dislikes.

  • Evaluation of product performance using diverse sales metrics.

  • Access, track, and manage sales data, including customer info, transaction history, interests, etc.

  • Conduct sales forecasting with exact market analysis and reduce potential risks beforehand.

  • Simplify the sales process and improve conversions with every customer interaction.

Types of Sales and Marketing Analytics

A company's marketing professionals can use sales analytics for business branding and growth.

They can hire expert data engineers or consultants to help them choose the best types of sales data analytics methods.

Sales Trends and Performance Analysis

Sales trends and performance analysis uses customer data analytics to monitor sales trends over a specific period.

Many retailers or service providers depend on big data to analyze variations in product sale values for a week or a month. They can even compare sales reports for one product to a wide range of products sold in months.

That enables management to foresee future product demand changes and plan their strategies accordingly.

Besides sales trends, data analytics can help users track the performance of the sales team by:

  • Measuring major KPIs of each representative in the sales and marketing team.

  • Evaluating financial data analysis outcomes to track revenues generated per team member in the sales department.

  • Monitoring reports to track achieved goals, revenue growth, profit metrics, and other performance areas.

  • Performing growth comparisons for the current performance level of the sales teams.

Predictive Sales Analysis

Predictive analytics comes into picture when forecasting future risks or challenges. Companies that record historical sales data use advanced software for predictive risk analysis and management. It helps them anticipate future hazards and opportunities to boost sales.

Besides predicting risks with any sales and marketing strategy, experts can take actions to mitigate them and focus on growth-driven advertising plans.

Product Sales Analysis

This type of data analytics in sales is helpful for businesses offering a wide range of products or services. They can conduct routine product sales analytics to track best-selling items and identify unsatisfactory ones.

Retailers must often check product sales analysis reports to determine product performance for a specific timeline. Such reports use KPIs and revenue breakdowns to show product sales for a fixed time interval clearly. Data for sales analysis can be extracted from several sources.

As a result, sales and marketing professionals can decide between the products to promote or neglect.

Sales Pipeline Analysis

Bad user experience is one of the primary reasons why your website traffic is not getting sales for you. Despite that, you must determine other factors negatively impacting on your sales conversions.

Sales pipeline analysis enables businesses to track customers' activities before they finalize a purchase or change their minds. They can view reports based on unique touchpoints over the website and social media channels to determine what inspires them to complete the checkouts or abandon the process.

Sales Effectiveness Analysis

Improving user experience can engage your potential customers on your website or app for longer, resulting in higher chances of sales. However, sales effectiveness analysis plays a crucial role in achieving that goal.

Analysts use sales analysis dashboards to monitor the proficiency of sales representatives and measure their skills to increase sales rates.

Customer Research Analysis

Research work and analysis are the core components of sales and marketing analysis.

Both sales and marketing teams collaborate and run surveys or campaigns to get to know their customers better. By doing so, they can:

  • Understand what people expect while interacting with a brand or a product,

  • Get familiar with customers' opinions and their genuine feedback on services or products and brands,

  • Determine buyers' personas, interests, preferences, and other attributes with the help of custom CRM software,

  • Know things that can be improved or added to the existing services or products.

Witness how top brands are using data analytics solutions to upscale their businesses at BluEnt.

Explore Case study

How to Use Marketing Analytics Software for Higher Sales and Profits?

The benefits of marketing analytics are rewarding in terms of revenue growth and business success.

Leveraging data analytics in sales and marketing is something other than rocket science. Businesses can deploy advanced sale analytics software and get training under the guidance of expert data scientists.

If you want to implement enterprise data management for sales analytics, then you can follow this guide:

How to implement sales data analytics in your business?

Outline Who (target users) or What You Want to Analyze.

Of course, you must be clear about what or who you want to analyze for sales marketing.

Getting clarity on what kind of data you will analyze is the first thing you must focus on. That may involve combined big data management and analysis of sales teams, departments, campaigns, and other strategies.

So, it would be best to define what or who you want to understand with sales data analysis.

Set Specific and Realistic Objectives

Setting your goal is the next priority once you know what or who you will focus on.

If you want to evaluate your sales performance, then you must set quantitative and definitive objectives beforehand.

Let's say retailers run monthly ads or social media marketing campaigns for particular products available at discounted rates. They can measure their profits and analyze their sale performance on a custom sales analysis dashboard.

Marketers can study the sales metrics of the campaigns to refine their short-term marketing activities for long-term benefits.

Determine How Often You Shall be Conducting Sales Analysis

Deciding the frequency of sales data analysis and review depends on your business and market needs.

Companies may schedule weekly, monthly, quarterly, and yearly data review cycles. They collect current and past sales data for a holistic view of future outcomes.

For instance, Google Analytics for digital marketing enables users to analyze and compare conversions from past and present data in graphs, charts, and tables.

Collect Sales Data Using Analytics Software or Tools

Customer Relationship Management apps and tools need no introduction to present-day professionals. They are helpful for sales and marketing experts too.

Retailers using custom CRM software find gathering relevant data for practical sales analysis easier. They can view reports with data on site traffic, page visits, conversions, sales, and more.

Of course, this is more promising than traditional methods of procuring data from multiple sources.

Use Advanced Data Visualization Features to Examine Insights

CRM reporting adds value to the information needed to visualize sales reports.

One sales trend analysis example showcases the comparative analysis of page views, sessions, events, and conversions. Users can also check these insights in a graphical format for a better understanding.

Most sales analytics software, such as Zoho Analytics and Microsoft BI, have easy-to-use visualization features. This allows marketers to generate and visualize reports in the best-suited ways.

Hence, data visualization becomes less complicated with modern CRM tools' benefits.

Analyze Data and Define Your Findings

The moment you get your raw sales data and reports handy, the actual stage of data analysis begins.

At this stage, you're close to identifying the possible loopholes in your sales and marketing strategy. That will let you define what can be improved and predict future challenges.

Apply the Results

Coming to the final stage of sales analytics, you only need to implement your findings in your upcoming strategy.

Whether it's about running ad campaigns for the best-selling items or contacting customers for quick feedback, your sales data analytics efforts are worth a healthy contribution to business revenues.

How Can BluEnt Help You Generate More Profits with Sales Analytics Software Solutions?

The sales and marketing landscape is becoming more competitive with the evolution of AI and Machine Learning technologies such as ChatGPT and Google Bard.

Most professionals use these AI-powered tools to generate marketing ideas, create content, and analyze sales data. However, businesses can only count on the power of business intelligence to get the best benefits of marketing analysis.

Being a certified data and strategy services consultant, BluEnt is mastering enterprise data management with core expertise in big data management, big data implementation, big data analytics and insights, and predictive analytics.

Our other service offerings include customer relationship management, business process management, business intelligence, enterprise content management, and enterprise mobility.

Are you looking for sales data analytics experts? Contact us today.

Check out our portfolio for insights into featured projects, clientele, and core competencies.

Frequently Asked Questions

What are the best sales analytics tools to boost marketing results?

Following are the most popular sales analytics tools to try for marketing benefits:

  • Microsoft Power BI

  • Zoho Analytics

  • HubSpot Sales Hub

  • Insight Squared

  • Looker

How do analysts find data for sales and marketing analytics?

There are three primary sources to collect sales and marketing data for analytics. Here are they:

  • CRM software and apps

  • Website or Google Analytics

  • Email marketing platforms

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Your Citation

Bluent Tech. "Maximizing Enterprise Profits with The Power of Sales Data Analytics" CAD Evangelist, Jul. 10, 2023, https://www.bluent.net/blog/understanding-sales-data-analytics/.

Bluent Tech. (2023, July 10). Maximizing Enterprise Profits with The Power of Sales Data Analytics. Retrieved from https://www.bluent.net/blog/understanding-sales-data-analytics/

Bluent Tech. "Maximizing Enterprise Profits with The Power of Sales Data Analytics" Bluent Tech https://www.bluent.net/blog/understanding-sales-data-analytics/ (accessed July 10, 2023 ).

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