You’ve just had your best quarter yet. Quotas were exceeded, revenue beat expectations, and your reps were properly rewarded. Time to pop open the champagne and celebrate, right? That’s what most managers would do. Not you. First things first: you head straight to your office to see what went right. You’re hungry to find out if and how you can duplicate that success, as soon as possible. There’s just one problem, though: you weren’t 100% confident that the quarter would end up as it did. So, how can you replicate it?
There’s a good chance that, like many organizations, you’re confident that you have the data but, perhaps, not confident in the data. In the recently released Ventana Research, The Next-Generation of Sales Analytics, respondents noted that “two of the three most common complaints that impact satisfaction with the sales process are that data is not readily available (cited by 51%) and that data is not accurate (43%). And more than half (52%) cited scattered sales information as an impediment to sales. These sorts of issues limit the accuracy and completeness of the conclusions that analytics generate.”
Additionally, many respondents found that the overall speed of the process hinders their ability to receive relevant information in a timely fashion. Two-thirds noted the process can take one to four weeks. The report also points out that the majority of participants are not currently using a dedicated sales analytics solution; rather, they’re relying on SFA or CRM software, which they find to be inadequate for handling the complex analytics needed for sales. These combined factors have led to their continued dependence on spreadsheets.
Conversely, organizations that use a dedicated sales analytics solution report a range of benefits, including the alignment of the sales force to business strategy and goals. A dedicated solution also enables companies to better manage and track the progress of both product and sales initiatives. In other words, choosing a fully featured platform is a necessary step!
You can gain insight from standard reports, but true intelligence comes from knowing what questions to ask of your data. For example, most firms regularly measure customer revenue and quota and revenue attainment, yet Ventana notes that forecast accuracy and customer satisfaction are also essential markers of sales performance. Do those data points make sense for your organization?
While your sales analytics solution may deliver analytical results, you need to have the right skills and expertise on hand to ask the right questions – those that, when answered, will drive sales performance for your organization.
A final step to finding your answers
Use the link below to download The Next Generation of Sales Analytics – Best Practices report. You will not only discover more findings from the benchmark, but also find valuable advice for improving your company’s analytics approach. Tips for providing various roles with sales analytics, guidance on collaboration and mobile expectations, and suggestions about features to look for in a dedicated sales analytics solution are all included. Make sure your great quarter is followed by an even better one!
A New Perspective on Sales Analytics
To help you achieve quotas more consistently and maximize the potential of your territories, Ventana Research has compiled this insightful sales analytics report. Get your copy.