A sales strategy can’t rely on guesswork. Your sales team will bolster leads and generate more revenue by incorporating a robust data analysis using predictive analytics and data storytelling.
Although implementing metrics into your sales strategy will take work, your efforts will result in higher revenue and conversions. Use GROWL’s three steps to enhance your sales enablement strategy.
STEP 1 CONDUCT A SALES ANALYSIS
A sales analysis is a statistical report used to interpret and track the sales team's performance compared to sales goals. To conduct a sales analysis, begin by choosing the technique, such as a sales trend, performance analysis, or diagnostic analysis. Then identify the data you will be tracking. Before starting your analysis, you will need to ensure you have enough quality data to identify trends and make meaningful decisions.
Tools such as Microsoft Excel can be helpful for your sales data analysis and interpretation, however, they may not be as intuitive as you’d like. With CRM platforms like HubSpot, you can increase efficiency by setting up custom sales analytics and reporting dashboards.
After setting up your sales analysis and reviewing dashboards, consider how products and services perform and why. Cross-referencing behavioral trends with consumer actions will reveal your most profitable segments. After targeting your top list, your sales analysis should identify other loyal customers and tactics to reach new targets.
STEP 2 LEVERAGE PREDICTIVE ANALYTICS
Predictive analytics uses algorithms and robust modeling to identify patterns from your company’s CRM to create forecasts, anticipate customer behavior, and help your team make better data-driven decisions for future campaigns. From estimating when machinery will need servicing to predicting what products prospects will purchase next, predictive analytics identifies trends and personalizes sales approaches.
Integrating predictive sales analytics with automation will help eliminate risk and prevent your business from misinterpreting trends. From sales forecasting to lead scoring and even assisting with customer retention, predictive analytics help streamline processes and reduce friction for your team and your customers. With many types of sales analysis methods out there, predictive analytics is critical.
STEP 3 ENABLE SALES THROUGH DATA STORYTELLING
The key to a successful sales enablement strategy is data-driven storytelling. After analysis and predictive analytic modeling, data can be turned into actionable stories. Presenting statistical success to current customers will improve loyalty and trust. Additionally, meaningful metrics will help convert leads into customers.
Focus on statistics that matter, considering monetary and intangible successes. Data-driven storytelling should spark an emotional connection by identifying pain points and providing relief. Transforming numbers into a carefully crafted story takes work; thus, sales teams should draft, practice, and refine every level.
Need help with developing a data-driven sales enablement strategy? Contact the GROWL Team today!