The exact sales analytics tools your business should be using right now

What data and sales analytics strategies should your sales teams be using?

Building your sales data strategy 

Your data strategy should ideally focus on bringing together processes, people, data, and technology so you get clear information you can act upon successfully. Having a good data strategy lets people see what will be created or changed within your sales process and how it will help your business. This is important in making sure everyone is on the same page and confident in your decisions. 

How to build a robust sales data strategy

Data strategy is becoming increasingly important, especially with the development of machine learning, artificial intelligence, and predictive analytics. The most effective strategies focus on taking useful data and putting it in the hands of decision-makers so that they can be more efficient at what they do. But hold that thought. Before you even think about building your data strategy, you need to come up with your data mission statement. Each business is unique and you need to truly understand what you want from your sales data before creating the strategy.

Key steps in analyzing data
Key steps in analyzing data. Identify, create, evaluate, change and assess, all of these are valuable steps in optimising business performance with data. In this strategy snack, you can see how these steps progress and what you as a business owner should do at each stage to ensure you are successfully reaching your goals.

Questions you should ask yourself about your sales data

  1. How do we currently use sales data, and can we improve it? In most businesses, you find that there are some glaring issues everyone is simply working around. Talk to your sales teams and figure out what can be improved. 
  2. What data is being used to further your business mission? This question lets you have a top-down look at your business. Looking at who is using this data helps you to understand how well the operational and strategic sides of your organisation are working together.
  3.  Are you planning any strategic initiatives? It would be wise to define the data that will be needed for your business to succeed in any upcoming initiative, who will be working with that data, and how they will need to use it. 

Process, people, technology, and data.

These three elements help you split up your needs into definable projects, creating a series of high-level data requirements which you can then structure into manageable objectives and projects. Before trying to solve these requirements, it is important to start putting priority/ranking on the objectives. Frame discussions based on your four core elements of data strategy, you will find that each objective or capability will include these elements to some degree.

  • People. Who is using your data and why? What skills/experiences do they need to successfully execute the strategy and reach the sales vision?
  • Process. Throughout your sales processes, how is data used? What sort of procedures need to take place to make that sales data valuable?
  • Technology. What skills and abilities do you need to reach your goals?
  • Data. What type of data (internal/external) do you need? How much history should that data have? What quality of sales data do you need and what level of integration and security is needed?

Tracking sales metrics to improve sales growth

There are metrics that can be measured which represent the performance of either an individual, the entire team, or the company. These metrics can help you track your progression towards a goal, award incentives/bonuses, adjust sales compensation, find any issues, and prepare for the growth of your business. 

Have a look at the following list. These are the key metrics that you should be tracking within your business:

  • KPIs (Sales Key Performance Indicators)
  • Lead generation 
  • Sales activity
  • Sales channel performance
  • Your sales pipeline 
  • Sales productivity 
  • Converted sales 
  • Booked sales meetings
  • Proposals issued

Tools for sales analytics

These five analytic tools are the key to taking your sales tracking to the next level. With this video, learn how tag management systems, analytic tools, surveys, data analysis, and action tools can help you understand prospects and get maximum value out of your sales initiatives. Source: MeasureSchool.

CRMs role as a tool for sales analytics  

The CRM, or customer relationship management system, tracks each engagement you have with your target customers and helps you understand how well your business is performing on sales. CRM systems have become so sophisticated that it would be impossible for a person to manually track everything without the software to do so. As well as having a strong analytics capability, we would advise looking for a CRM solution that allows third-party integrations, workflow automation, and other features designed to accelerate sales.

If you’re evaluating CRM tools, also consider the reporting capabilities that it has. Reports that are particularly helpful are:

  • The sales pipeline report
  • Sales conversion reports
  • Profitability reports 
  • Sales forecasting reports 
  • The sales cycle report

What leading sales analytics tools should your business use?

1. Zoho Analytics

This self-service BI and analytics software is versatile, has considerable integrative capabilities and straightforward data visualisation resources. Zoho Analytics lets you channel massive amounts of data into actionable and clear sales analytics reports. Noted for its sleek interface and ability to combine massive amounts of data from many sources, this sales analyt

ics tool lets you easily translate information into cross-functional reports. If you have data stored in multiple sources, Zoho Analytics is definitely something to consider.

Cost: Zoho Analytic plans start at $22 per month

2. HubSpot Sales Hub

HubSpot Sales Hub provided sales professionals with a wide variety of sales reports. It can track sales performances, deal forecasts, and even productivity logs alongside several other key metrics. The feature that HubSpot Sales Hub is most known for is its accessibility. Its interface is incredibly simple but it is still straightforward to use with customisable dashboards that display all of your sales analytics reports.

For larger teams, Hubspot has easily changed access privileges so you can pick and choose who on your team can view or change your sales analytics reports. 

Cost: At HubSpot Sales Hub plans start at $40 per month

3. Salesforce Tableau

Salesforce Tableau allows you to work efficiently by using an AI-based guidance system to spot trends and predict future sales outcomes for your business. With an action framework, Salesforce Tableau lets your sales team collaborate in the specially designed ‘Chatter’ while easily updating records and sharing visualisations.

You can easily integrate Tableau into Salesforce so your team can make the most informed sales decisions possible. 

Cost: Salesforce Tableau plans start at $12 per month

4. Power BI

A fully-fledged sales analytics software and data visualisation tool created by Microsoft. Power BI is a tool that can inform all departments of an organisation to improve performance (including the sales team!). There are hundreds of unique data visualisation methods and many built-in AI capabilities. 

On top of that, Power BI includes an Excel integration and custom data connectors which are all backed by leading industry data loss protection frameworks. All of this makes Power BI a great option when considering which sales analytic tool to choose for your business.

Cost: Power BI plans start at $9.99 per user per month

Other sales analytic tools

Depending on your current resource, you might not want to splash out on the fanciest sales analytic tool you can find. You should take your time researching and find something that both fits the scale of your business and has the specific features you are looking for.

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