Sales Analytics Strategic Planning
An strategy first looks at the current state, defines the ideal
state, then outlines the strategic steps that must be taken to build
a pathway between the current and ideal.
Current State Analysis
The current state analysis includes:
- Sales Team
- Sales Tools
- Corporate Objectives
- Sales Objectives
- Reporting Cycles
Most sales teams start out using a combination of some type of
CRM program and MS Excel reporting to manage key information such
as sales forecast, lead volumes, and customer interaction.
Adopting a systematic approach to transform from using these basic
tools to analytics tools that deliver real time insight and competitive
advantage is generally gained over three steps.
Step One - Trusted Data
Uses Excel spreadsheets and standard CRM reports to provide core
information to executives and managers, to understand the complete
view of the current state of the business. Gaining a 'complete'
view is the pivotal progress from a set of disparate reports, each
from separate systems.
At this first stage, individuals now have information based on
data they trust, that is timely and is available on demand.
This data can be presented in a combination of graphical dashboards
and tabular detail reports. They can be defined by sales channels,
roles, products or any other perspective.
This helps managers and executives develop a greater appreciation
for and desire to support data integration and quality programs
to ensure their information can be relied upon iwth confidence.
Stage Two - Evidence Based Decision Making
Now that users trust the data, they can align everyday and strategic
decisions around the insights gained from the data.
The outcome is that decision accuracy improves as the availability
of relevant data improves. This is an important step to driving
the use of business intelligence within the various business contexts.
It also supports increasing need and capability for ad hoc data
No longer are decisions made on the perspectives of multiple individuals,
but on real evidence. Analysts have access to robust Ad Hoc tools
that allow them to answer questions without the need to write code
or request IT to create a new report.
By framing up analytics data sets to be context sensitive and relate
to the actual decisions that must be made by managers, BI becomes
the decision platform of choice very quickly.
Step Three - Presightful BI
Leveraging upon the learnings of stages one and two, the business
can establish key performance indicators to manage their key result
areas, and actively mine historical data to predict future outcomes.
This transcends the ability to gain insight from historical data,
to use that data to project future presight.
Predictive analytics is used in sales for:
- Demand Planning - based on market drivers to
ensure sufficient but not surplus stock is on hand in sales channels
- Portfolio Management - determine the most profitable
entry and exit points and optimize product pricing throughout
the product lifecycle
- Sales Forecasting - based on historical win
- Customer Lifetime Value - from mining data
to prioritize accounts
- Campaign Mangement and Optimization - mining
the results of campaigns to continually adjust investments to
generate the greatest return.
The key development in sales solutions today is in combining:
- Customer Relationship Management [CRM]
- Sales Analytics
- Social Interaction
into one integrated solution that provides for managers to analyse
performance and made decisions about future activity within a single
Next: Using Sales
Back To Top