In this article, we outline what is needed for an advanced analytics program to succeed and keep a service provider on top of the competition well into the future.
Thoughtfully executed sales analytics can create a tremendous amount of value for service providers. The benefits can be realized at all stages of the customer lifecycle, for example:
At the point of sale (e.g. increased conversion rates);
During the onboarding process (e.g. lower customer drop off); and,
During product use (e.g. greater product satisfaction).
These improvements in sales performance translate into longer customer relationships and greater customer profitability.
In previous posts, we’ve explored numerous ways that service providers can leverage analytics to identify opportunities for improvement, develop better processes, and make better decisions. For example, sales analytics can offer advancements across an organisation by:
This practice isn’t static, but requires continuous iteration and improvement starting with effective data collection and aggregation and continuing through the implementation and testing of data-driven processes and programs that create value. For this reason, sales analytics programs require commitment and patience.
Therefore, for sales analytics to have ongoing and long-term value, they require:
A strong data foundation: Sales analytics programs should begin with a strong data foundation built to ensure that all useful information is accessible and can be leveraged.
Dedicated resources: Successful programs require dedicated resources that are accountable for the outcomes through analysis, program development, and testing.
Advanced Sales Analytics: The Competitive Edge
Once developed, effective sales analytics programs provide an extraordinary competitive edge by helping to optimize business practices around growth and informing data-driven strategic decisions at all levels of the sales organization.
Since the most effective advanced sales analytics programs continuously evolve by testing and expanding programs, leveraging new techniques and information, and incorporating new technology, competitors who don’t follow suit will find it challenging to keep up.