Growth champions are today driving rapid, smart decision-making across sales teams and witnessing the power of self-serve sales analytics in maximizing sales reps’ performance.
Sales has traditionally been seen as more of an art than a science, driven by sales reps' intuitions for planning the next moves and guesswork for submitting forecasts. However, we’re now witnessing a quick shift towards data-driven sales.
Sales analytics as key source for revenue growth
Sales analytics is a sales team's hidden superpower. It enables sales reps to effectively track, evaluate, and enhance their sales performance by quickly acting on insights and recommendations. It also helps sales teams predict sales trends and forecast the future performance.
According to McKinsey’s research, companies that are using data-driven sales-growth engines report revenue increases of up to 20 percent and EBITDA increases in the range of 15 to 25 percent.
Keys to setting up actionable self-serve analytics for sales reps
Actionable sales analytics refers to the use of data and insights to inform specific, practical actions that sales teams can take to improve their performance and achieve better results.
Actionable goals steer the sellers towards hitting the quota.
Actionable goals to set the direction
Sales KPIs (Key Performance Indicators) are the most important way to determine whether or not your company is moving in the right direction. KPIs are values that can be measured against desired results. The key is to cut the fluff, and focus only on what’s absolutely necessary to optimize overall sales performance.
By clearly defining KPIs and visualizing the goals, sales reps will always be guided on what’s needed to hit the quota. Actionable goals are clearly defined, tangible objectives that can guide sales reps toward the outcomes they want. Such goals steer the reps toward action because you've defined exactly what you want and considered how you'll get there.
Live recommendation for the next best move
Timely, up-to-date insights are essential to making the right decisions at the right time. The best action to take next may be contacting the champion of a deal that scores high or addressing an account at risk of churn.
To boost the adoption and ensure your sales reps are empowered by data at all times, the most effective approach is to seamlessly embed analytics tools into the sales process and sales teams go-to-solutions, like CRM.
Furthermore, configuring automated alerts and notifications for critical events or changes in data drives rapid, smart actions. For instance, if a deal is at risk or if a sales rep achieves a significant milestone, they can receive automated alerts.
Shared insights to boost the motivation
Best-performing sales teams highly rank the importance of transparent performance data that’s accessible to all. It helps sellers stay motivated and on track to hit their goals.Transparent performance data holds individuals accountable for their results. Knowing that their performance is being tracked and visible to others encourages sellers to take ownership of their goals and work towards meeting or surpassing them. Transparency in performance metrics also allows salespeople to identify areas where they may be falling short.
Sales analytics embedded inside CRM to drive smart decision-making and actions at all times.
Driving maximized sales rep performance
By integrating self-serve analytics into the sales process, organizations empower their sales reps with the tools and information needed to thrive in a dynamic and competitive business environment. The result is improved efficiency, better decision-making, and ultimately, enhanced sales performance.
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Dear Lucy offers data-driven sales insights across sales solutions like Salesforce, Microsoft, HubSpot and Pipedrive. Book a session with our expert to learn more!