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What is sales analytics?
Sales analytics comprises the analysis technologies and processes that measure, manage, and analyse sales data. With sales analytics, your business can have a deeper understanding of the sales data you collect and what that data means. These insights can help sales teams understand and make more effective decisions about prospects and customers, product lines, market opportunities, and sales team performance.
Benefits of sales analytics
Sales analytics tools allow organizations to leverage their data to provide clear insight into sales pipelines, products, and staff performance. With these insights, you are better equipped to understand and manage risk, as well as deliver more accurate sales forecasts. By making data accessible and understandable, sales analytics make it easier for sales reps, managers, and leadership to prioritize the right sales activities at the right time, driving efficiency, revenue, and growth.
Sales analytics is mining your data to evaluate the performance of your sales team against its goals. It provides insights about the top performing and underperforming products/services, the problems in selling and market opportunities, sales forecasting, and sales activities that generate revenue.
Regular sales data analysis provides an understanding of the products that your customers are buying and helps you dissect why they are behaving in a certain way. You can also find patterns in your lead conversions and drop offs. All of these aspects enable you to optimize your sales process.