Predictive sales analysis is the method of using data from past events and analysing 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 for predictive analysis 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”.
Analysis 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. When you analyse data 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 conduct sales analysis regularly.”
Hence it is essential to create an accurate buyer persona and data analytics helps to do this and can be successfully used 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.”
Predictive analysis is not just a powerful tool for sales teams it is of prime importance to the entire organisation. Using predictive analysis says Eunimart, organisations can use automation to segment email marketing. Past data can help you to zero in on the best possible strategy to target customers in this way by sending emails based on the type of or segment of the customer. Targeted messages or subject lines work very well in such cases.
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 analytics software can automate sales forecasting for you by predicting your future risks and opportunities.”
How are predictive sales used to help the sales strategy?
- Has a huge impact on the ability of the sales team to convert leads. Predictive tools 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 old is 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 analysis can accurately forecast and applies algorithm of current status of the sales pipeline which can enable the sales people to understand how to take 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.