What is Sales Data?
It would be difficult to give a concise definition of “sales data” as it is a very broad concept. Basically, it includes all the measurable features related to the sales procedure.
Today, managers don’t need to manually collect philippines girls telegram facts, names, and figures. They can get them from CRM systems and other similar solutions, which are mostly cloud-based . But collecting all these insights is not enough to perform sales data analysis. Professionals need to interpret statistics and draw conclusions. Then, they need to think about how to apply the findings to their workflows to maximize their productivity.
This definition of sales data can confuse business managers because it is too abstract. Instead of worrying about how to analyze sales data, they should rely on software with relevant embedded functionality. While technological solutions take care of the collection of data, people can focus on immediate sales.
What Metrics Should You Pay Attention to?
Professionals should not aim to collect as much data as possible. Instead, they should focus only on information that adds value to their organization or department:
Number of searches made
Number of emails sent
Number of leads generated
Lead response time
Time spent on sales
Follow-up period
Sales forecast accuracy
Average deal size
Average time to close a deal
Sales revenue
These are just a few examples of metrics. For smaller organizations, two or three may be enough. Larger companies may rely on personalized lists with dozens of detailed metrics.
Data Collection Methods
The most affordable sales data analysis tool is a spreadsheet. However, it lacks specialized architecture and automation tools. A good CRM will be the best solution for businesses that can afford it. No matter which tool you choose, make sure to train your staff before they start using it. All your team members should share the same vision of the system’s functionality and opportunities.
Pros and Cons of a CRM
Such software automatically captures and records all relevant data. You do not need to enter the information manually. Normally, CRMs are accessible in both desktop and mobile formats and can be easily integrated with third-party solutions.
When the system detects an efficient sales pattern, it will notify you about it. Managers can immediately use this pattern to improve their sales strategies. The more data you collect over time, the more accurate your forecasts will be.