Sales teams are always looking for an edge that will help them land the big accounts and drive more revenue. Business intelligence (BI) tools can give sales teams that edge by providing insights to better produce sales, and ultimately increase revenue and profit for the company. BI platforms can be complex solutions for basic end-users; however, in recent years there has been a growing effort to implement more self-service BI software. These self-service tools provide end-users who do not have coding knowledge the opportunity to analyze data. These tools can be embedded within frequently used sales platforms, making it even more convenient for sales teams to adopt these analytics tools.
With the assistance of BI solutions, sales representatives can improve a number of business processes, including:
The ability to accurately predict the demand of a particular market is valuable to sales teams in any industry. By better understanding demand, sales managers can better understand the customers themselves and what they are looking for in a specific product. Users can manipulate historical data and sales numbers, in addition to other factors, when predicting demand. This helps sales managers set more accurate goals and gives better estimates to executives. Predicting demand is not an easy task, but it can be very beneficial if done correctly. BI tools can help with that.
Another aspect of forecasting is pipeline management, which is a crucial aspect of consistent sales numbers. BI tools can help build better pipeline insights by informing managers how engaged and close to purchasing prospects are at that time. Managers can also use pipeline data as a window into their sales representatives’ performance by monitoring their interactions with leads. Building pipeline analytics can also help improve business processes by determining what is working with prospects and what is not.
Narrow target market
No salesperson wants to waste time when they could be selling. BI software can help narrow down lists of prospects and leads so that sales reps do not waste their time pitching to someone who is never actually going to make a purchase. Not only can these tools help with the accuracy of leads, but it can also inform managers and executives about who is not currently a customer and why. This can be equally as valuable: By analyzing the non-customer segment of the market, businesses can better adjust and perfect their product.
Companies want to have an optimal pricing model to make buying convenient for prospects, but without sacrificing profit. There are a number of sales tools that can help with costing, including CPQ software. However, BI products can give an insight into the overall market sentiment for better pricing. If a market is timid or particularly sensitive, BI tools can help a business understand why and how to combat the sensitivity and convert sales with hesitant prospects. This also helps increase forecasting accuracy down the road.
Selling is not one-dimensional, and most companies are using a variety of channels to get their product visible in the market. Tracking and identifying the channels that generate customers and the ones that aren’t succeeding can help sales managers better allot their team’s’ time, ultimately increasing revenue. Channel information can also offer an insight into which channels the business has not taken advantage of and could be utilized to increase revenue.
BI software does not just give you these insights off the bat. Instead, users need to understand the available data and turn it into valuable information. Some companies may choose to hire a data scientist or analyst to better help manipulate the data. But, if sales teams are using a self-service solution and it is embedded within a platform they know how to use, it is much more likely that the company benefits. After all, sales teams are always looking for that edge.