5 Surprising benefits of Sales Analytics
5 Surprising benefits of Sales Analytics
Sales Analytics can help Sales Directors to deliver business performance such as revenue growth, market share, etc. Having precise fact or data based reasons can help them take the right decisions at the right time.
But in addition to the above primary benefit of sales analytics, here are 5 surprising benefits of adopting sales analytics for any organization:
Execution Culture
The famous saying ‘What gets measured, gets done’ drives home the point that insights derived from Sales Analytics can cut down on a lot of planning, (over)reaction, corrective action, product recalls, course corrections, reviews, wrong hires, etc., and gets the focus back to action. Sales Directors and Managers can deliver on their promises to the company’s board and senior management. Ultimately, in the long run, the culture of the company will shift towards one of execution and results, moving away from excuse, uncertainty, ambiguity and complexity.
Improved Team Trust, Bonding Resulting in Lower Employee Attrition
When decisions are made based on facts or data, there is transparency in the system whether it’s to do with promotions, incentives, reviews. Mis-communication, in-appropriate feedback, unnecessary discussions, finger pointing, etc come down drastically, implying that the team starts trusting their managers, peers and subordinates more. The positive of this would be seen in high collaboration, sharing of responsibilities, delegation of authorities, faster execution, lesser employee attrition.
Sales Managers Become Better Coaches
When there is data available on not just the performance numbers, but factors that lead to poor performance, managers will have better insights to coach their employees. Their coaching will be specific, timely & personalized. They will also have more time on-hand to guide, engage and improve the leadership skills of their team members.
Lower Sales Cost & Effort
With Sales Analytics, sales initiatives such as below the line (BTL) promotions, staff hiring, forecasting, inventory management, customer requirement gathering, etc., would be more precise resulting in fewer trial and error, which is typical of new initiatives in sales. This will lower the sales cost and effort for the organization.
Higher Channel Partner Loyalty
When the principal is firm on its actions and results are consistent with the plan, channel partners start trusting the brand and loyalty is automatically built. For example, when the principal puts a lot of weight beyond a new product, builds inventory and asks channel partners to commit more, but later the product fails to create the anticipated impact, channel partners loose hope. With Sales Analytics, channel managers can use insights from data to manage the engagement and performance of channel partners effectively. With time channel partner’s trust on the brand’s promise becomes solid frutifying into lifelong loyalty.