Predictive sales analysis to help your sales strategy

predictive sales
4 MINs
  • Predictive Sales Analytics uses data from past events and analyses it to predict future outcomes. Eunimart feels that this can have a huge positive impact on a business and can be done with the use of powerful and effective software that is capable of analysing Big Data. It can predict future behaviour of buyers and analytics can even predict how future promotions will react and provide positive outcomes. Data on sales that have closed can also be used in Predictive Sales Analytics and each will lead to formulate future sales strategies. Leveraging this data your sales team can target the most likely prospects after studying the entire chain of events and behaviour of leads, and their interactions instead of carrying on a broad research and delivering predictions that are not accurate.

    According to Ferranti, “Brands would be wise to pick a discrete focus for an opportunity and ensure that the data they need for that specific opportunity is both readily accessible and reliable”.

    Predictive Sales Analytics helps to evaluate performances also and helps to predict and execute necessary steps to be taken for improvement. Necessary steps to improve revenue and sales can also be initiated. With Predictive Sales Analytics, you can optimize your sales by understanding buying and conversion patterns. Thus, “To improve your sales effectiveness and make informed data-backed decisions, you need to utilize Predictive Sales Analytics regularly.”

    Hence it is essential to create an accurate buyer persona and leverage data to carry on target marketing. To sum up the entire business of predictive sales analysis we can quote Harrison Brady who says, “Specific target marketing, the kind that’s attainable through predictive analytics applications, is a great way to reduce inefficiencies,” …. “Buyer personas really help narrow your focus so you can get more out of your investment and avoid spinning your wheels with strategies that won’t resonate with a specific group. And that wouldn’t be possible without the data and analytics backing up those buyer categories.”

    It is important to note that the data must be of good quality in order for the predictive analysis to be effective. Quality is of prime importance in data analytics. The bigger the organisation the more is the data and the more successful is the predictive analysis. Predictive analysis is thus an integral part of your organisation now in order to aid your sales strategy.

    It can increase the lifetime value of existing customers with identification of cross selling and up selling opportunities through customer behaviour. Prediction can be made by conducting sales analysis and so the technology must be integrated into your business for better health of your organization.

    Predictive Sales Analytics can automate sales forecasting for you by predicting your future risks and opportunities.

Benefits of predictive analytics

How Predictive Sales Analytics Helps the Sales Strategy?

  • Has a huge impact on the ability of the sales team to convert leads. Predictive Sales Analytics help to decide accurately whether a lead needs your product and whether he will convert, making the job of sales teams easier.
  • Predictive sales can actually do the job of a sales person and can trigger the required content to answer customer queries and take the lead ahead via the sales process more efficiently than a salesperson. Predictive tools make use of a lead’s behavioural data in order to accomplish this. Moving further, an actual sales person can now step in when the lead is about to purchase Predictive tools can even help the salespeople to pitch the right offer.
  • Sales persons thus know exactly what offer to make, when to make it, and what their sales pitch will be in order to lead to conversions. That is the power of the predictive tools which can be used for up-selling and cross-selling to existing customers and not just the acquisition of new ones.
  • One important aspect of sales is to retain customers and keep them happy, increasing Customer Lifetime Value and predictive tools help in doing this. Not only does the adage of gold have weight here, the potential of long term clients to a business is massive and that must not be overlooked.
  • Using previous performance Predictive Sales Analytics can accurately forecast and apply algorithms of current status of the sales pipeline which can enable the sales people to understand how to make informed decisions.
  • Predictive tools help the marketing and sales teams to have good coordination in order to deliver positive results. After all, predictive sales analysis can help your sales strategy. This helps the predictive lead to fructify.

Predictive Sales Analytics software should be integrated seamlessly into your sales and marketing in order to generate optimum results. These tools can help organizations to formulate their sales strategy and help sales persons to overcome hurdles to success. Thus old systems need to be discarded to become more efficient and generate greater revenue.

Frequently Asked Questions

What is meant by Predictive Analytics?

Predictive Analytics combines historical data with machine learning, statistical modeling and data mining to predict future business outcomes which help in making the right decisions.

Which Companies use Predictive Analytics?

The two prominent examples who have successfully utilised predictive analytics are Amazon and Netflix.

Examples of predictive analytics use cases?

Some of the major fields that use Predictive Analytics are retail, health sector, weather, insurance companies and banks for risk assessment, and the energy sector.

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